We can’t do it without you – why you need to be available to facilitate closing your property transaction in Nova Scotia
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For most people, their home is their biggest asset. Residential Real Estate transactions involving a home are a big deal and involve large amounts of money. As a result – if you are buying or selling a home in Nova Scotia you will need to be available for several things during the process.
Document Signing:
Whether it is a virtual appointment, a notary in your location or a meeting with your legal team the office – you will have to sign documents - generally at least a deed or a mortgage. Digital signing platforms, like Dotloop, are not acceptable. Be mindful, you may eve, have to have more than one signing appointment in the window prior to closing, as banks often send updates to the required documents for signature for example, if there is a rate change. They will not allow your lawyer to release the money without the revised documents signed and returned.
Closing Day Walk-through:
While there are many capable and amazing Realtors who can assist you with this- you really should plan to be there for your final walk-through of your property. Ultimately, it is on you if you give the direction to ‘close’ the deal. If an issue crops up after closing, you have can’t blame it on the fact that you didn’t discover it because you chose to only do a Facetime walk-though or had your Realtor do it.
Last Minute Instructions
Your legal team may need to get prompt instructions from you if something comes up before closing. This is common, for example, when the purchaser discovers an issue they want addressed on the closing day walk-through. You will need to be available for correspondence or by phone in order for us properly negotiate a holdback, credit etc. on closing on your behalf.
If your real estate lawyer is not able to get signatures, or instructions in a timely manner it can cause issues and delays in closing. Not closing on time can turn into more than an inconvenience, and open you up to legal liability. Obviously there are extenuating circumstances sometimes, but bottom line – if you plan to buy, sell or refinance your property – it’s a recipe for disaster to go away on vacation or otherwise be unavailable during the closing time frame.
If you’d like to learn more about the closing process, check out our some of our other blogs on Nova Scotia Residential Real Estate transactions:
“But there wasn’t time”…… When it comes to the biggest purchase in your life – Make Time
Why Do I Have to Hire a Lawyer to Buy or Sell Land in Nova Scotia?
4 Tips to Make Your Property Purchase In Nova Scotia Stress free
How do I change the title ownership name on my property deed in Nova Scotia?
Spousal buyout? What is it – how does it work in Nova Scotia?
Understanding Deed Transfer Tax When Purchasing Property in Nova Scotia
If you have any questions about property purchases in Nova Scotia you can call us at (902) 826-3070 or email us at info@highlanderlaw.ca to set up a meeting with one of our lawyers at our Tantallon law firm. You can also schedule a no commitment Issue Review Consult for $250+HST where you have the opportunity to explain your situation to a lawyer and get basic advice before deciding whether or not you'd like to retain us
By: Briana C. O’Grady J.D - Lawyer
The information and materials on this blog are provided for general informational purposes only and are not intended to be legal advice. Nothing contained on this blog is legal advice or constitutes a legal opinion. While it is our goal to provide information which is current, legislative changes and court decisions, among other matters, may result in some information no longer being current or accurate. You should consult a lawyer before relying on any information. The views expressed herein by individual contributing lawyers posting entries to the blog are solely those of the authors and should not necessarily be attributed to or considered representative of the firm of Highlander Law Group Lawyers
