So what happens after an offer is accepted? Many people don’t realize that there are still some additional steps and even some additional professionals that will have to be involved to finalize and finish the transaction for closing day.
One of the biggest concerns for both parties is how the money is transferred. Before closing day your REALTOR® will advise you to employ a lawyer. Both you and the other party will have lawyers representing you in order to complete the transaction. A trust account is set up so that the money received from the sale of the home will go first to pay off any outstanding mortgage owed on the property, and then the remainder will go to the seller. In addition, the seller must hand over the keys to the home, any mortgage details and any property deeds or transfer documents to their lawyer. Upon closing, the seller’s lawyer will register the mortgage discharge and transfer the deed.
In addition, your lawyer can ensure that property taxes, utility bills etc., are fairly divided between the buyer and seller depending on moving dates and payment dates. They can also arrange to have the agent’s commission paid directly out of the sale of the home.
Be aware that the sale of a home is a complex process and it is essential that you have an educated and professional team guiding you throughout the transaction, including a REALTOR® and a lawyer.
For any real estate assistance in the Oakville, Burlington, Milton area contact Mary at email@example.com