• Steinbach 204.326.3442 - 85 PTH 12 North, Steinbach, MB, R5G 1A7
  • Niverville 204.388.9300 - Box 1120, 62 Main Street, Niverville, MB, R0A 1E0
 

Selling a Home: Interest

When you sell a home, a typical offer to purchase provides that the purchaser is entitled to pay for part of the purchase price through proceeds of a new mortgage, and if so, payment of the sale proceeds to you may be delayed by the time required to register the purchaser’s transfer of land and a new mortgage at the land titles office. In that regard, a seller is normally entitled to interest to be paid by the purchaser from the date of possession until the date of payment to the seller’s lawyer. However, there are methods in Manitoba of providing sellers with payment of the sale proceeds immediately, or shortly after possession. For further discussion of these methods please see the Protocol section under Buying A Home. Please note that not all lawyers in Manitoba, and particularly many of the lawyers in Winnipeg, will refuse to close transactions under Protocol as they may be unfamiliar with the Protocol method of closing or find that it is slightly more work than closing a transaction under other methods which they are unwilling to undertake. Smith Neufeld Jodoin LLP encourages closing transactions using the protocol method and does not charge extra fees for that service.

Notice: The articles on our website are provided for general information purposes only and should not be relied upon as legal advice or opinion. They reflect the current state of the law as at the date of posting on the website, and are subject to change without notice. If you require legal advice or opinion, we would be pleased to provide you with our assistance on any of the issues raised in these articles.

 
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