Work with a Realtor you trust to determine a fair market price, commission agreement, marketing strategy and duration of listing.
- After your decision to sell your home, locate your Real Property Report (RPR).
- Can’t find your RPR? Never received one when you purchased your home? Have you made changes to the outside of your home, including building fences, sheds, patios, hot tubs, garages or any other external structures?
- We can assist in arranging for new Real Property Report and Compliance Certificate!
- After final acceptance (removal of conditions by the Buyer), have your Realtor deliver a copy of the accepted Offer to Purchase to your lawyer
- Your lawyer will contact you approximately 2-3 weeks prior to the possession date to make an appointment to complete the sale documents.
- At your appointment with your lawyer, you will need:
- Your RPR
- 2 pieces of identification including one government issued photo identification
- A Void cheque if you wish your sale proceeds to be deposited directly into your account
- Your lawyer will deduct your Realtor’s fees and selling costs from the proceeds of the sale.
- On the date of possession, your lawyer will receive the sale proceeds in trust from the Buyer’s lawyer and will tell your realtor to release the keys to the Buyers by 12 noon.
Real Estate Purchase Contract
- What Chattels are included in the purchase price (ie appliances, window coverings) ?
- Are there any warranties to be assigned?
- Confirmation that all conditions have been satisfied and removed – ie. an offer subject to financing and building inspection.
Certified Copy of Title
- Records of land ownership in Alberta are registered at the Alberta Land Titles Office. The lawyer arranges for the Title to be transferred from the seller to the buyer by the possession date.
- All financial and non-financial encumbrances reviewed – ie mortgages, restrictive covenants, utility rights of way, party wall agreements.
- The buyers new mortgage will be registered against the Copy of Title.
Real Property Report (Land Survey) and Compliance
- For the purchase of a house (as opposed to a condominium) sellers are generally responsible to provide buyers with a Real Property Report with evidence of municipal compliance. This means that the property must comply with all land use by-laws, all improvements (all items built on the property including garages, decks, fences, sheds) have the necessary permits and are within the property boundaries.
- You will execute final mortgage papers with your lawyer and your lawyer will confirm that you understand the main terms and conditions of your mortgage.
- You will also have to provide your lawyer with the Cash to Close (short fall). Generally, this is the Purchase Price less the deposit already paid and the mortgage proceeds. Your lawyer will work to forward the Cash to Close and the mortgage financing to the seller’s lawyer by the possession date.
- There will be an adjustment between the parties regarding taxes. Your lawyer will confirm that the seller has paid his/her fair share of taxes on the property.
- Your lawyer will need to confirm that you have arranged for insurance on your new residence.
- You will need to make arrangements to have all utilities (power, water, gas, cable, telephone, internet) in place by your possession date.
Possession and Keys
- Once the Title has been transferred to the buyer and the new mortgage has been registered, your lawyer will forward all funds to the seller’s lawyer and you will get the keys directly from your realtor.
* Please note the foregoing is not an exhaustive list and additional items may arise depending on the nature of your transaction.