Tips on Buying or Selling a Home

Are you Selling a Property with an Enercare Rental Product to be assumed by the Buyer(s)?

Here are some tips you may find useful as you prepare for your upcoming sale.

• Continue to pay the monthly rental payments until the Completion Date to maintain coverage on your rental equipment.

• If you have an existing online My Account profile with Enercare, please submit your move request through the billing portal.

Tip: Have the following information handy when requesting your move: Agreement of Purchase and Sale, current & new street address, and Completion Date.

• If you do not have an online profile, contact Enercare immediately at 1-855-642-8607 and advise them of the Completion Date of your sale.

Tip: As a Seller, you are responsible for the rental agreement until it's transferred to the Buyer. The sooner the Buyer contacts them, the better.

• Inform the Buyer to contact Enercare as soon as possible to set up their own account and execute an assumption agreement for their rental equipment: 1-800-266-3939.

FINAL WALKTHROUGH
Contact your real estate agent to arrange for a final viewing of the subject property BEFORE closing. If there is any damage, missing chattels, questions or concerns, please notify our office immediately.

PROPANE & OIL
Remember to check the gauges upon your final viewing to ensure the tanks are reflective of the closing adjustments, if applicable.

CLOSING FUNDS
Please provide your closing funds at least 1-day prior to the completion date, if possible.

UTILITIES
Please arrange for your hydro, gas and water accounts effective as of the completion date to ensure these services are not shut off. Please don't forget about any rental hot water heater, generator, and/or solar panel transfers.

CONDO PAYMENTS
Please contact the condo property manager prior to month's end to arrange for the automatic withdrawals for the condo payments to avoid any late penalties.

CANADA POST
If mailbox key(s) are not left at the subject property on completion, to obtain replacement keys, please contact Canada Post - Phone: 1-866-607-6301

PROPERTY TAXES
If your property taxes are not being paid through your mortgage company, please ensure you familiarize yourself with the tax billing due dates for your upcoming property tax bills to avoid any late penalties.

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Now don't forget to plan the HOUSE WARMING PARTY — congratulations on your recent purchase! 🎉

CONGRATULATIONS ON THE PURCHASE OF YOUR HOME!
BELOW YOU WILL FIND MATTERS TO ATTEND TO WHEN PURCHASING PROPERTY

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WHAT ARE MY FIRST STEPS?

After you have finalized your Agreement of Purchase and Sale it is important to make the following arrangements:

Mortgage Company/Broker: If you are arranging mortgage financing, we will require mortgage instructions from your bank as soon as practicable; preferably two weeks prior to closing in order to avoid any delays. Please contact the mortgagee/broker to ensure that the lender has our firm's contact information and to confirm that they are in receipt of all pertinent information from you so that mortgage instructions can be provided to us by their head office.

Bridge Financing: If you are purchasing a property prior to completing the sale of another property and are planning to arrange bridge financing, please advise our office as soon as possible and ensure that the mortgagee/broker forwards our office the bridge loan documents as soon as practicable; preferably two weeks prior to closing.

Fire Insurance: We require a Binder Letter from your home owner's insurance agent prior to closing, confirming coverage and loss payable to the mortgagee, if applicable. Your policy must cover a minimum amount equal to or greater than your mortgage or contain the clause 'guaranteed replacement cost'. Please instruct your insurance agent to contact our office should they require information regarding the name and address of the mortgagee. If you are purchasing a condo, we strongly suggest obtaining contents insurance. If you are purchasing property without the need of mortgage financing, we strongly suggest obtaining home owner's insurance prior to closing.

Closing Date Changes: Please keep our office informed of any changes to the closing date.

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UTILITIES, PROPANE, OIL & HOT WATER TANK

Please contact the various utility companies to ensure that final meter readings have been requested and to set up new accounts in your name for future billings. Their contacts are as follows:

• Hydro One: 1-888-664-9376
• Utilities Kingston: 613-546-1181
• Union Gas: 1-888-774-3111

Note: Depending on the location of your property, some of the utility services may not be applicable or may have alternative contact numbers.

Hot Water Tank: If you are assuming a rental hot water tank, please ensure you contact the rental company to arrange for future billings. The contact for the rental company will be listed on the unit itself.

Propane & Oil: If your property is to be heated via propane or oil, please ensure you contact the provider for future billings. The contact for the provider will be listed on the tank itself.

