What is the completion process for sale of a property?

What is the completion process for sale of a property? 2019-09-10T20:30:02+00:00

We start the completion process when we receive documents including the contract (i.e. the accepted offer) from your realtor’s office*. Once we have these documents and have been able to confirm our retainer with you, we then conduct our searches and review the contract and send you our initial report along with a list of further information we need from you to prepare the documents.

If a mortgage is registered on the title of your property, we then contact the lender to obtain a discharge statement from them. The discharge statement will show us the exact amount we will have to pay out to the lender in order to oblige them to release the mortgage from the title on completion.

In the meantime, the buyer’s representative will prepare and send us transfer documents which we will review before signing with you. Once we have these documents and the discharge statement, we will contact you to book an appointment for signing the documents.

On completion day, the buyer’s representative will file the transfer of title in the Land Title Office and pay us the sale proceeds. We will then pay out the lender in accordance with the discharge statement and pay the rest of the funds to you after deducting our fees and other disbursements**.

You can expect to receive your funds from the proceeds within two business days after completion.

* Please note that typically we avoid conducting any of the due diligence searches earlier than a month before the completion date in order to make sure our searches are as up-to-date as possible.

 

** For more information on other disbursements payable on closing click here.