Congratulations on the sale of your property!
Please do not hesitate to contact us anytime. Once you have sold a property, we will require the following:
- A copy of your sale contract. Please instruct your Realtor to fax or email us a copy as soon as possible;
- A current Real Property Report. If you are selling a house or a bareland condominium, please contact us as soon as possible so that we can verify that you have a current Real Property Report in order to close your transaction;
- Mortgage or line of credit reference number. Please provide us with your mortgage or line of credit reference number from your financial institution. This number will usually be located on your last statement from your financial institution or on your on-line banking; and
- Completed client ID form (Download here). We will advise you of the identification that we require from you prior to our meeting.
Meeting with You:
- We will contact you to advise you of anything else we require and to schedule a meeting with you to sign your sale documents. We will usually meet with you about one or two weeks prior to your possession date;
- Please bring the following with you to our meeting:
- Original Real Property Report(s) – please bring in all the copies that you have;
- Photo identification – your current driver’s licence or passport;
- Void cheque or bank account particulars – preferably of a financial institution with a branch in Calgary so that we can courier your net sale proceeds for direct deposit into your bank account;
- Mortgage reference numbers if you have not already provided us with same; and
- Your forwarding mailing address, phone number, and email address.
- We will review and explain all sale closing documents so that you understand same before signing and the meeting will usually take about 20 to 30 minutes to complete. You will always be meeting with Blake personally or with another lawyer, except in very rare instances when you may be meeting with one of our senior real estate assistants.
Closing, Reporting, and Net Sale Proceeds:
- Your transaction will typically close on the scheduled closing date; however, in Alberta, there are never any guarantees that the buyer will close on time or that you will receive your net sale proceeds on the same day. You should always therefore consider whether or not you require interim financing accordingly;
- We are required to payout all financial encumbrances registered against your title from the sale proceeds. We will also payout the balance of the real estate commissions owing and legal fees and disbursements from the sale proceeds. We will provide you with copies of all payout and account statements with respect to these items with our reporting letter;
- We will usually email you our reporting letter the same day that your sale transaction closes along with a detailed accounting of all trust funds;
- The net sale proceeds will usually be forwarded for direct deposit to your financial institution by way of our solicitor’s trust cheque within one business day from the day that your sale transaction closes or earlier if possible. Your financial institution may place a “hold” on this deposit of your net sale proceeds, depending upon your relationship with your financial institution. You should contact your financial institution directly in this regard. You may also request to pick-up our trust cheque for your net sale proceeds so that you may have same certified which may assist you in avoiding a “hold” being placed on the funds by your financial institution. Once again, you should contact your financial institution directly with respect to this matter; and
- We will thoroughly review the closing process with you during our meeting.