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PURCHASE FROM A BUILDER

If you are purchasing a home from a builder, prior to closing we will require a copy of the Tarion Certificate of Completion and Possession/Warranty Certificate together with all schedules to the Certificate.

Note: If you are NOT going to reside at the subject property after closing, please notify our office immediately as you may not be eligible for the GST New Housing Rebate that is included in the purchase price.

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TITLE INSURANCE

It is our firm's policy to order title insurance coverage for all purchases in order to certify title to you and, if applicable, to your lending institution. Our office will make arrangements to order the policy on your behalf prior to closing. Attached to this memo is a brochure from Stewart Title setting out all the benefits included with your policy. Should you have any questions regarding title insurance, please do not hesitate to contact our office or go to their website at www.stewart.ca .

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APPOINTMENT

Closer to the closing date (Completion Date), our office will contact you to schedule an appointment at a time that is most convenient for you to come into the office and sign the purchase documents. This usually takes place the week of closing.

If you are not available to attend at our office in-person prior to the closing date, please notify our office immediately as arrangements will need to be made for your signing appointment to be conducted virtually over Zoom OR DocuSign, whichever you prefer.

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FUNDS TO CLOSE

At the time your appointment is scheduled to sign the purchase documents, our office will advise you of the final amount needed to purchase the property. This figure will include your down payment, adjustments, legal fees and disbursements. This amount will need to be brought to our office prior to closing, via Bank Draft made payable to:

"Tarnowecky Law Professional Corporation, In Trust."

Note: If your funds to close are in a TFSA, RRSP, or with a virtual banking institution such as Tangerine or Simplii Financial, please make arrangements to move your funds well in advance of the closing date to ensure you have access to those funds when needed.

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IDENTIFICATION

You will need to provide TWO pieces of valid identification at your appointment prior to closing. One piece MUST be photo. The following are acceptable pieces of photo identification:

• Canadian Driver's Licence
• Canadian Passport
• Certificate of Canadian Indian Status
• Canadian Police/Military ID Card
• Canadian Permanent Resident Card
• Canadian Citizenship Card

Note: Unfortunately, a Health Card is NOT an acceptable piece of identification in Ontario.

The following are acceptable as the second piece of identification:

• Major Credit Card
• Social Insurance Card
• Canadian Birth Certificate
• Nexus Card
• Canadian National Institute for the Blind ID Card
• Canadian Old Age Security Card
• Firearms Card

NOTE: If you do not possess any valid photo identification listed above, please make arrangements prior to closing to apply for an Ontario Photo Card. This can be obtained at any Service Ontario by providing your Health Card or Birth Certificate.

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CLOSING & RELEASE OF KEYS

The keys and/or lockbox codes will be released on the day of closing upon completion of your purchase transaction. Our firm will contact you when keys are available for pick-up. Our firm cannot guarantee a time of day when the keys will be available, but generally speaking, keys are released between 3–5 PM. While you do not need to be physically available on the day of closing, it is in your best interest for our firm to be able to communicate with you throughout the day. Keys may be picked up by anyone of your choosing provided that notice of a third party pick-up is given to our firm in advance.

arnowecky Law Refinance Checklist

CURRENT MORTGAGE STATEMENT
Please provide an account number for all existing mortgages and/or secured lines of credit as statements will need to be ordered prior to completion.

INSURANCE
Please connect with your insurance provider to update the insurance binder to reflect the new mortgage/secured line of credit being secured. Once the new binder is issued, kindly forward our office a copy.

PROPERTY TAXES
The local municipality no longer releases property tax information to the public. Please provide our office with a copy of your most recent property tax bill as your tax account must be in good standing on closing.

CURRENT DEBT STATEMENTS
Statements for all debts to be paid from the mortgage/line of credit advance will need to be provided, specifically final balances & account numbers to process payments.

VOID CHEQUE
A void cheque or pre-authorized debit form will need to be provided for future mortgage payments and to disburse your net mortgage proceeds.

SIGNING APPOINTMENT
Your signing appointment will take place the week of closing. Appointments can be conducted in-person or virtually over Zoom & DocuSign and will be arranged through your assigned law clerk.

IDENTIFICATIONS
Two (2) pieces of valid identification is mandatory and one piece must be photo (i.e. Driver's licence or passport). Health Cards are not accepted by lenders.

