Money Talks: How the Money Flows when you're Selling Your Home in Nova Scotia.

Sale Timeline from the Money Perspective

One of the things that incites the most anxiety when buying or selling a home is the money, who is handling it? Luckily for home buyers and sellers your trusted professionals help you in this department. Your lawyer handles the money for you when you sell your home. The timeline looks something like this:

• Receive the amount to close from the purchaser's lawyer. Your lawyer and the purchaser's lawyer will have worked out, down to the penny, how much money is changing hands on closing day. This accounts for things like the purchase price, the deposit and the adjustments for fuel and property taxes.

• Once your lawyer receives those funds they will pay out your existing mortgage and your real estate agents commissions, as well as fees and disbursements.

• Once all of this has been paid out, your lawyer will cut you a cheque for the balance of the sale proceeds!

For a detailed breakdown of the estimated closing costs that you will incur over and above your mortgage payout see our blog on closing costs.

More Information

If you're looking for details on how the money moves during a residential sale in Nova Scotia our law firm would be happy to help.  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.