to Purchase |
Completion | Completion
When someone offers to buy your home, they will prepare a written offer on a standard form known as the Contract of Purchase and Sale. Your REALTOR® must present
you with all written offers and if you receive several at one time,
you are under no obligation to accept one over the other.
When you receive
an offer, you can accept it, refuse it, or make a counter-offer
to the buyers, with the changes you want.
An offer usually
contains subject clauses that the buyer needs to remove by a specific
date. A subject clause is a special condition that must be met before
the sale can take place. For example, a buyer may want to have a
certified home inspection done before they commit to the sale. Once
the subjects are removed and you've signed the offer, it becomes
Contract of Purchase and Sale will specify a completion day for
the sale. On this day, legal ownership of the home will transfer
from you to the buyer.
completion day you should hire a lawyer or notary public to handle
the completion procedures. Your REALTOR® will be able to recommend
some lawyers or notaries. The lawyer/notary will:
that your mortgage has been properly discharged.
for you to sign papers transferring title.
that all payments you are responsible for have been made.
- Give you
a cheque for the balance .
you will receive a payment upon the sale of your home, there are
still some costs you need to be prepared to pay. They include:
- The REALTOR®'s
- Legal fees.
- Any penalties
for paying off your mortgage early.
- GST on the
commission and legal fees.
- Your portion
of the property taxes.