CLOSING DAY
Please ensure you are available either by phone or email on the date of completion as you will be contacted upon successful completion of your transaction.

• RELIANCE RENTAL TIPS

   

  Are you Selling a Property with a Reliance Home Comfort Rental Product to be assumed by the Buyer(s)?

   

  Here are some tips you may find useful as you prepare for your upcoming sale.

   

  • Continue to pay the monthly rental payments until the Completion Date to maintain coverage on your rental equipment.

  • Advise Reliance immediately once your home is sold firm by contacting them by phone: 1-866-735-4262; press option #4 between 8am–8pm or by completing their online move request form.

   

  Tip: Have your Agreement of Purchase and Sale handy as you will need to inform them of the Buyer(s)' name and lawyer contact.

  • Inform the Buyer to contact Reliance as soon as possible to set up their own account for their new home.
   

  Tip: As a Seller, you are responsible for the rental agreement until it's transferred to the Buyer. Once the Buyer pays their first bill, they have legally assumed the rental. The sooner the Buyer contacts them, the better.

  • If the Buyer is assuming a rental FURNACE or AIR CONDITIONER, please notify the law clerk immediately and provide a recent bill and/or account(s) so that an assumption agreement may be requested from Reliance.

  • If your Reliance rental product requires servicing prior to the Completion Date as a result of the Agreement of Purchase and Sale, please contact Reliance at 1-888-837-1451 well before the set Completion Date.

Tarnowecky Law Sale Closing Checklist

MORNING OF CLOSING
Please ensure you vacate the premises of all your personal belongings, garbage and debris from the interior and exterior of the home by NOON on the completion date to avoid any delays.

UTILITIES
Please contact all utility companies and notify them of the scheduled completion date so that the metre may be read. A final utility bill will be forwarded to you after closing, please arrange for payment of any final bill(s). Please don't forget about any rental hot water heater, generator, and/or solar panel transfers.

PROPERTY TAXES
Please contact the tax department prior to month's end to arrange for the automatic withdrawals for future property tax payments to be CANCELLED, if applicable.

CONDO PAYMENTS
Please contact the condo property manager prior to month's end to arrange for the automatic withdrawals for future condo payments to be CANCELLED.

CANADA POST & KEYS
Please don't forget to notify Canada Post (1-866-607-6301) to have your mail forwarded after closing. All extra mail keys can be left on the kitchen counter.

FINAL MORTGAGE & LINE OF CREDIT PAYMENTS
If the completion date falls on the same date your mortgage and/or line of credit payment is deducted from your account, please DO NOT cancel these auto-debits. Mortgage payments are made after the fact, unlike rental payments. If payment is cancelled it will result in a shortfall in the payment of the mortgage for discharge purposes.

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🎉 CONGRATULATIONS, THE HARD WORK IS OVER!
Thank you for entrusting our Firm in selling your property.

CONGRATULATIONS ON THE SALE OF YOUR HOME!
BELOW YOU WILL FIND MATTERS TO ATTEND TO WHEN SELLING PROPERTY

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WHAT ARE MY FIRST STEPS?

After you have finalized your Agreement of Purchase and Sale it is important to provide our office the following documents and/or information:

Mortgage/Secured Line of Credit: If you have a mortgage or a secured line of credit registered against the property you are selling, our office requires the name, address and mortgage reference number of all mortgages or secured lines of credit against the property.

Property Tax Information (Tax Bill): The local municipality no longer releases property tax information to the public. Please provide our office with a copy of your most recent property tax bill. If the municipality auto-debits your bank account to collect your property taxes, please make arrangements to cancel the pre-authorized debits after the closing date.

Propane/Oil: If your property is heated via propane or oil, please provide our office with the name of the company that supplies the fuel. Unless otherwise provided for in your Agreement of Purchase and Sale, please also arrange for the oil or propane tank(s) to be filled or topped up on or before the closing date.

Survey: If one is available or if the Agreement of Purchase and Sale calls for a survey to be provided, please make arrangements for a copy of the survey to be provided to our office prior to closing.

Bridge Financing: If you have purchased property prior to completing a sale of property and are planning to arrange bridge financing, please advise our office as soon as possible.

Closing Date Changes: Please keep our office informed of any changes to the closing date.

