Frequently Asked Questions From Sellers
At Blackburn Lawyers, we know that sellers have many questions about their role in a real estate transaction. Here are the most common questions we receive from sellers in Richmond Hill and the GTA:
Q: What do I need to give to you?
A: A copy of the agreement of purchase and sale. If you request your realtor to do so, they will provide us a copy. We will require a copy of your most recent property tax bill. You are responsible to pay any instalments that are due prior to the day of closing.
If you have a mortgage and/or a secured line of credit we will need the most recent statement(s) in your possession together with the address of the branch with which you deal and your mortgage or loan reference number(s).
If you pay your taxes and/or common expenses, by way of pre-authorized cheques or automatic debits from your account, be certain to cancel these arrangements so that no payments will be taken from you on any date after the day of closing.
If you have a plan of survey for your property, I will require a copy along with your indication of whether there are any new structures not shown on the survey or any structures on the survey that have been removed.
Q: What do I do with my keys?
A: You will deliver a key or keys to our office that will enable the buyer to enter the property. Additional keys, postal box keys and garage door openers can be left on the kitchen counter or in some other obvious place when you vacate the home.
Q: When do I have to be out of the property?
A: At the time the closing occurs.
Q: How do I get my money?
A: Usually your money will be available for you to pick up at our office on the day of closing. We will call you when it is ready. It will be in the form of a cheque drawn on our trust account or a certified cheque from the buyer. Be advised however, most banks will hold both our trust cheques and certified cheques for a period of time. The time involved depends on your banks policies. If you need the money immediately, you should make arrangements with your bank well in advance.
Q: Should I contact utilities?
A: Yes, in the case of utilities with meters you will need to request a final meter reading on the day of closing and provide a forwarding address so the final bills may be sent to you. Others you will need to terminate or transfer service to your new address. If your home is heated by oil or propane you have to arrange for the tanks to be topped up on, or just before the day of closing. You will pay for the final fill and the cost of the full tank will be added on to the purchase price.
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