REALTORS® Association of Edmonton
 
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Close the Deal

Your negotiations were successful and you have a legally binding agreement. But, is the house truly sold? Not quite yet. It’s time for the vital final steps known as “closing.” Your REALTOR® and lawyer will do most of the work Thank goodness. Closing a deal involves many, many complicated and time-consuming legal maneuvers. Which is why you’ve hired pros.

Your Closing Checklist

You still have plenty to do yourself and here’s a comprehensive list.

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 mortgage.

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 proceeds.

Congratulations!

You should be pleased that all your hard work paid off. We hope these ten steps helped make it easier. You’ve probably already used the proceeds from your sale to purchase your next property. A very wise move indeed, because as you know, home ownership is one of the best long-term investments you’ll ever make.

Next Step: Real Estate Terms

©2006 The Canadian Real Estate Association. All Rights Reserved.

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©2011 REALTORS® Association of Edmonton 14220 112 Avenue, Edmonton, Alberta T5M 2T8T: 780-451-6666 TF: 1-888-674-7479 F: 780-452-1135

 

Trademarks and their associated logos are owned and controlled by The Canadian Real Estate Association (CREA) and
identify real estate professional who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

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The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927 , is a professional association of over 3,200 Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice.

The Association advertises property listings and publishes consumer information on the Internet at REALTOR.ca, as well as in the Real Estate Weekly.
The REALTORS® Association supports charities involving shelter and homelessness through the REALTORS® Community Foundation.