Receipts/Documents: If specifically noted in the Agreement of Purchase and Sale, please ensure copies of any required receipts/documents (i.e. furnace service receipt, septic pump out receipt, water test, etc.) are provided to our office prior to closing.

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UTILITIES, PROPANE, OIL & HOT WATER TANK

Please contact the various utility companies to notify them of the closing date and ensure that a final meter reading will be made to provide you with a final bill after completion of the sale. Please also provide the companies with your forwarding address. Their contacts are as follows:

• Hydro One: 1-888-664-9376
• Utilities Kingston: 613-546-1181
• Union Gas: 1-888-774-3111

Note: Depending on the location of your property, some of the utility services may not be applicable or may have alternative contact numbers.

Hot Water Tank: If you have a hot water tank that is rented, and said rental is being assumed by the new Purchaser(s), please ensure you contact the rental company to cancel any future billings. The contact for the rental company will be listed on the unit itself.

Propane & Oil: If your property is heated via propane or oil, please ensure you contact the provider to cancel any future billings. The contact for the provider will be listed on the tank itself.

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INSURANCE

Although the vast majority of real estate transactions close as scheduled, some are extended for various reasons. Please cancel your home owner's insurance after the closing date.

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NON-RESIDENTS OF CANADA

If you are a non-resident of Canada, please notify our office immediately as an application will need to be made to Revenue Canada for the issuance of a Clearance Certificate. Please be advised that 25% - 50% of the gross sale proceeds will need to be held back on closing, depending on the property, pending the issuance of the Certificate.

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IDENTIFICATION

You will need to provide ONE piece of valid PHOTO identification at your appointment. The following are acceptable pieces of photo identification:

• Canadian Driver's Licence
• Canadian Passport
• Certificate of Canadian Indian Status
• Canadian Police/Military ID Card
• Canadian Permanent Resident Card
• Canadian Citizenship Card

Note: Unfortunately, a Health Card is NOT an acceptable piece of identification in Ontario.

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KEYS

Please ensure you bring one (1) key OR Lockbox Code to access the property to your appointment to sign your sale documents. If you are selling a condominium, one entire set of keys (unit, front-door & locker) will be required. The remaining keys, along with garage door openers, shed keys, and any manuals for appliances may be left on the kitchen counter on the closing date.

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APPOINTMENT

Closer to the closing date (Completion Date), our office will contact you to schedule an appointment at a time that is most convenient for you to come into the office and sign the sale documents. This usually takes place the week of closing.

If you are not available to attend at our office in-person prior to the closing, please notify our office immediately, as arrangements will need to be made for your signing appointment to be conducted virtually over Zoom OR DocuSign, whichever you prefer.

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SALE PROCEEDS

Upon completion of the sale of your property, every endeavor will be made to make available to you a cheque for the net proceeds for pick-up from our office. In the rare occasion where a transaction closes very late in the day, you may not be able to obtain your net proceeds until the following business day.

What happens to my sale proceeds if I am not in Kingston on the Closing Date?

If you will not be available to pick up your sale proceeds and cannot make arrangements for a third party to collect your proceeds on your behalf, please bring to your appointment a void cheque so that we may directly deposit your proceeds into your bank account via wire transfer.

Note: Unfortunately, our Firm cannot wire to the following banking institutions due to account restrictions on wire transfers: Tangerine OR Manulife Bank.

TITLE INSURANCE FOR HOMEBUYERS
©2018 Stewart. All rights reserved.

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What is title insurance?

Title insurance protects your ownership interest (i.e., title) of your property from losses incurred as a result of unknown title defects or other covered matters that exist at the time of your purchase, but are unknown to you at that time.

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What does title insurance cover?

Title insurance provides coverage for losses arising from, but not limited to:

Title Risks:

• Someone else claiming an interest in your title
• Fraud, forgery and false impersonation affecting the validity of your title
• Existing liens against the title including realty tax arrears and municipal utility charges

Off-Title Risks:

• Violations of municipal zoning by-laws
• Many forms of encroachments onto the property or adjoining land
• Existing work orders
• Lack of legal access to the property
• Unmarketability of land due to adverse matters that an up-to-date survey/Real Property Report (RPR)/Building Location Certificate would have revealed

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What types of policies are available?

