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Dave Law Professional Corporation
Dave Law Professional Corporation
Dave Law Professional Corporation
In preparation for the closing of your sale transaction, you will be required to do the following:
Call all utilities, cable, and telephone to cancel and obtain final meter readings. You must provide them with your forwarding address for the final billing.
Please note that you are responsible for contacting all utilities directly at least three business days prior to the closing date, including renting your hot water tank. Should there be any documents related to the transfer of account for the hot water tank, be sure to forward them to our office so that we can provide them to the buyer’s lawyer for completion.
Please forward a copy of your most recent tax bill to our office immediately.
Please cancel your house insurance. Make sure it is cancelled effective the day following the closing date.
Cancel any contract services, for example, alarm systems, newspapers, snow removal, and/or other contract services.
Please inform us of any mortgages (including secured lines of credit) registered on the property.
Inform yourself of your mortgage payout figures. Inquire with your bank about what penalties, administration fees, discharge fees, etc., will be charged. Please be aware that on mortgage payouts, per diem interest applies, meaning a daily interest charged on the loan. If your mortgage is a secured line of credit, please do not use any funds from the line of credit near closing, or in the event you do, please notify our office immediately.
Advise us immediately if you cannot attend our office on or before closing to execute closing documents. Depending on the circumstances, our recommendations may include appointing an attorney by way of Power of Attorney to execute the documents on your behalf, changing the closing date, or requiring that you make arrangements to meet with a lawyer in the jurisdiction where you are located to execute the closing documents.
Advise us immediately if you are a non-resident of Canada as defined by the Income Tax Act, as amended.
Please inform us of any potential problems, such as court judgments on title, matrimonial separation, tax arrears, shortage of funds to pay mortgage(s), and house problems.
In preparation for the closing of your sale transaction, we will do the following:
Review Agreement of Purchase and Sale.
Review all documents that you are required to sign by the buyers’ lawyer.
Prepare the usual documents for the closing of the transaction.
Obtain figures of any outstanding amounts on any mortgage(s) and arrange for payment from sale proceeds.
Payment of real estate commission fees, if any, from sale proceeds.
Payment of our legal fees and disbursements from sale proceeds.
Meet with you for final signatures.
The balance of sale proceeds will be given to you directly or deposited into your bank account (you must provide us with a VOID cheque for this service).
A final reporting letter will be given to you at the final appointment.
We usually contact you three (3) to four (4) business days before the closing date to arrange an appointment to review your file and sign your final documents. This will be the only time we contact you unless any issues arise with your file and/or we require additional information. The final appointment will be held one (1) or two (2) days before your closing day. This meeting for signatures will take approximately ½ an hour. All owners of the property (or persons with interest, such as consenting spouses) need to be present and sign all relevant documents.
At this time, we will require that you bring the following:
Two pieces of identification (at least one with a photo). The government-issued photo identification document must show the individual’s name, include a photograph of the individual, and have a unique identifier number. Examples of photo identifications are Canadian passport, Permanent resident card, Citizenship card (issued prior to 2012), Secure Certificate of Indian Status, The Department of National Defence (DND) 404 Driver’s Licence, Provincial driver’s licenses, passports, Ontario new photo ID cards, credit cards, and birth certificates.
If you do not have adequate identification, please contact us well before the closing date to discuss.
Please ensure all other keys, garage door openers, warranties, manuals, and additional helpful information are left in a convenient, visible location at the subject property.
VOID cheque (if you would like the sale proceeds automatically deposited into your bank account).
Closing typically occurs at the Land Registry Office once the lawyers for the seller and buyer have exchanged the closing documents, registered the deed, and exchanged funds. Lawyers now close most transactions electronically for the seller and the buyer.
On closing day, we will have possession of the sale proceeds by 5:00 p.m. The actual time depends on the following factors:
receipt of mortgage proceeds, if any, by the buyer’s lawyer;
the time the buyer’s lawyer is prepared to close;
the high volume of closings online (mid-month and month-end are particularly busy); and,
traffic for couriers delivering keys, sale proceeds, etc., to and from the other lawyer’s office involved.
Once the transactions close and registration occurs, we contact you to advise.
If you wish to pick up your sale proceeds personally, you may do so at our office late on the closing day. However, if you have requested direct deposit, please note that your deposit may only be effective the following business day, depending on when we receive your proceeds and your bank’s policies.
