What does a lawyer do on a sale?

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Last week, I talked about what I do on a purchase. This week, it’s about sales.

Some of the work is similar between a purchase and a sale. I will still review an offer if the seller wishes to have that done, and we open the file in the same manner and start working on it once it is firm. After that point, it diverges a bit.

On a sale, we need to review what needs to be paid out at the time of the sale, such as realtor commissions and mortgages. Once the statements come in, we prepare the financial statements so that we can review them with you to make sure the numbers match what you were expecting to see. We also run a brief title search to make sure that there are no zombie mortgages floating around; if there are, this gives us enough time to deal with them appropriately before the closing date.

After that, we prepare the paperwork, you sign it, and we close the deal and get your cheque to you.

As with a purchase, there’s a lot more going on behind the scenes in the time between agreement and closing than you think.