Selling a Home: Interest
July 14th, 2023 by SNJ
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.
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.
