Re-Direction Re Funds (Residential)

Summary

This precedent is a "Re-Direction Re Funds" which allows the vendor's lawyer to instruct the purchaser, and their lawyer, to deliver multiple different amounts of money at closing. This follows after a signed direction re funds from the vendor. It allows the vendor's lawyer to direct the purchaser's lawyer as to how the closing proceeds are to be divided between several parties rather than just the vendor's lawyer in trust. This precedent contains practical guidance and drafting notes. At the completion of an agreement of purchase and sale, (sometimes referred to as a "Purchase Agreement") the vendor directs the purchaser how and to whom the closing proceeds need to be sent to successfully conclude the transaction. The total amount to be directed among multiple recipients (representing the net amount due at closing) is calculated via a statement of adjustments (see Statement of Adjustments (Residential)). The statement of adjustments has already factored in paid deposits, pre-paid ...