COMMON CONTINGENCIES AND CONDITIONS

FINAL STEPS

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COMMON CONTINGENCIES AND CONDITIONS

Providing The Seller's Disclosures
This is the process where you as the seller are required to provide information relating to your home: Seller property condition disclosure – fall out, signed and dated from seller / Commitment for the policy of Title Insurance, showing easements, encroachments and leans / HOA information, budget, assessments, CC*R’S and survey, water rights if applicable. / Copy of any leases affecting the property not expiring prior to closing / Notice of any claims relating to environmental problems and building or zoning code violations. 
Buyers Due Diligence; Evaluations And Inspections
This is the time period provided to the buyer to learn, review, inspect and decide if acceptable: The buyer will carefully review all items provided in the seller's disclosure. The buyer may schedule physical condition inspections, tests and evaluations. The buyer will review the costs, terms and availability of homeowners insurance.
Buyers Rights To Cancel Or Resolve Objections
If the buyer determines the evaluations and inspections to be unacceptable, the buyer may: No later than the due diligence deadline, cancel the contract by written notice to seller or no later than the due diligence deadline, resolve in writing any objectives.
Remaining Contingencies And Financing
In the final steps of the transaction, we will coordinate and complete any remaining details: Is the sale contingent upon an appraisal? At what amount did the property appraise? Was the sale contingent upon the buyer selling their previous home? How is the buyers financing going? Are there any last-minute issues for securing their mortgage? Final pre-settlement walk through inspection.
Deal Is Firm
Once the buyer has waived their conditions, your home is now sold and now its a matter of waiting for possession date.
Final Pre-settlemenet Walk Through Inspections
A final walk through by the buyer to verify that the home is in the same condition as when the sale agreement was signed, if the home is not in the same condition we will try our best to get any issues rectified prior to possession/closing date.

CLOSING COSTS

COMMON COSTS

When selling a home there is much more to consider,
It can be extremely overwhelming when your hit with unexpected costs along your real estate journey of selling your home. Having certain documents and payments set aside will help for a much less stressful time leading you up to your closing date.
Discharge of The Mortgage
Check with your mortgage lender to determine if any costs will occur when transferring or releasing your mortgage. Seller could incur penalties for discharging the mortgage before the mortgage contract is up.
Title Insurance
Your mortgage lender may require you to get title insurance if you are putting less then 20% of a down payment,
Adjustments
It's difficult for a home seller to calculate exactly how much money is owed to which utilities on closing day. Your lawyer will ensure that any overpayments or deficiencies on rents, mortgage interest, property tax and utility charges will be corrected, and buyer and seller will be credited or charged accordingly.

Heading to closing!

If you and your buyer have both efficiently taken care of your respective contratural obligations associated with finalizing the sale, the process of completing the transaction will go smoothly with no surprises. A pending sales agreement generally includes contingencies and special conditions that must be fulfilled by the buyer and seller by the closing date, which usually fails 30 to 60 days after both have signed the agreement, Sellers should note buyers will able to get out of a deal during their contingencies period.

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FINAL STEPS

CLOSING

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THINKING OF SELLING

Elizabeth Hobson Toronto Real Estate Agent
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FINAL STEPS

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FINAL STEPS

CLOSING

FINAL STEPS

A few days before buyers possession day/closing day, you will need to meet with your lawyer, 
It is recommended you find a lawyer once we list your home for sale. During busy times it could be hard to find a lawyer due to high demand especially in small towns, We also advise our clients, they have the option to seek legal console before accepting any offer, which ever suites them best. Your lawyer will go over all of the legal documents with you, will discuss title transfer, closing costs and disbursements, mortgage payout if applicable, and will have you sign the documents to transfer the property title to the buyer will only be processed once funds have been advanced. Please remember to bring two pieces of photo ID when you meet with your lawyer - this could included a passport, driver's licence. Ask your lawyer specifically what forms of ID they accept.
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SELLERS CONSULTATION

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Homeowners Association FEE - HOA - Only Applicable to Condo Owners
Before you can sell, your HOA dues must be paid off in full. If you owe late dues, fines or fees, you will have to pay them off.
Title Search of The Property
If sellers lawyer finds any liens against the property, the cost will have to be discharged before the sale of the house would be legal.
Harmonized Sales Tax - HST
In a real estate contact will read either Included In, meaning the seller will be responsible for paying the HST at close, or it might read In addition requested by the seller which means the buyer will be responsible for the HST come closing. 
Realtor Fees + HST
When having a realtor represent your home for sale comes at a cost, the efforts of a full-service brokerage usually will be at the common 5% + HST, this includes the efforts of the buyers agent representing the buyer a even split 2.5% + HST to both sides involved. Realtor fees are up for negotiation, but if a realtor cant negotiate why they deserve the 2.5% and the importance of providing the buyers agent the same percentage then how are they going to fight for you when offers start to roll in?
Legal Fees
Lawyer's fees vary, depending on how complex the sale is and how much work the lawyer has to do.
Moving Costs
Moving costs vary based on location and the amount of possessions being moved. If you're moving yourself, you should factor gas, rental vehicles and moving supplies. Sellers should set aside moving costs, packers, drivers etc, even supplies could cost when moving yourself.
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GET EDUCATED

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