Selling your home a checklist
Every transaction is different, but there are common requirements our clients have when selling a home. At a minimum, you will need the following things:
- We will need copies of the Agreement of Purchase and Sale, Amendments, Waivers and any other documents you have signed with the Purchaser. Forms and documents can be delivered to our office, faxed or emailed to a member of our team. Never hesitate to call to ensure that your documents were received, and to make sure our copies are legible and complete.
- In order to process your transaction, legislation mandates that we verify the identity of our clients. Therefore, we will need to inspect two (2) pieces of ID, one of which must be government issued photo ID, such as a passport, driver’s licence, Firearm Acquisition Certificate, Citizenship Card, etc. We will need to see an original, and we will need to photocopy the front and back of your ID.
- A copy of your existing Deed and Charge, if available, will enable us to quickly and accurately verify information, respond to the Purchaser’s lawyers “Requisitions” and prepare for an organized closing.
- If you have a mortgage, we will need the details (especially your mortgage reference number, assigned to your account by your lender). Ideally, a copy of your most recent mortgage statement will be available, as this will contain all of the information we need in one convenient place. For privacy reasons, you may need to give your lender permission to release information to us. If you will be “Porting” your mortgage, or using “Bridge” financing, we will need the contact information of the person at your lender that you have been dealing with to ensure the appropriate arrangements are in place.
- A copy of your most recent tax bill will enable us to accurately prepare the Statement of Adjustments, which will change the Purchase Price to take into account any pre‐paid expense such as property taxes, utilities, etc.
- If you would like our office to assist in ordering final meter readings, please provide us with copies of your utility bills.
- A copy of any survey of the property that you may have, and information regarding any changes to the property not reflected on the survey. We will also need information regarding how the house is heated, and any receipts pertaining to the filling of gas or oil containers. In addition, we may need a statement of your present Condo Fees, if applicable.
- Your realtor will need to know our contact information to forward us a statement for any real estate commissions owing for your transaction, and to send along any new documents or amendments to the transaction.
- Confirmation of your marital status and residency. If you are a Non‐Resident of Canada under the Income Tax Act, it is important that we are notified as soon as possible, as we will need to obtain a clearance certificate from the Canada Revenue Agency in order to process the proceeds of sale.
- Your forwarding address after closing, and any special arrangements you may require concerning the delivery of notices or letters after the closing date.
- Other requirements may be found in the Agreement of Purchase and Sale. Our staff will advise you as soon as possible about any other documents we may require after we have reviewed your agreement and been contacted by the purchaser’s lawyer concerning their Requisitions.
Our best advice is to carefully review all of the documents you are signing to keep fully informed of what you will need to close your deal.