Tips & Tools for Home Sellers


Your negotiations were a success. But before your house is truly sold, it’s time for the

vital final steps known as “closing”. Your REALTOR® and lawyer will take care of the

many complicated and time-consuming legal maneuvers. That’s why you hired pros.


By the time you accept an offer, your REALTOR® will

also advise you of reporting requirements by FINTRAC,

the federal agency responsible for administering

Canada’s Money Laundering and Terrorist Financing

legislation and regulations.

Your REALTOR® is required by federal law to complete

a client identification form, and must ask you as the

vendor or seller for verified ID such as a driver’s license

or passport. You can find out more on the FINTRAC

web site at

You still have plenty to do. Your closing

checklist should include:

  • Advise your lawyer that an agreement has been
  • signed. Make sure your lawyer is ready to close the


  • Immediately begin satisfying any conditions of the
  • agreement that require action on your part before

    the set date of completion creeps up on you.

  • Notify your lawyer and lending institution if the
  • buyer is assuming your mortgage.

  • Contact the utilities, telephone and cable
  • companies about transferring or removing service.

    Your lawyer will often handle the transfer of utilities.

  • Call your insurance agent and arrange cancellation
  • or transfer of your homeowner’s insurance.

  • Contact a moving company to arrange your move
  • on or prior to closing date.

  • Send out your change of address notices and
  • advise the post office. Notify the Ministry of

    Transportation about your new address for driver’s

    license and registration.

  • Notify your REALTOR® immediately if anything
  • changes about your property or your situation.

    Contact with your lawyer

  • If you plan to “discharge” or pay off your mortgage
  • with proceeds of the sale, your lawyer will obtain

    a statement from your lender showing your

    outstanding balance on the mortgage, and any

    penalties you’ll have to pay to discharge the


  • A few days before closing, your lawyer will ask you
  • to sign the paperwork that enables the title to be

    transferred to the buyer.

    On closing day, your lawyer will receive and distribute

    the proceeds from the sale, pay off your mortgage

    and other costs, and give you a cheque for the net


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    Tammy Waterfield

    Tammy Waterfield

    CENTURY 21 Ltd.
    Contact Me