When you purchase or sell a home, you know the benefits of working with a professional real estate agent. However, it is also crucial to understand the important of a real estate lawyer. Real estate purchases can be complex – even the ones that seem pretty straightforward. Although some shop around to look for the most discounts in legal fees, it is important to recognize the importance of a real estate lawyer in protecting your transaction. In order to close a transaction, it is important that the whole transaction is preformed correctly and legally to avoid any additional issues that could arise in closing.
If you are thinking about buying a new home or condo, it is crucial that you hire a real estate lawyer to help ensure that your rights are protected. Your lawyer is there to make sure that the terms outlined in your Agreement of Purchase and Sale are complied with and that you get a clear title to the property.
Once your contract is signed:
After you have signed the Agreement of Purchase and Sale, your lawyer will receive a copy of that signed contract. They will search the Title of the Property for you and confirm that you are in fact receiving a clear title (as must be stipulated in the agreement). In other words, they will ensure the property is free of any liens, mortgages, rights of way, etc.
Your lawyer will also review the following to ensure your rights are protected:
- The property survey (if one exists).
- That there aren’t any outstanding property taxes owing.
- That any outstanding utility bills have been paid.
- That the property is in compliance with any zoning bylaws.
- Status of mortgages held by the seller on the property.
- That your financing will be in place on the closing day.
- Any warranties, conditions, or restrictions on the property.
- Any fixtures or chattels included in the sale.
- Documents prepared by the seller’s lawyer.
- Condo documents (financial statements, bylaws, etc.)
- Property insurance.
- Mortgage details
Prior to Closing
Before you close on the property, your lawyer will:
- Prepare documents for any chattels that you are buying with the home.
- Arrange to finalize mortgage and funding with your lender and mortgage broker.
- Provide you with a purchaser’s statement showing any adjustments or outstanding balance that needs to be paid before closing.
- Prepare documents to be filed with the land registry office on closing date.
On Closing Day
On this important day, your real estate lawyer will:
- Conduct a Title Search to ensure there have been no last-minute claims on the title.
- Release funds held in escrow to the seller’s lawyer.
- For new construction condo’s, receive a copy of the certificate of possession from the New Home Warranty Program.
- Make any outstanding payments that may be required on the date of closing (commission, transfer tax, etc.)
Once you have closed on your property, your real estate lawyer still has some work to do! They will ensure:
- You will receive the final client report that will contain all signed documents by you, your lender and all other paperwork pertaining to your purchase or sales transaction.
- Ensure that the seller has met all of their obligations to you.
Contact Minhas Lawyers today!
Whether you are purchasing a home or selling one, it is important to make sure that your rights are protected. Working with a good real estate lawyer can help make that happen. Contact Minhas Lawyers today to speak with one of our lawyers.
Minhas Lawyers LLP is a multi-practice law firm based in Mississauga. We advise and represent clients across various segments and practice areas.
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