Layman Terms for Closing Documents for Real Estate Purchase from Builder

Layman Terms for Typical Closing Documents for Real Estate Purchase from Builder. Note every closing is different but the below are explanations of some typical closing documents.

Sample Closing Documents Download

Retainer Agreement

The Retainer Agreement is a work for hire contract that you have with our law firm that defines and sets out the terms of our relationship.

Direction Re. Title

This document sets out how the Purchasers wishes to take title to the property. It will include the Purchases’ full legal name, birthdate, and address for service. If there is more than one Purchaser, the manner in which they wish to take title must also be specified (i.e. as joint tenants or tenants and common).
這份文件列明了買家希望如何獲得業權,當中包括買家的全名,出生日期和送達地址。如果有多於一個買家,文件須列明他們如何分配業權 (即聯權共有人或分權共有人)。

Interim Statement of Adjustments

This statement lists various debits and credits owing to purchaser and/or seller in addition to the Purchase Price based on pre-payments that are available as at the Occupancy Closing Date. For eg. Purchaser’s deposit, occupancy fees.

Cheques Required from Purchaser on Closing

This is breakdown of payments required for Occupancy/Final Closing.

Interim Closing Memorandum and Return Cover Sheet

This is a closing checklist of deliverables for our firm to submit to builder’s lawyer to ensure complete closing.

Key Pick Up Authorization Form

Either Purchaser on Title may collect keys from builder’s presentation centre or management office upon presentation of their identification. If Purchaser will be sending someone else (a non-Purchaser) to collect, the Purchaser must complete and sign the authorization form.

Statutory Declaration (Executions, Spousal)

This is the Purchasers’ declaration (similar to a statement made under oath) concerning their marital status required on the registered Deed/Transfer (i.e. Home Ownership).

Statutory Declaration (Primary Residence)

This is the Purchasers’ declaration (similar to a statement made under oath) concerning their occupancy required on a Land Transfer Acct certificate referenced on the registered Deed/Transfer (ie Home Ownership).

Authorization Re. Inspections & Occupancy Agreement & Undertaking to Readjust

Authorization re Inspection: This authorization enables builder to enter the Property subject to reasonable notice and the Condo Act, to rectify deficiencies.

Occupancy Agreement: Purchasers shall occupy Property subject to builder’s terms
until the Purchasers become registered owners on final closing date.

Undertaking to Readjust: Undertaking is a binding “promise” to readjust any items on or omitted from the Statement of Adjustments (yet agreed upon in the Agreement of Purchase and Sale) after closing. (For eg. omissions or typographical errors on the Statement of Adjustments).
這份文件表明雙方同意在最終交易日后對Statement of Adjustment上遺漏或錯誤的信息進行修訂。例如:修訂錯字。

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Winnie J Luk, BA, JD, MBA, founder of Landmark Law, is a seasoned Ontario lawyer practicing in Wills and Estates, Real Estate, and Business Law and frequent speaker of free legal education seminar.