Brian Wilson Law | Law Simplified | Selling Your Condo – The Process

Selling Your Condo – The Process

The Process

I sold my condo. What happens next?

Step 1:

Initial Contact & Communication

  • The buyer’s offer to purchase is received and reviewed with your real estate agent.  If you have no agent, you should engage us to review the offer before accepting it
  • After you accept the offer, the buyers attend to satisfying their conditions (securing financing, satisfactory status certificate, a building inspection, etc.)
  • Once the conditions are satisfied, the sale contract becomes “firm” (goes ahead).  The real estate agent or you send us the sale contract documents (unless we were already involved with the sale contract review)
  • We contact you by phone, email or meeting to confirm engagement if not already done
  • We send you a detailed letter covering the following:
    • Confirmation of the major terms of the sale contract
    • Explanation of the anticipated expenses and other costs for budgeting purposes
    • Explanation of the steps involved including our tasks and your tasks and the anticipated timing for completing the various steps
    • Information we need from you
    • Other information we’d like you to know
Step 2:

Lawyer Preparation and Co-ordination

  • We order discharge/payout statements from your lender(s) for any mortgages or secured lines of credit registered against the property and for any bridge loan
  • We receive the real estate agent’s invoice (if applicable)
  • We calculate the adjustments to the sale price for items such as: property taxes and condo fees
  • We review the closing documents prepared by the buyer’s lawyer; we address any title problems identified by the buyer’s lawyer
  • We prepare other documentation for the transfer
Step 3:

Pre-Closing Meeting

  • We contact you a few days in advance of closing to schedule a meeting and notify you what to bring for the meeting, such as keys and ID (usually a few days before closing)
  •  We meets with you before closing (usually 1-2 days before closing):
    • Photocopy your ID (a legal requirement)
    • Review the financial documents (detailed summary of money coming in and going out of our trust account and your net proceeds)
    • Review, explanation and signing of closing documents
    • Explanation of the closing process and when you might expect to receive your net proceeds
Step 4:

Closing and Reporting

  • We courier keys and documents to the buyer’s lawyer / receive cheques and other documents from the buyer’s lawyer by courier
  • Electronic registration of transfer in the Land Registry system, making the transfer of ownership complete
  • We contact you immediately to notify you that your cheque is available for pick up at our office
  • We send out payments for the mortgage(s) and any real estate commissions
  • We send our final report to you
  • We follow up with mortgage lender if necessary to ensure they have discharged their charges against the property