I’VE SOLD MY COMMERCIAL PROPERTY. HOW DO I FINALIZE IT?
STEP 1
INITIAL CONTACT & COMMUNICATION
The buyer’s offer to purchase Offer is received and reviewed with your real estate agent. If you do not have an agent, you should engage us to review the offer before accepting it
After acceptance by you, the buyers attend to satisfying their conditions (securing financing, a building inspection, insurability, review of leases and rent rolls, 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 our 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 the lender(s) for any mortgages or secured lines of credit registered against the property
We receive the real estate agent’s invoice
We calculate the adjustments to the sale price for items such as: property taxes, rents, oil/propane (if applicable)
We review closing documents prepared by buyer’s lawyer; we address any title problems identified by buyer’s lawyer
We prepare other documentation for the transfer
STEP 3
PRE-CLOSING MEETING
We contact you a few days before closing to schedule a meeting and notify you what to bring for the meeting, such as keys and ID
We meet 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 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 of the closing and we then deposit your net proceeds to your bank account
We send out payments for the mortgage(s) and real estate commissions
We sends you our final report
We follow up with mortgage lender to ensure they have discharged their charges against the property
BUYING A HOME IS ONE OF YOUR BIGGEST DECISIONS IN LIFE. LET US GUIDE YOU THROUGH THE PROCESS.