• The Gold Comprehensive Protection Owner's Policy to protect your title to the property
• The Gold Comprehensive Protection Loan Policy to protect your lender's priority and enforceability of the mortgage

Policies are available for:

• Residential dwellings of up to six units
• Residentially zoned vacant land
• Cottages
• Condominiums
• Cooperatives
• Leased land

Current homeowners can also obtain coverage through the purchase of an Existing Owner Policy. If you own a business, you can speak to your lawyer/notary about purchasing title insurance for your commercial property.

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What is the premium?

Title insurance is available for a low premium that is paid only once at the time of closing. Coverage is valid for the duration of ownership and the policy coverage amount is generally the amount you paid for your property.

Premium costs are often offset by the savings from the reduced number of required searches your lawyer/notary must complete. Additionally, your title insurance policy can often satisfy the lender's requirement for an up-to-date property survey/RPR/Building Location Certificate, saving you additional costs (typically between $500 and $1,200).

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How do I make a claim?

Should you have a potential claim, contact Stewart Title as soon as possible. You will need to provide evidence in writing that you have suffered losses as a result of a defect covered by the policy. A Stewart Title claims associate will then determine if your claim is covered by the policy and communicate to you the proposed method to resolve it.

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What are some examples?

Title Fraud
Our insured homeowner was contacted by an investigator who worked for a major financial institution. The investigator informed our insured that a fraudster had assumed his identity and transferred the title of his property to another individual's name. The fraudster then assumed the identity of the name that now held the title to the property to obtain a second mortgage and retain the funds.

Stewart Title retained counsel to restore the title to its rightful owner.

Lien on Title
After moving into their new condominium, our insureds were informed that they were responsible for paying a special assessment on the condo unit. This special assessment, which did not appear on their Status Certificate when they purchased, was levied by the condominium board after our insureds had signed their Agreement, but before their closing date.

Stewart Title covered the unexpected levy because it would have been revealed by a Status Certificate had one been obtained on the closing date.

Outstanding Building Permit
After purchasing their property, our insureds found several issues with some of the renovations that had been completed prior to their purchase. It was discovered through a search that the previous owners had obtained the proper building permits, but a final inspection had not been completed, allowing serious issues to remain outstanding. The municipality required that the final inspection be completed and the open permit closed.

Stewart Title covered the costs of remedying the issues revealed by the final inspection that were necessary to close the outstanding building permit.

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What is not covered?

Please note the standard exclusions and exceptions from coverage contained in all title insurance policies. These include:

• Risks created, allowed, or agreed to by you
• Risks that are known to you, but not to Stewart Title, on the policy date
• Environmental matters, including mold and UFFI
• First Nations land claims
• Matters that result in no loss to you
• Matters disclosed in a home inspection report obtained prior to closing
• Functionality of home systems
• Physical/structural conditions or defects regardless of whether or not such conditions/defects affect the value or marketability of the property

Based on the searches performed by your lawyer/notary, there may be property specific exceptions added to your policy. Please review your policy with your lawyer/notary.

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Title Insurance Tips

• Your amount of insurance should be the amount you paid for your property, except for existing homeowner policies where the amount of insurance will be the fair market value at the time the policy is obtained
• Carefully review your policy to ensure that it correctly describes all of the property you purchased
• In the event you have a potential claim, contact Stewart Title as soon as possible

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An Experienced, Reliable Leader

A leading global title insurer, Stewart Title has over a century of experience in protecting property owners and lenders against inherent title risks. With a history of working with legal professionals, property owners/buyers and lenders, Stewart Title has the expertise and know-how needed to handle real estate transactions.

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Our Privacy Policy

The protection of your personal information is important to Stewart Title and accordingly, we have policies and procedures in place in order to effectively manage and secure personal information. The personal information you provide is kept confidential and is used for the purposes set out in our privacy policy including, but not limited to, the underwriting and issuing of policies and the administering of claims. In certain instances, personal information may be transferred to our head office or to third-party service providers for administrative and processing purposes, including to those outside of Canada. Details of our privacy policy may be viewed on our website www.stewart.ca or we can provide a copy to you upon request by email: privacySTGC@stewart.com or phone: (888) 667-5151.

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Protect your investment. Contact your lawyer/notary to obtain title insurance from Stewart Title on your behalf.

This brochure is intended to provide information that is of a general nature. Please refer to the policy for full coverage details. Sample policies are available upon request.

PROPERTY TAX DUE DATES