• Overview
• Sellers:
• Pricing Pyramid
• The Effect of Over Pricing
• Activity vs. Timing
• Where Buyers Come From
• Working With a Real Estate Licensee
• Listing Contracts
• Responsibilities of the Seller
• Completing the Sale
• The Process of Selling a Home
• Seller's Checklist
• Fixture or Chattel?
• 20 Tips for Selling Your Home
• Buyers:
• Moving Checklist
• What is a Real Estate Agent?
• Finding a Home that Fits Your Needs
• The Offer to Purchase
• Completing the Purchase
• Typical Expenses
• Nine Mistakes the Buyer Should Avoid
• Options and Choices to Help Customize Your Mortgage
• Glossary
• Mortgage Calculator

Complete the Sale

Once you have accepted an offer and signed the Contract of Purchase and Sale, you have a legally binding agreement and both you and the buyer must fulfill your respective obligations as stated in the contract. The Contract of Purchase and Sale will state the completion date for the transaction. On that day, legal ownership will transfer from you to the new owner in exchange for the purchase price of the property.

The buyer should have a lawyer or notary prepare the documents necessary to transfer the legal ownership. It is also recommended that you, the seller, have legal counsel to act on your behalf. Legal counsel will protect your interests by the following:

• Checking documents prepared by the buyer's lawyer
• Ensuring that your mortgage is properly discharged
• Confirming that all payments for which you are responsible have been made
• Arranging for you to sign the transfer documents
• Preparing a statement for you outlining where the purchase money was disbursed and giving you a cheque for the balance

WHAT COSTS CAN YOU EXPECT?

To complete the transfer of ownership, there will be some financial adjustments between the seller and the buyer. Some of the costs you can expect to see deducted from the purchase price include:

• The legal fees to discharge any existing mortgage
• Any prepayment penalty levied by the financial institution for early pay-out of an existing mortgage
• Your share of the property taxes for the year, plus any penalties for late payment of unpaid taxes
• The commission you agreed to pay the listing agent
• The Goods and Services Tax on the real estate commission and on your legal fees

AS THE SALE COMPLETES

If you are planning to purchase a home in another city, we can contact an agent in advance on your behalf. This agent can provide you with information about a wide range of conditions in the area you are considering. The agent can also arrange home viewings in advance to reduce the time of your search.

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• Dean Harman
• TRG - The Residential Group Realty
• 101-1965 West 4th Ave, Vancouver BC V6J 1M8