If there is an existing mortgage(s) over the property you are selling it will be necessary for these to be discharged at settlement.

Your conveyancer will request for you to complete and sign a discharge authority with your bank/financial institution. They will then provide this to the bank which will initiate the preparation of the Discharge of Mortgage document.

At settlement your conveyancer will request from the funds provided by the purchaser, monies payable to the Bank or financial institution for the amount required to discharge the mortgage(s).

If a real estate agent is selling the property, the agent will be holding a deposit that may or may not exceed the amount of commission owed.

If the deposit exceeds the commission payable to the agent, on settlement, the agent can retain the amount of his commission and your conveyancer will direct how they wish the balance of funds to be paid, in accordance with your instructions. If the deposit is less than the amount of commission at settlement, your conveyancer will request the balance of commission from the purchaser’s funds and pay this to the agent.

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