Selling Your North Okanagan Property
2004/05/30 Originally published in the Vernon Morning Star.
Time coordination is more important than ever on this fast-paced, busy market. Many realtors are encouraging Buyers and Sellers to avoid closing their sales at month end and on Fridays or before long weekends.
Doing so takes the strain off in a few ways. It's much easier, and less expensive to get moving companies and rental trucks on dates other than at month end.
Of great importance in getting people moved on time are the law offices. It is the responsibility of these people to get the paperwork done that precedes each sale registering.
The law offices have been absolute wizards through this hectic market. I don't know how they have managed as well as they have. For sure, they are working very hard to get the job done for their clients.
In many instances there are two or three deals that have to be done in sequence. Picture this - Mrs. White is selling to Mrs. Black is selling to Mrs. Brown who is selling to Mrs. Green. Mrs. Green's purchase must have registered at the Land Registry Office before Mrs. Brown can get her money to buy Mrs. Black's home. Mrs. Black's sale has to have registered in order for her to pay for Mrs. White's home.
While the efficiency at Land Registry is extremely good, it's pretty risky to have more than two transactions in such a sequence registering on the same day.
A simplified version of this process works something like this.A few days before the title to the property is transferred into the Buyers' name(s), the balance of the down payment is paid into the Buyers' Lawyers'/Notaries' Trust Account. Shortly before the money is supposed to pass to the Seller, (commonly known as the closing or completion date) the Lawyer sends all appropriate documentation to the Land Registry Office.
Jane Field works with RE/MAX Vernon. Jane has over 30 years experience in the Real Estate business. To suggest topics for future articles or to ask Jane questions, email or call 503-3755.
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