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What to Expect From Your Real Estate Lawyer
When you purchase a home, you inherit the history of that property–from the quality of its construction to any previous owners’ utility arrears, to land and mineral claims that other parties may have on it. Likewise, when you sell a property, you are selling its history, which will be scrutinized by the purchaser.
A team of professionals is critical to a successful real estate deal, and to ensuring that the home you purchase or sell is in good health and title. The professionals include:
- Your real estate agent or sale representative, who will help you make the most important decision: which home to purchase or how best to offer a home for sale. They will help prepare the offer and take care of details of the sale.
- For a new home, your builder will ensure the quality of the construction and the status of the land it is build on. Builders are guided by the Ontario New Home Warranty Plan.
- Your mortgage broker or lender can design a financial package to meet your individual needs. This may include pre-approving a mortgage, tailoring a final mortgage or helping you assemble your funds.
- Closing the deal rests with your real estate lawyer. This is when all the pieces must come together to meet a deadline.
As your real estate lawyer, we are responsible to bring together all details and parties to successfully close the deal.
Generally and where applicable, you can expect us to:
We will:
- review your Agreement of Purchase and Sale and advise you of your rights, obligations and any special clauses;
- estimate the costs involved in completing the transaction;
- assist you in obtaining fire and extended coverage insurance prior to closing; and
- advise you of the type of ownership that is right for you (i.e. “joint tenants” or “tenants in common”).
We will:
- do a complete search of title to ensure that the vendor has the right to sell the house and that no other party has a claim to the property;
- obtain and review a Status Certificate in the case of a condo purchase;
- provide title insurance;
- calculate property tax adjustments; and
- resolve any deficiency to your title to the property.
Count on us to:
- obtain full details of your mortgage financing, act on instructions, and ensure funds are available for closing;
- prepare all necessary documents and explain their purpose to you;
- calculate, collect and remit the land transfer tax payable; and
- advise you of the exact amount required to complete the purchase.
We will:
- register and close the transaction;
- arrange to have keys available for you on closing; and
- prepare and provide a full report of the transaction.
We will also retain an electronic copy of all your records in our system for a minimum of fifteen (15) years.