Checklist for Sellers
You will need to provide our office with your most recent property tax statement and your mortgage statement. We will take care of the rest.
The answer depends on whether that property was ordinarily occupied by both spouses as that would qualify the property as matrimonial property. If a property is considered matrimonial property but only one spouse is listed on title both spouses will still be required to sign all the relevant documents.
If only one spouse is registered on title and the property is deemed to be matrimonial property then the net proceeds will be payable to both parties equally, even though only spouse is on title.
There are two different types of defects, which are known as either patent defects or latent defects. Patent defects are defects that are readily discoverable and as such do not require to be disclosed. Latent defects are not readily discoverable and require disclosure by the seller if:
- Seller knew of the defect;
- Seller concealed the latent defect; or
- Seller made representations with reckless disregard for the truth.
A seller needs to disclose latent defects that are known and that render the premises unfit for habitation or dangerous in itself.
A POA can in certain circumstances be used to sell a property so long as certain formalities are followed and the lawyer is satisfied with the POA. This should be disclosed immediately to our office as the POA will need to be disclosed to the purchaser’s lawyer as well.
If you are not a resident of Canada on the closing date then there could be capital gain implications and therefore it is required that 25% of the net capital gain proceeds be held in trust until such time as the CRA provides a Tax Clearance Certificate.