The buyer’s lawyer normally prepares most of the documents required to complete the transaction, including most documents the seller must sign.
Key documents prepared by the buyer and sent to the seller include:
a. Seller’s Statement of Adjustments – this sets out the funds coming in, the payments out, and any adjustments/credits or such between the buyer and seller;
b. Declarations – several simple declarations are normally included to confirm the seller did or did not build the property (to ensure GST is not applicable when buying a used property), to confirm the residency status of the seller, and to confirm other items as applicable, such as parking stall or locker numbers for a strata property;
c. Form A transfer – this is the key document the seller must sign to allow the buyer to register to complete the transfer into the buyer’s name.
d. Additional documents are prepared by the Seller’s lawyer for matters relating only to the seller – such as an Order to Pay setting out mortgage payouts and other payments the Seller must make before being the net proceeds are released.
Key documents prepared for signature by the buyer include:
a. Buyer’s Statement of Adjustments – this shows not only the purchase price, but sets out all additional closing costs and any inputs towards the purchase price, such as the deposit and the mortgage proceeds being received.
b. Property Transfer Tax Form – the buyer is required to submit a PTT form even if exempt from tax. The form would set out the amount payable, or the valid exemption being claimed.
c. Mortgage documents – the buyer will have a multitude of mortgage documents to review and sign.
d. Additional transactional documents – we normally review the charges on title, the plan and the Form A with the Buyer to confirm all details are correct and/or acceptable to the buyer.