FAQs for Sellers:
Q: WHEN DO WE MEET?
A: We will contact you to schedule an appointment.
Q: WHAT IS A REMOTE SIGNING?
A: On occasion we have clients that cannot be here in Nova Scotia to sign documents required for their sale. If you do not think you will be available, let us know and we will work together to make arrangements to have the necessary paperwork executed in your location or via video conference.
Q: WHAT HAPPENS ON CLOSING DAY?
A: Most often on the day of closing the buyer will meet, early in the day, with their agent to do a PRE-CLOSE INSPECTION of the property. The property should be empty and thoroughly cleaned to be ready for the pre-close inspection. The agent or the other lawyer will let us know if the pre-close inspection is good or if there are issues to be dealt with. If there are issues, it can delay the closing. We will courier a closing package with the deed to the Buyer’s Lawyer. The Buyer’s lawyer will courier a closing package to us with the money to pay for the property. When these two closing packages have been exchanged and we know the pre-close inspection is good – we consider the transaction closed! At that time, we normally send out an email, or make a call, to you and your agent confirming the closing.
Q: WHEN WILL I RECEIVE THE MONEY FROM THE SALE?
A: Once the deal is officially closed, our law firm still has work to do on your behalf. We will need to deposit the funds to our bank account and then prepare cheques for the mortgage payout, real estate commission and legal fees. The sale proceeds can then be deposited into your bank account (we ask for a void cheque to allow us to do this).
Q: WHAT HAPPENS WITH PROPERTY TAXES?
A: Each party is responsible to pay taxes for the time in the year that they own the property. For every transaction, we do an adjustment and pro-rate the taxes to the day of closing. If you have over-paid taxes then you will get a credit. If you have overdue taxes, you will credit the amount of arrears to the buyer. Halifax Regional Municipality (HRM) fiscal tax year runs from April to March. HRM bills twice a year in the spring and fall and taxes are paid in advance.
Q: WHAT OTHER THINGS SHOULD I BE AWARE OF:
Order oil tank top-up as close to the closing date as you can and provide receipt to lawyer on or before closing day. Discontinue automatic delivery if applicable.
Order propane tank top-up and provide receipt to lawyer on or before closing day. Discontinue automatic delivery if applicable.
Order septic pumping and provide receipt to lawyer on or before closing day.
Discontinue pre-authorized payments for municipal taxes if applicable.
Discontinue property insurance for the day after closing.
Discontinue utilities and services such as: water, electricity, telephone, cable, internet, and security systems for the day after closing.
Have additional questions? Get in touch!