When selling a property, the real estate lawyer prepares and reviews the Deed that transfers the title to the Purchaser. The Seller’s lawyer prepares the Statement of Adjustments and submits this to the Purchaser’s lawyer. lf you have a mortgage or a secured line of credit, your lawyer will request a payout statement from the lending company together with per diem interest up to and including the closing date in order to discharge that registration from title on closing. Among many things the lawyer does, they handle paying out the mortgage, paying the real estate commission and any property taxes that may be outstanding. The lawyer also sends the original closing documents together with the keys to the property to the Purchaser’s lawyer, which are often held in escrow until the closing date.
The Seller’s real estate lawyer answers the letter of requisitions sent from the Purchaser’s lawyer. The Seller’s lawyer receives the sale proceeds in trust on behalf of the client and then pays the agreed upon accounts. If money is left over after payment of expenses, funds will be deposited directly into the Seller’s account or a cheque will be made payable to the Seller depending on the direction provided. The lawyer will notify the municipality that the sale has now been completed and provide the appropriate information in that regard. Your lawyer will then send out a reporting letter to you summarizing every step of the transaction together with copies of the documents that were signed by you and copies of accounts that were paid on your behalf.