A real ESTATE CONNECTION!
Our firm is proud to deliver exceptional legal services with a personalized approach to every case and would be pleased to offer those services to you at a reasonable cost.
- prepare your conveyancing documentation,
- ensure that money is transferred between respective parties, and
- release keys
All we need you to do to complete this transaction is visit our office and sign the paperwork!
What is a Real Property Report (‘RPR’) with Compliance, and why does a seller need one?
A Real Property Report (‘RPR’) is a document that is prepared by a survey company; it shows:
- the structures plotted within the borders of a property and
- outlines where they are located in relation to the borderlines.
The report is then sent to the property’s municipality to determine whether the structures (including buildings, decks, fences, garages, sheds, etc.) comply with municipal bylaws and have the required building permits. If all regulations are met, the municipality will provide a Compliance Certificate.
It is imperative that a seller obtain an RPR prior to accepting an offer from a buyer for two main reasons:
- The standard Real Estate Purchase Agreement states that the seller will provide the buyer with an RPR prior to the deal closing; as such, it is highly recommended to complete this sooner rather than later. This will likely reduce costs and alleviate stress for both parties.
- If the report indicates that there is an issue with compliance after the buyer makes an offer, the issue will need to be rectified immediately and at the cost of the seller. If the buyer is aware of the issue prior to making an offer, they may negotiate with the seller and pursue additional concessions to compensate for the lack of compliance.
Questions? We can help!
What happens on possession day (otherwise known as closing day)?
Money is transferred to the seller and keys are released to the buyer. While this may seem like a straightforward transaction, lawyers, banks and realtors must work together to ensure that the deal runs smoothly.
- To begin, the bank will send mortgage funds to the buyer’s lawyer.
- The sale proceeds will then be sent to the seller’s lawyer, at which point the seller’s realtor will be informed that funds have been received.
- Following confirmation of the receipt of funds, the seller’s realtor will make arrangements to release keys to the buyer’s realtor.
- Then, the buyer’s realtor will present the keys to the buyer!
- The seller’s lawyer will use the funds from the sale to pay out any of the seller’s mortgages, liens, and real estate commisions.