Oh the paperwork! Buying a home seems pretty complicated. No worries. A real estate lawyer can take all the confusion out of your new home purchase. Imagine if you could make it even simpler, by sealing the deal by phone, email or video call. (Once COVID-19 social isolation rules ease, you can meet with a Toronto Axess Law real estate lawyer in person.)
What is a Signing Appointment?
The signing appointment is the final step before getting the keys to your new home. An Axess Law lawyer goes over title transfer, mortgage instructions and statement of adjustments with you. You can ask questions, review documents and e-sign before taking possession. Your e-signature is perfectly legal. And our ID video verification technology keeps your online closing safe.
Registering Your New Mortgage
Financing your real estate purchase? Your lawyer ensures the charge/mortgage document registering your property title is signed and sent to an Ontario land registry office. By e-signing, you acknowledge the mortgage documents are accurate.
What Are Mortgage Directions?
Directions simply state you have instructed your lawyer to act for you. That could be registering your mortgage or title transfer. Or keeping bank funds in trust until your lawyer pays the home seller. You can also give your lawyer consent to act for both you and the mortgage lender, instead of paying for separate lawyers.
Does My Spouse Have to Sign Too?
Even if mortgage or property title are in your name only, your spouse must consent to the mortgage. Your matrimonial home is shared property, which matters if you separate or divorce.
Is an Acknowledgement Different from Directions?
Acknowledgments confirm in writing that you reviewed all the documents and they are accurate. Typically, you sign an acknowledgment before registering your mortgage or title transfer.
Is Your Property Title Legal?
Your home purchase is not legal until the property title is registered. That transfers interest in the title from seller to buyer.
Are You Buying a Home With Family or Friends?
When you buy with others, you can choose between co-owning 100% of your home with everyone on title (joint tenancy) or owning only a share (tenant in common). When you die, 100% of the joint tenancy transfers to your spouse and everyone on title. With tenant in common, only your share, which you can sell or transfer, passes to heirs. Use tenant in common if you are buying an investment property.
Your Real Estate Lawyer Seals the Deal
Your Axess Law lawyer makes sure the real estate commission is paid. They check the property taxes are shared by the seller and buyer. They also pay out the current mortgage on your existing home before the real estate deal closes.
Finally, the Statement of Adjustments
The statement of adjustments summarizes what the seller and buyer paid. It shows your debits and credits, with a final balance (what you owe the home seller). Debits include the real estate deposit and mortgage. Credits are the final purchase price and the seller’s prepaid fees or utilities.
Book a Signing Appointment Today
Deadlines come up quickly. Book your signing appointment at 1-647-479-0118 or use our online booking form. Flat fees for Toronto home buyers start at just $999.99.
Click here to learn more about Axess Law’s real estate law services.