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. 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 buyer 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. Your lawyer will discuss these options more fully with you.
Real Estate