Buyer Pays Finance off
Ordinarily, the Buyer settles the Seller’s finance, naturally, deducted from the purchase amount owed on Transfer. Prior to Buyer making payment, both parties (or their appointed Power Of Attorney), agree to meet in the DLD. A ‘Manual Transfer’ is now executed. This process requires the Buyer issuing payments (as Managers Cheques) to the Seller’s bank (liability amount), the outstanding balance payable to the Seller and all Transfer & Professional fees. With the exception of the liability amount, all Managers Cheques remain in the custody of the DLD until transfer is complete. The DLD now register the property in the name of the Buyer. The Seller is now aware the Buyer has made all required payments, the Buyer is comfortable the property is now registered in their name – with Title Deed being released upon completion. Both parties now visit the Seller’s bank and the Managers Cheque for the liability is released. Clearance of Seller’s loan takes approximately one week, where after a clearance certificate is issued to the Buyer – this is required to apply for the NOC. As with all stages of the home buying process, Belleview Real Estate will guide you, managing all of your exposure.