Selling your property
1. Why is an Agreement of Purchase and Sale necessary?
The agreement of purchase and sale, such as the standard used by the Association of Nova Scotia Realtors, are put in place to ensure fairness to both the purchaser and the seller. It ensures that the purchaser is aware of what they are purchasing. Please keep in mind that the applicable conditions vary with each transaction and can be waived should you so choose, only the ones that specifically apply to your situation will be used. Verbal agreements are not enforceable.
Conditions normally include things such as a deposit (earnest money) to you, the seller on signing to ensure that the purchasers are serious; Many of these conditions are the responsibility of the purchaser such as a water potability test, generally taken by the Real Estate broker at a time convenient for you; house insurance is the responsibility of the purchaser but you may be contacted to arrange for an agent to view the property; a property inspection to help satisfy the purchasers that what they see is actually what they are getting; a property condition disclosure statement is provided by the you to the purchasers and sets out the known condition of the home from water to heating, insulation and more, displacing the Caveat Emptor rule; A financing condition is added if the purchasers intend to arrange financing via a mortgage or other means; a pre-closing inspection is a chance for the purchasers to ensure that the property is in the same condition as the day of the initial viewing and that any such items as appliances that are to be included, are still in the house; The seller is to disclose the amount of property taxes and betterment charges payable during the last calendar year that the new owners will know how much approximately they will be paying annually to the local municipal unit.
2. What fees and costs can I expect to incur?
If you are selling a home you will expect to pay reasonable legal fees, possible discharge fees to your Mortgagor, if your property is subject to a mortgage at the time of closing; real estate commission fees; and tax, sewer and fuel adjustment to the date of closing. Fownes Law offers competitive pricing for these services. Click here to request a quote
3. What is the role of Fownes Law Offices when I am selling?
If retained for your sale we will ensure that the title to your property is marketable and if not already done that it is registered under the Land Registration System; explain the Agreement of Purchase and Sale; provide to the purchaser's lawyer information on the title to the property, prepare the deed, HST Certificate if applicable, and all other forms required to record the closing documents such as the mortgage payout request. We explain to you what you are signing, provide as the liaison contact between the purchaser's lawyer and the real estate agent, coordinate the closing of the transaction, prepare all the necessary accounting such as the calculation of tax adjustments, any required payouts for judgements, liens or mortgages etc., prepare all final reporting to be directed to you, undertake to have the existing mortgage released if applicable. You will attend with the lawyer to review the documents and execute them.
Should you be a Non-Resident of Canada and are selling property there is additional work entailed with obtaining a Tax Clearance Certificate which not only protects you, but also reports to the Government how much was earned as income from the sale and protects the purchasers from being liable for tax on your sale. We would advise you all the particulars during the initial consultation and as the transaction progresses.