You’ve signed your Offer so now what? What happens at the Lawyer’s office?
The following are the steps of a sale from the time you have an unconditional Offer to getting your sale proceeds.
- Unconditional signed Offer is faxed to the lawyer’s office.
- Offer is received at the lawyer’s office and a file is opened.
- Tax and Title related searches performed.
- File then diarized to being working on it about 2 weeks prior to the possession date. (This is a general rule and will be adjusted depending on the specific circumstances of the sale.)
- You are contacted by one of the legal assistant’s to obtain specific information required for the document preparation – forwarding address/contact information; reference number of your mortgage; ID
- Documents are prepared and an appointment is booked for you to meet with the lawyer to sign (appointments for sales are about ½ hour in length)
- After documents are signed we will then forward them to the Purchasers’ lawyer’s office.
- Once funds are received from the purchasers’ lawyer’s office we call your realtor to authorize the keys to be released.
We then process the funds according to the specific transaction (i.e. payout mortgage, pay balance of realtor’s commissions, our legal fees, anything else that the transaction requires) and prepare a formal report along with a cheque for the net sale proceeds. This report is usually provided to you the afternoon of closing and can be picked up at our office or delivered by mail or email.