CLOSING THE SALE
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.
CANADA'S MONEY LAUNDERING REPORTING REQUIREMENTS
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 http://www.fintrac-canafe.gc.ca
You still have plenty to do. Your closing
checklist should include:
signed. Make sure your lawyer is ready to close the
agreement that require action on your part before
the set date of completion creeps up on you.
buyer is assuming your mortgage.
companies about transferring or removing service.
Your lawyer will often handle the transfer of utilities.
or transfer of your homeowner’s insurance.
on or prior to closing date.
advise the post office. Notify the Ministry of
Transportation about your new address for driver’s
license and registration.
changes about your property or your situation.
Contact with your lawyer
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
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