Gynet Gloria KOZUB
Your Notary’s Step-by-Step Guide to a Successful Real Estate Transaction
Preparing a sale or a transfer of property is a long, exhaustive process involving many steps and procedures, most of which happening behind the scenes, without much intervention from the client. Our team is trained with the expertise and attention to detail required to manage the needed collaboration between the different parties, and to bring your transaction to successful completion.
The Buyer appoints us as acting Notary. The Buyer initiates the contact with the Notary’s office and asks to obtain a quote. In order to provide an accurate quote, our team members might request further details and information about the property, the parties involved in the transaction or the transaction itself. Once the Buyer confirms the mandate with us, we can begin opening the file.
The Real Estate Brokers send us the accepted Promise to Purchase. The Buyer advises their Real Estate Broker that they have chosen our office for their transaction. The Buyer’s broker communicates with the Vendor’s broker to make sure that all necessary documents are sent to us by e-mail.
The Mortgage broker sends us the Buyer’s mortgage instructions. Mortgage instructions detail the terms and conditions of your loan, they contain information such as the amount of a loan and the amount of the registered mortgage, as well as other conditions requested by the financial institution for your specific transaction. The Buyer advises their Mortgage Broker that they have chosen our office for their transaction, who in turn requests that the financial institution forwards the mortgage instructions.
We examine your accepted Promise to Purchase. A Promise to Purchase is the official legal agreement where the Buyer promises to purchase the property from the Vendor. Once the Promise to Purchase is accepted by the Vendor, a member of our team proceeds to read it and examine it, along with all other related documents, in order to complete the opening stages of the file.
We request documents and information from the Buyer. A member of our team contacts the Buyer to request additional documents and information. As a Buyer, it is important that you provide us with all the required documentation and information as soon as possible to ensure that there are no delays in the transaction.
We request documents and information from the Vendor. A member of our team contacts the Vendor to request additional documents and information. As a Vendor, it is important that you provide us with all the required documentation and information as soon as possible to ensure that there are no delays in the transaction.
We perform a full title exam. Our team members perform a full title exam of the property. A title exam consists in verifying the previous title deeds and in confirming that there are no liens, hypothecs, or servitudes registered against the property that could affect the Buyer’s ownership title. If there are any legal issues that any party should be aware of, we make sure to inform the affected party in the briefest of delays.
We examine the Certificate of Location. Our team members examine the Certificate of Location, a document that establishes the legal and physical state of the property, which will confirm - whether there are any irregularities, encroachments, non-conformities, or issues that may affect the Buyer’s ownership title. If there are any issues that any party should be aware of, we make sure to inform the affected party in the briefest of delays.
We contact the Syndicate of Co-Ownership. If the property is a condominium, a member of our team contacts the Syndicate of Co-Ownership and requests information and documentation relating to condo fees, insurance policy, and special assessment fees, among other things. If there are any issues that any party should be aware of, we make sure to inform the affected party in the briefest of delays.
We obtain the property tax statements. A member of our team requests the official tax statements from the municipality and the school board and makes sure that all amounts owing are paid and are up to date. Should there be any arrears to pay, they are settled using the proceeds of sale.
We schedule the appointments with the Notary. Once the Promise to Purchase is examined and the mortgage instructions are received, our team contacts all parties to schedule the appointments with the Notary. The Buyer is scheduled for two appointments, one for the signing of the Deed of Hypothec and one for the signing of the Deed of Sale. The Buyer is informed of the amount of the down payment that must be provided to the Notary. The Vendor is informed of the scheduled meeting for the signing of the Deed of Sale.
We request the Vendor’s mortgage payout statement. Our team members obtain from the Vendor’s financial institution the final mortgage payout statement. Any loan or other credit product, such as a line of credit, contracted under the terms of their registered mortgage will be included in the payout statement.
We prepare the Deed of Mortgage and other financial documents. Our team drafts the Deed of Hypothec (Mortgage) and all ancillary documents in accordance with the mortgage instructions provided by the financial institution.
The Buyer meets with the Notary to sign the Deed of Mortgage. During the meeting with the Notary, the Buyer signs the Deed as well as any credit agreement or contract required by the financial institution. The Notary explains the Buyer’s obligations as a borrower, as well as the consequences of defaulting on these obligations. The meeting normally lasts anywhere from 30 to 45 minutes. Current laws require that all documents be drafted in French, however the Notary is able to provide explanations in English at your request.
We send the Deed of Mortgage for publication. The Deed of Hypothec is published at the Land Registry to confirm the bank’s rights on the property.
We deposit the down payment in the trust account. The funds for the down payment are deposited in our trust account. These funds must be cleared before the Deed of Sale can be signed, which might take up to 10 days, depending on the method of payment.
We request the mortgage funds from your financial institution. A member of our team contacts the Buyer’s financial institution to request the mortgage funds and inform them of the closing date. We aim to have the funds available one business day prior to the actual closing date to avoid any potential issues (such as unexpected delays in receiving the funds).
We perform a final verification of the file. Before the closing, our team does a final verification of the file, making sure all the required documentation is submitted and that no new information has come to light that the parties should be aware of. Should any issues be discovered, we make sure to inform the affected party in the briefest of delays.
We prepare the Deed of Sale, as well as all other closing documents such as Adjustments and Disbursements. Our team drafts the Deed of Sale as well as all other documents to be signed on the closing date. Current laws require that all documents be drafted in French, however, the Notary is able to provide explanations in English at your request.
We verify that we received all the funds. Our team verifies that the financial institution has disbursed the mortgage funds into our trust account before the requested closing date. Should there be any issues, our team immediately contacts the financial institution.
The Buyer, the Vendor and the Notary meet to sign all closing documents, including the Deed of Sale. During the meeting, the Notary reads and explains the contents of the Deed of Sale and of the other documents to the parties. The Notary is available to answer any questions any party may have regarding the documents. The meeting normally lasts anywhere from 30 to 45 minutes.
We send the Deed of Sale for publication. The Deed of Sale is published at the Land Registry, rendering the transfer of title public.
We disburse the funds and prepare certified copies of the deeds of sale and mortgage. Roughly 2 to 3 business days after the publication of the Deed of Sale, a member of our team contacts the parties and informs them that the certified copies of the signed documents are ready to be picked up or mailed. The Vendor’s cheque for the sale balance also becomes available at this time.
We send a final report to the financial institution. Our team sends a final report of the Buyer’s mortgage to the financial institution, confirming that the transaction has gone through.