Real Estate 101: Selling a home.
Selling a home is a lot of work – the cleaning, staging, negotiation, offers, it’s a stressful time. Working with your lawyer shouldn’t add to the stress.
The lawyers at Perren Blackett are part of a team that includes you, your Realtor, your Lender and our office. Usually your lawyer is not involved with the negotiation of the contract – although we can be if you want, especially if you are not using a Realtor.
When an offer comes in, you’ll likely be using an Alberta Real Estate Council published purchase contract. The document is used to negotiate a number of items, including:
What fixtures are included (and excluded – if you want to take anything that is fixed to the property, be sure to specifically exclude it in the contract.)
Key Dates – including possession date
Of course, there is much more to the purchase contract than the terms listed above, and it is very important that you read and understand the terms in their entirety. If you need help understanding and/or navigating the document, ask for help from your Realtor or our office.
As the Seller, you are required to provide the Buyer with a current Real Property Report (RPR) - if your selling a home or bareland condo. The RPR is a survey of the property and shows the structures on the property, such as the house, sheds, decks, fences, etc. The RPR also shows the location of utilities and any easements or drainage systems on the property. It is your obligation as the Seller to provide an RPR which shows the current state of the property, and a stamp of compliance from the local City or Municipality is required on the RPR. If the RPR shows any non-compliance we need to deal with it before the closing/possession date.
If you’re thinking of selling your home, the RPR process should start before offers start to come in.
Once you’ve got a deal, and the conditions are waived by the Buyer, we work with the Buyer's lawyer, your Realtor and any Lenders with security against your home to ensure the appropriate paperwork is provided to our office. We’ll prepare the closing documents including obtaining any necessary pay out statement from Lenders with security against your home – unless your moving your mortgage to a new home purchase. The Buyer is certainly going to want “clear title” or their new home, and our office helps to make that happen by clearing up any debts associated with your home ownership.
When ready, we’ll arrange a signing appointment and provide you with all the information and documents we need from you to finalize the deal – including the amount that you should expect to be paid to you!
We’ll be meeting with you for about one hour to go over and sign the transfer of land, the statement of adjustments, the RPR, any Dower considerations, discuss property taxes and utilities, and answer any of your questions. We’ll also discuss any bridge financing you may be securing for the purchase of your new home. Be sure to bring two pieces of ID, one of which must be government issued photo ID.
Usually, once you leave our office after the signing appointment, you’ve got a lot more work to do … packing!!!
On the day of closing or possession, assuming all goes well, our office will exchange all necessary documents with the Buyer’s lawyer, obtain purchase funds from the Buyer’s lawyer and use those funds to pay out any mortgages, ensuring any debts relating to the property are paid (such as tax or condo arears), and pay out any remaining commissions owing to your Realtor.
Essentially, we take care of ensuring that your obligations relating to the home are paid in full, and you’ll get the remainder of the funds.
Of course, there is a lot to do when selling a home – on your end and on ours.
We’re here to help and happy to answer your question. Contact us at firstname.lastname@example.org for more information.
Disclaimer: the above is for information alone and should not be considered legal advice.