When you engage our services for the sale of your property, you can expect a thorough approach that includes:
1. Drafting and Reviewing the Agreement of Purchase and Sale
In the absence of the seller being represented by a real estate professional in the transaction, our legal team will draft the Agreement of Purchase and Sale, ensuring that all terms are clear, legally binding, and tailored to the seller’s specific situation. This approach helps protect the seller’s interests throughout the process.
2. Mortgage Information Management
We handle the necessary communications with your lender to confirm the payoff of any existing mortgages, ensuring that all liens and judgments are addressed before closing.
3. Tax Certificates for Foreign Sellers
When our law firm assists foreign sellers, we emphasize the importance of preparing in advance to comply with Canadian tax regulations. We work closely with your accountant to obtain the necessary tax certificate, which is essential for ensuring that any withholding tax obligations are met. Foreign sellers often face challenges such as navigating complex tax implications, understanding their residency status, and ensuring compliance with the new regulations that affect property sales. By addressing these issues proactively, we help mitigate potential complications and streamline the selling process.
4. Unique Seller Arrangements
If there are unique seller or buyer arrangements that need to be included in the Agreement, our law firm can ensure that the specific terms and clauses are clearly inserted to create a legally binding contract. We focus on tailoring the Agreement to reflect your unique circumstances and protect your interests throughout the transaction.
5. Closing Coordination
We manage the entire closing process, ensuring that all necessary documents are properly signed and that funds from the sale are distributed according to the agreed-upon instructions, particularly in cases with multiple sellers. Our services include overseeing the disbursement of remaining proceeds after settling any mortgages and liens, making sure that every aspect of the transaction is handled smoothly and efficiently for all parties involved.
Every property sale comes with its challenges, and closings can sometimes be delayed or postponed through no fault of the seller. Our team is equipped to handle these situations swiftly, minimizing financial losses and preventing further delays, whether due to unexpected setbacks or negotiation complications.
In instances where closing does not occur as planned, we can explore litigation options to pursue damages on your behalf. This includes:
✔ Recovering Deposits Held in Trust: In cases where a buyer fails to close the transaction, the seller may seek to claim the deposit held in trust as part of their litigation against the buyer. This deposit can contribute to the overall claim for damages incurred during the failed sale.
✔ Compensation for Carrying Costs: We can assist in seeking damages for costs incurred during the selling process, including mortgage expenses and legal fees.
Disclaimer: The content on this website is for general information only and does not constitute legal advice. For specific legal issues, contact Simply Legal or your own counsel. Simply Legal makes no guarantees about the accuracy, completeness, or reliability of the information provided. Content is current as of its publication date and may not reflect recent changes.
