Fraser Law

Sales/purchases

Real Estate

I've sold my property

Congratulations!

There is little you will need to do until closer to the possession date.  Ask your real estate agent to send us your offer to purchase (if you aren't working with an agent, please email it to Melissa) and focus on packing.

We'll get in touch with you via email or phone to ask some questions and get some information.  One question we will typically ask is whether you are paying your property taxes annually, or via TIPP, and whether your payments are up to date.  

You will usually come in to sign your documents in the week before the possession date.  If you won't be available, please let us know and we'll arrange for things to get done early.  Your signing appointment will usually take approximately half an hour (if you are also purchasing a property at the same time, it could be closer to an hour).  The documents are fairly simple, and we'll go through them with you. We will ask you to bring along:

1.  Photo id (driver's license or passport)

2.  A recent water meter reading

3.  A key to the property to leave with us (it is best to leave other copies of keys, garage door openers, shed keys, etc. in the home for the purchaser along with any other documents you may wish to leave, such as repair warranties, etc.)

 Don’t forget to change your address at the following places (especially if you haven’t forwarded your mail – which we highly recommend you do):

  • Banks/credit unions/financial institution

  • Canada Revenue Agency

  • Credit card companies

  • Manitoba Health (remember to order a new health card)

  • Your employer

  • Your insurance company (especially if you aren’t purchasing another property – be sure to cancel your coverage after the date of possession and to arrange for tenants insurance)

 

I've Bought a Property

 

How exciting!

When buying a property, there is some more work you need to do, but not too much

Ask your real estate agent to send us your offer to purchase (if you aren't working with an agent, please email it to Melissa).

The two most important things for you to do are:

  1. Make arrangements with your mortgage broker or lender to settle all the terms of your new mortgage. 

    1. Your pre-approval isn't enough, you have to contact them as soon as possible to iron out all the details.  This must be done at least one week – preferably more – before your date of possession, so they can send us the documents we need to prepare your documents.

    2. Once you have finalized all of the terms of your new mortgage, your lender will send us mortgage instructions.  Melissa then takes those instructions and prepares all the necessary documents for your purchase.

  2. Obtain fire/contents insurance for your  new property – we will require confirmation of your insurance from the insurance company before you come in to sign the documents, so don’t procrastinate on this one!  Your insurance company will need to know who you are obtaining mortgage financing from (i.e. the bank or credit union or other lender).

Before you come in to sign, Melissa will provide you with an estimate of your closing costs.  This will include all of the costs associated with purchasing the property, which includes the following:

  1. The land transfer taxes (unless you are transferring between spouses) will be your largest cost.  You can estimate this amount online here.

  2. Estimated interest that we must have on hand, to cover the period from when you take possession and your first mortgage payment is made.  This is typically the next largest expense.

  3. Filing fees for filing documents with the Winnipeg Land Titles Office (typically a Transfer of Land and Mortgage which will total $202.00)

  4. Our fees 

Remember, it is a good idea to have extra funds set aside for any unexpected issues that may come up after you buy a new home.  Sometimes that tap which worked great on the date of possession, might start leaking two weeks later.  Unfortunately, those kinds of small issues usually fall under the “buyer beware” clauses in every offer to purchase and you will be responsible for arranging the repair.  If larger issues arise, please let Melissa know and we can discuss if you have any options.