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The Contract of Purchase and Sale, which you signed, will state the completion date for the transaction. On that day, legal ownership will transfer from the previous owner to you in exchange for the purchase price of the home. You will be able to move in on the possession date stated in your contract. The completion and possession dates are not necessarily on the same day.
It is normal practice for the buyer to engage a lawyer or notary public to prepare the documents necessary to transfer the legal ownership.
Among other things, they will protect your interests by:
- Searching the title in the Land Title and Survey Authority Office registration system to find if anyone other than the seller has any legal rights to the home and to see if there are any registered easements or restrictive covenants.
- Obtaining documents for strata-titled properties, such as the Information Certificate (Form B as prescribed in the Strata Property Act), Certificate of Payment (Form F as prescribed under the Strata Property Act) and the strata corporation’s Certificate of Insurance.
- Preparing the documents to transfer ownership from the seller to you, including the Property Transfer Tax Return.
- Ensuring that the seller’s old mortgage has been properly discharged if this is required.
- Ensuring that a new mortgage (if applicable) is appropriately registered.
- Confirming that all payments for which the seller is responsible have been made.
- Arranging for you to sign the transfer documents.
- Preparing a Statement of Adjustments outlining all monies owed by you and the funds you will need to complete the transaction.
- Delivering the final amount due to the seller and ensuring you are registered as the owner in the Land Title and Survey Authority Office.
The day has arrived! You have signed the documents, turned over your cheque, and received the keys. The home is yours!