Closing Process In Calgary
Admiral Law represents clients in Calgary and the surrounding areas in all matters related to real estate closings. We tailor the services we provide to your needs, handling purchase and sale closings efficiently and effectively – always with your goals in mind.
With a purchase, it is helpful for us to receive the purchase contract and mortgage instructions at least two weeks in advance, to ensure that the deal will close when you want it to. If for some reason this cannot happen, don’t worry – we will still do our best to make sure that your purchase is completed on time.
Once we receive the purchase contract and mortgage instructions, we’ll contact you to get to know you and ask necessary questions such as your occupation, how you want to be described on title and how you’d like to handle the property taxes.
We’ll then draft the documents and set an appointment for approximately a week before the closing date. At that time, you’ll come into the office, bring any funds required and sign the documents. We will then handle all the transfer and mortgage documents as required to complete your purchase.
On the closing date, we will have title registered and will send a report to you and your lender. We also call you or your real estate agent to let you know that you should be receiving a phone call at noon to arrange for hand over of the keys.
Approximately six to eight weeks later, we’ll send a final report to you and your lender along with any balance of funds held in trust.
If you are selling, we will usually meet with you about a week or two in advance of the sale closing in order to have time to deliver documents to the lawyer for the buyers. On the closing day, we receive the purchase funds, pay out everything that we have to pay out and then report to you.
If there are any issues with the Real Property Report, condo documents, estoppel certificates or anything else, we handle them for you. You will have an experienced and knowledgeable real estate lawyer on your side throughout the entire process.
Approximately six weeks later we obtain the final discharges, deliver all the remaining documents to the new owner’s lawyer and close your file.
Generally the entire process takes about six to eight weeks from the time you first come to see us to the day we close your file.
If you want to know more about the closing process in Alberta, contact Tiro Clarke at 403-444-1163 or by email. Trina Campbell or Brenda Alcantara will also be able to answer any of your questions.