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Real Estate – Why so much paperwork?

Posted by Laurel on June 7, 2021
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Real Estate: Why so much paperwork?

It is true. There are a lot of different documents to sign for a real estate transaction. What can you expect?

Likely you will be signing all the paperwork electronically now and going forward.

Let me guide you through the process with the help of RECO.

 

  1. Make sure you understand what you are signing. If you are confused about anything at all just ask. These are binding contracts that should not be taken lightly.
  2. Make sure all the blank spaces are complete as everyone makes mistakes.
  3. Make sure you get a copy of the documents at time of signing. You can download a copy after you sign electronically.

If you are a Buyer you will sign a Buyer Representation Agreement and another form called Working with a Realtor. These forms explain the relationship between Buyer and Brokerage and gives the Brokerage the authority to represent you in the buying process.

As a Buyer the next piece of paperwork is in the form of an Offer to Purchase. This includes an Agreement of Purchase and Sale. This document will include the price, closing date, deposit as well as many schedules pertaining to the transaction. For example, inspection, financing, visitations, chattels and fixtures and pools. When in a rural area you can expect septic system and well water clauses as well.

Once this document is accepted it is a legally binding contract between the Buyer and the Seller. And then comes fulfilling any conditions in the offer and providing a Notice of Fulfillment to the Seller.

Lastly, comes closing day, you will meet with your lawyer to transfer title and other paperwork.

If you are a Seller you will sign a listing agreement, property details form, and permissions paperwork for access, and advertising. As a Seller you will receive an Offer to Purchase which you will review and accept, reject or counter offer.

It is an important transaction that deserves the time to review and professionalism.

Take the time and ask all the questions. A professional Realtor will make the process seamless so you can celebrate the purchase or sale of your home.

 

 

 

 

 

Read more from the Real Estate Council of Ontario

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