Planning a real estate purchase is the most common real estate transaction most Ontarians make.
It’s normal to be nervous, but you’re in good hands with a licensed realtor and real estate lawyer.
Stages of Your Real Estate Purchase
Start with a list of what you want in a real estate purchase and you may just end up with the keys to a new lifestyle. The rules for buying a house are simple:
Ask a lender or mortgage broker how much you can spend on your real estate purchase. Remember, prequalifying for a mortgage is only the first step in being approved. Try this TD Trust mortgage calculator before you plan a real estate purchase.
Hire a licensed real estate agent. Look for homes that satisfy your wants and needs. Attend open houses and have your realtor organize private showings. Find sales agents for a real estate purchase.
Draft the agreement of purchase and sale, your initial offer for the home you want. Your realtor can prepare your offer and negotiate with the seller’s agent to finalize the price, terms and conditions, and closing date for your real estate purchase. Read up on what to include in the agreement of purchase and sale.
Book an appointment with an Ontario real estate lawyer. Your offer to purchase is a contract and, once signed, is legally binding. A real estate purchase offer can be amended if the seller is willing, but always have a real estate lawyer review your agreement, before or after you sign.
Remove conditions in your real estate purchase offer by:
- making a good faith deposit — 10% is usual
- having the home appraised by your lender
- arranging a professional home inspection
- confirming your financing
- getting home insurance
- and for condos, requesting and reviewing the condo corporation status certificate.
Once you lift the subject-to conditions, all that remains is closing your real estate purchase on time. Pay attention to those completion dates. Sellers can walk away if you miss the deadlines. Legal cautions for wording the home inspection clause (Ontario).
How Do You Close a Real Estate Deal?
How Much Time to Budget
Just how long does closing a real estate purchase take? Straightforward real estate closings take about four weeks. They can be as short as 10 days or, for more complicated deals, even months.
Because they have fewer documents to sign, the seller usually closes first. But it’s not obligatory and you can sign in any order. With a virtual real estate lawyer, you don’t even need to be in the same room.
The 10-Step Real Estate Closing Process Ontario
To complete the deal, your real estate lawyer:
- Searches for other owners, construction liens, and restrictions affecting your property’s use.
- Arranges to transfer title to you. You can add family members to title now or later.
- Prepares the property deed. How to get a copy of property deed.
- Ensures the seller is paid.
- Confirms the seller’s mortgage is discharged and collects the lender’s mortgage discharge fee.
- Ensures your mortgage or HELOC (home equity line of credit) is registered on title. What can you use a HELOC for?
- Prepares a statement of adjustments. Your real estate lawyer outlines debits and credits the buyer and seller must pay, such as property taxes or fees owed a condo board.
- Confirms you’ve received the title insurance policy.
- Finalizes the closing documents.
- Sends a final report to you and your lender.
If a real estate deal falls through who gets the deposit.
Why You Need a Real Estate Lawyer
It may sound daunting, but Axess Law makes the real estate closing process easier. Your real estate lawyer explains each step and answers all your questions. Questions to ask real estate lawyers.
We assist with disputes, such as your move-in date or what is included in your purchase (appliances, drapes, backyard playset?). Your real estate lawyer can prevent last-minute problems or delays and, if the deal collapses, advise you what to do next.
Axess Law brings a virtual real estate lawyer directly to your home or office. Imagine meeting online with a remote lawyer for real estate closings, anywhere in Ontario. It’s that easy. Best of all, you can access lawyers at flat rate fees for less than you would traditionally pay for legal services. What to bring to your Axess Law real estate lawyer appointment.
Our licenced legal team reviews your agreement of purchase and sale for clauses that protect your interests. We confirm can a buyer cancel without mutual consent?If penalties are likely, we tell you that and explain Ontario real estate law. Finding a lawyer for the first time home buyer (Ontario).
Need a new mortgage to finance your purchase? Axess Law liaises with your bank, trust company, credit union, or private lender to finalize documents your lender needs.
Searching title to property you purchase confirms if those construction liens, financial claims, or municipal rights of way may get in your way. When the property deed is clear, we transfer title to your name and hand you the keys. What to do about construction liens.
Affordable Legal Services, Anywhere in Ontario
Access lawyers for less in the Greater Toronto Area, Ottawa, or anywhere in Ontario when you buy, sell, or transfer property. Axess Law’s flat fee real estate lawyers are affordable, and our rates are all inclusive (excluding taxes, disbursements, and third-party charges). Axess Law offers you only the legal services you absolutely need. Your final invoice includes no surprises or hidden charges. Your itemized statement of adjustments is explained when we deliver it, and we answer any questions you have about it.
Use a virtual real estate lawyer.
Book Online or By Phone for Timely Legal Advice
Complete your Ontario real estate purchase by virtual video conference anywhere in Ontario, or meet in person at any of our conveniently located Greater Toronto Area or Ottawa law offices. Book day or evening appointments with an Axess Law real estate lawyer 7 days a week calling toll-free to 1-877-552-9377 (647-479-0118 in Toronto). Our online web booking form takes just minutes to use.
Axess Law has onsite parking and easy transit access.
Click here to learn more about Axess Law’s real estate law services.