Thinking of Listing your Home for Sale? Here's What to do Next:
If you are selling a home, first thing you should do is locate your Real Property Report (RPR) and Compliance Certificate. If you do not have a RPR or you have made improvements on the property such as adding a fence, deck, garage or any external structure, then you should contact a land surveying company to order a new RPR and submit it to the City of Edmonton (or municipality where the property is located if outside city limits) for a Compliance Certificate. The RPR and Compliance Certificate could take up to 4-5 weeks to process.
RPR is a survey of the property which shows the location and measurements of the property lines and all structures that exist on the property.
A Compliance Certificate confirms that the property is in compliance with the municipal by-laws and regulations.
Note: If you are selling a 'Conventional Condo', not a home, then you are not required to provide a RPR and Compliance Certificate to the buyer. On the other hand, if you are selling a 'Bare Land Condo', you are required to provide a RPR and Compliance Certificate. A Bare Land Condo is a townhouse/duplex with a driveway and/or yard which belong to the registered owner.
Once all conditions on the Purchase Contract are removed, have your Realtor send a copy to your lawyer.
At this point, you must ensure that all utilities are paid in full up to the possession/closing date. If you are selling a condo, you must ensure that all monthly condo fees are paid up to the closing date, and cancel payments after the possession date.
If you are registered with the City of Edmonton or other municipality for a monthly payment plan for property taxes, you should notify them of the sale and cancel payments after the possession date.
Set an appointment with your lawyer 2 to 3 weeks before the possession date to complete all the sale documents.
For this appointment you will be required to bring:
The Real Property Report with Compliance Certificate (if applicable).
Two pieces of ID (one a government issued photo ID such as Driver's License or Passport, the other can be a health card, SIN card, credit card or birth certificate).
On the closing or possession date, your lawyer will receive the balance of the purchase price in trust from the purchaser's lawyer. Your Realtor will then be notified by your lawyer to release the keys to the purchaser.
If you have a mortgage on title, it will be paid out from the sale proceeds by your lawyer.
The legal costs and your Realtor’s commission will be deducted from the sale proceeds by your lawyer. The balance of the sale proceeds will then be paid to you, as per your instructions.