Agreement of Purchase and Sale
Either you or your real estate company sends us the Agreement of Purchase and Sale (APS). We request complete APS, including all schedules, waivers, amendments, and notice of fulfilments of conditions. We ask you to gather all these documents. Your real estate company must have all these documents. We review the APS. We discuss the essential terms and dates with you. We consult with you whether you want the title to register as joint tenants or tenants in common.
Our next step is to conduct title-related searches. After searches, we prepare our letter of requisitions based on our title searches and essential terms of APS. We send our letter of requisitions to the seller's lawyer. Our office does follow up with the seller's lawyer and ensures that all conditions are met. We ensure that all requisitions are addressed by the seller's lawyer properly.
Title Insurance is mandatory as per mortgage instructions. Lenders refuse to fund the purchase transactions if a valid title insurance policy is not secured as per their mortgage instructions. Our office arranges for the title insurance policy. We review the policy and finalize the policy as per your and the lender's instructions.
Our office requests the seller's lawyer for the current property tax bill. We order the up-to-date tax certificate from the city, if required, to ensure the seller has paid the property taxes and water bills. If the seller has not paid the property taxes per their share, we ask the seller's lawyer to amend the statement of adjustments accordingly.
Banks and private lending institutes can be your mortgage lenders. Our office receives mortgage instructions from your lending institute.We review the instructions. Our office ensures that all mortgage documents are prepared as per the lender's instructions. We communicate with your mortgage company and lender to ensure all the conditions are fulfilled before funding. We receive mortgage funds from your bank. Minhas Lawyers also provide a mortgage payment calculator for your information only.
Closing costs include land transfer tax, our legal fees and disbursements, final property tax adjustments, if any, title insurance cost, title transfer registration cost, and mortgage charge registration costs. The first-time buyer in Ontario gets a land transfer tax rebate. Foreign buyer pays non-resident speculation tax in Ontario. We calculate the land transfer tax for you. Our office deducts and sends the final land transfer tax amount to Ontario government on your behalf.
We charge very fair and reasonable legal fees and disbursements. Disbursements include any bank charges, courier charges, photocopy charges, software charges, title search charges, write search charges, e reg charges etc.
Sometimes the seller has paid more property taxes to the city than their required share. Buyer pays the extra property taxes to the seller as per their respective shares on closing if needed. As we mentioned above, a title insurance policy is mandatory by mortgage lenders, and the buyer pays the cost of title insurance to the title insurance company. The buyer pays for the title transfer registration cost. The buyer is also responsible for mortgage charge registration costs on the title if any mortgage is involved in the transaction.
Final reporting to you
Our office prepares the final reporting package for you. Our final reporting package includes our final reporting letter advising the title, mortgagee information, copies of title transfer and charge registration documents, the final statement of adjustments, our trust account ledger, title insurance policy, and other related documents.
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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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