Closing
I will supervise every step of the closing process to make sure that closing is as smooth as possible. Closing may require:
- Professional house inspection to assess the condition of the property
- Professional appraisal by the buyer's mortgage company to determine the true value of the property
- Search of the title by the buyer's lawyer
On or before closing day, lawyers for the seller and the buyer will set up a trust account for the money coming from the sale. This money will be used to pay off any mortgages you owe on the property, after which you receive the balance.
Your lawyer should also ensure that you receive compensation for pre-paid expenses, such as property taxes, electrical or gas bills, or, if applicable, heating oil left in your tank.
Your bank will give mortgage details to your lawyer and then your lawyer will register the mortgage discharge and transfer the title at closing.
You will also pay the listing brokerage company their compensation (your lawyer can arrange the payment from the proceeds of the sale).