VENDOR'S REAL ESTATE CHECKLIST
For many people, the sale or purchase of their home is one of the most significant financial transactions that they will ever undertake. We know how important the sale or purchase of a home is and we would be happy to be of service to you.
Ensure that the offer of Purchase and Sale specifically refers to which Chattels are included or excluded from the purchase (e.g. appliances, mirrors, drapes, light fixtures, etc.)
Warranty and Improvements
Is there a warranty on the house which can be assigned to the Purchaser? Have there been any significant improvements made to the house recently (e.g. replaced furniture, installed new roof, etc.)? Are the original or other plans and specifications available to a purchaser? These can be positive selling features and should be brought to the attention of the Purchaser.
Be sure of the amount of commission payable to the real estate agent, who is responsible for it, and when it is payable.
Have reasonable time limits been placed on any matters which have to be completed or complied with before closing? If the Purchaser's financing falls through, will there be sufficient time for you to make a new sale? What happens to the deposit if you are not able to complete the sale?
If you are signing an offer of Purchase and Sale without the benefit of having a lawyer review it first, you should seriously consider making the offer subject to your lawyer's review before it becomes enforceable.
Make sure you do not cancel your insurance until your lawyer tells you it is safe to do so.
Arrange to have all utilities read and/or terminated as of the closing date. (e.g. telephone, power, water, gas, cable TV)
The appropriate municipal department should be advised of your sale upon completion so the tax rolls can be updated.
If an existing mortgage is to be assumed by the Purchaser, ensure that it is assumable. Contact the mortgage company well in advance of the sale. Any automatic debit arrangements from your account and any post dated cheques should be canceled.
Change of Address
The appropriate postal station should be advised of your new address in order that mail can be redirected. Special consideration should be given to your bank (order new cheques) and charge accounts. Do not forget to notify newspapers and magazines being delivered, doctor/dentist, and schools.
Please note: This checklist is not exhaustive, and additional considerations may arise depending upon the circumstances of the transaction. If you have any additional questions, please feel free to contact our offices. We will be pleased to help.
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