How long does it take to complete the transfer of ownership

The duration of this period can vary and is subject to agreement between buyer and seller. If, during this period, the situation arises that the seller believes that the property is not in accordance with the listing information, the purchase agreement or the information provided by the seller, the correct procedure is to solicit advice from the real estate agent. Should this situation arise, the real estate agent advices as how to proceed and attempts to reach a reconciliation on the basis of his expert knowledge as it can prove very expensive to engage lawyers and possibly take the matter to court.

The real estate agent makes an appointment for buyer and seller prior to the day appointed for transfer of ownership where a meeting has been convened because of the deed. The deed is issued when the last of the mortgage payments has been rendered. At the transfer of ownership, a multi-point settlement between buyer and seller is signed. The following is a list of the main issues of the settlement and the factors of which the buyer needs to be aware.

a) Settlement of Costs, Interests and Property Taxes
The amount of assumed loan stipulated in the purchase offer shows the notional principal amount on the day of the purchase offer without interests. Interests are then always calculated specifically in real estate transactions and their division between buyer and seller calculated in relation to the day of delivery. Thus the seller pays the mortgage interests until the day of delivery, the buyer henceforth. The division of property taxes is also calculated in relation to the day of delivery.

b) Division of Home Owners Association Fees in Multi-Occupied Buildings Normally, the seller pays operating costs up to the day of delivery, i.e. traditional Home Owners Association fees.

c) Communal Development Costs after Approval of Purchase Agreement
The buyer pays all communal development costs incurred from developments after the purchase offer has been agreed upon, provided the communal developments serve to enhance the value and utility of the property, unless otherwise stipulated. This applies whether the developments have been decided before or after the purchase offer was accepted. The above rule is applicable to the extent that it does not run counter to other agreed-upon stipulations. It is important that the buyer be notified of developments prior to making the purchase offer as stipulated in the listing information.