10 Things to Know When Selling

1. Inform your realtor about us

Please let your realtor know that you are using our office and our lawyer so that we can get the contract sent to our office. If you are not using a realtor, this becomes your responsibility.

2. Remember that commissions are taxed

If you are using a realtor, please keep in mind that commissions are taxed; as such, you are responsible for paying GST on them.

3. There are documents which you are responsible for

There are certain documents that you are responsible for providing:

• You must provide two pieces of identification, and at least one must be picture ID. The other one can be something like a credit card or a health care card.
• If you are selling a condo, we need to order the estoppel certificate and certificate of insurance. The estoppel certificate is a legal document provided by your condominium management company or condominium board confirming that all condominium fees are paid to the possession date. The certificate of insurance confirms that the condominium complex has building-wide insurance coverage. Please note that while your realtor may give over numerous documents, the estoppel certificate is generally not part of that package; that document is something that the lawyer orders as part of the documents for the buyer’s lawyer.
• If you are a selling a house, you are responsible for providing a Real Property Report with evidence of Compliance [RPRs & Title Insurance]. It is recommended that you take care of this before you sell the property. Please contact our office for any questions or concerns with the same.

4. Check over your numbers thoroughly

Check over your numbers! Your realtor should do this for you (if you have one) but you should ensure that your sale price is enough to pay out all debts and fees (mortgages, taxes, legal fees, etc.). Please note that you may be penalized for breaking your mortgage early. There should be no surprises with your sale proceeds, and we would hate to be the bearer of bad news.

5. Inform us of any leave of absence

If you will be leaving Edmonton or will otherwise not be in town during your sale period (the 2 to 3 weeks prior to possession), please let us know. We have ways of accommodating this (either by signing earlier than normal or preparing documents for signing elsewhere) but we need time to prepare for the same.

6. Cancel all utilities

Please ensure that you have cancelled all utilities effective the date of possession and that you have called all applicable companies to change your address (banks, credit cards, etc.). Getting your mail forwarded may be your best bet.

7. Remove all of your belongings

Make sure that all belongings are taken with you except for the chattels that you have listed on the contract. Please do not assume that the buyers will want anything that you leave behind, even if you leave it with good intentions. Please also do not take any fixtures as they belong with the house. If there’s something that you want to take – such as central vacuuming unit accessories – please ensure that this is discussed beforehand with the buyers beforehand so that it is excluded from the contract.

8. Verify spousal rightsIf you are legally married and you and/or your spouse have lived in the property since your marriage date, your spouse has automatic dower rights to the property. This means that s/he must come in to consent to the sale.

9. Know who takes care of what

We take care of the money and the paperwork. The realtor takes care of the property and the keys.

10. Know what happens with your proceeds

It is our office’s policy to hold your sale proceeds for a few days to ensure that all loans and fees are paid out properly and to also prepare our account. We can certainly provide a partial release of funds to you; please make sure you discuss this with our office prior to closing.