As mentioned, your lawyer's office will deal directly with your mortgage company. If the mortgage on your property is being paid out or will be assumed by the Purchaser, they will have a statement from the mortgage company which will indicate the amount of money outstanding on the mortgage, When you attend your lawyer's office to sign the deed, you should go over this statement very carefully to make certain the mortgage company has not made an error in their calculations.

If your mortgage is being assumed you should make sure that your mortgage company releases you from the covenants of the mortgage in order to avoid the possibility of future liability.

All mortgage payments which are due on your mortgage up to the date of the transaction are your responsibility to make. If your mortgage falls due on the closing date, contact your lawyer's office immediately to discuss whether or not the payment should be made. Normally, a mortgage payment due on the closing date is the Vendor's responsibility, however, some mortgage companies prepare their calculations in such a way that it would become the Purchaser's responsibility. To avoid overpaying or underpaying, you should call and discuss this matter before making, or not making, a payment.

Return to: Information Every Vendor Should Know

Please note: when using Del's forms please fill out all REQUIRED FIELDS, or the form will not work. Thank you. Del has answers to your questions and more professional tips to make your real estate transaction more pleasurable. Call or e-mail Del or click on "Ask Your Own Questions." Del can send you information on any Property Listed For Sale on the Multiple Listing Service in the Ottawa area. If you would like him to help you locate a home, please fill out his Information Request Form. Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address. Del can also help. Just fill out his Would like an address form, please ! Or perhaps you are considering selling your home in the near future, he can also offer you a Complimentary No Obligation Market Evaluation Form

Site Index: Home Page Get in touch  |   Del's Profile  |   Properties For Sale  |   Get in touch  |   The Ottawa Market Schooling in the Ottawa Area  |   Buyer's & Seller's  |   Links & Things  |   Del's Privacy Policy Testimonials  |   I Want To Buy A Home  |   I Want To Sell A Home  |   Site Map Email Del

Royal LePage Team Realty is Independently Owned and Operated, Brokerage Copyright 2007 www.DelSmith.com. All Rights Reserved. Site Designed & Maintained by: John Smillie/Lasting Impressions