Wednesday, April 23, 2008

Who should we make the cheque payable to, the lawyer or the seller when buying a resale home? -

We are buying a resale home and i would like to know whether on the closing date, the certified cheque i am going to take to the lawyer should be payable to the lawyer or the seller?( In Ontario, Canada)

You don t even have to write a check. Many houses sell with no earnest money at all. Usually you don t make it to the seller. Too hard to get it if the sale doesn t close. /

Usually this goes to the realty company that is managing the sale. If there is no realtor, then I would say the lawyer, because they are managing the sale. I don t think the seller, unless you set up an escrow on your own to hold the money until the sale either goes through or falls out. I am assuming this is an earnest money cheque. If it is a down payment, then that will go to the mortgage lender.

Not sure how it works in Canada?? But we would write it out to the lawyer, and they lawyer puts it in. But you should double check that to be sure what ways they do it.

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