Oh, the paperwork sealing your real estate deal seems to involve! Buying a home can appear pretty complicated.
No worries. A real estate lawyer can take all the confusion out of your next home purchase. Imagine if you could make it even simpler, by sealing your real estate deal by email and video conference call. Now that would definitely be worth your time and energy.
Just how do you seal a real estate deal? Let’s talk about:
- can a realtor ignore your offer?
- how to close a deal on a house
- what is a signing appointment?
- registering your new mortgage
- finally, the statement of adjustments.
Can a Realtor Ignore Your Offer?
First things first: can a realtor ignore your offer to prevent you from sealing your real estate deal?
Ontario’s hot real estate market moves at lightning speed, but not typically. A realtor may ignore your offer if the seller receives a bid they prefer, and negotiates directly with that buyer. But real estate agents can’t lie about sealed bids — that would violate a real estate agent’s fiduciary duty in Ontario.
See realtor’s duty to clients.
The positive news is competing offer rules are changing in Ontario. Starting in April 2023, if the seller agrees, realtors can share what competing bidders are offering. Sellers can still choose to keep that information private, but it’s a start in making bidding wars less secretive.
How to Close a Deal on a House
The offer is made. Now what? The fastest way to close a real estate deal is by using Axess Law’s virtual real estate lawyer service. Hire a virtual real estate lawyer.
As soon as you decide on a home you want, email your lawyer the draft or signed agreement of purchase and sale. We can review the fine print in your offer to purchase, and start the clock on sealing your real estate deal.
Your real estate lawyer can negotiate with the seller’s lawyer if changes are needed to protect your legal and financial interests. Making an amendment to an agreement of purchase and sale.
Then our professional legal team liaises with your realtor and mortgage lender to obtain legal documents required for sealing your real estate deal.
What is a deal sheet in real estate? A quick sketch of the offer and contact information for sealing your real estate deal in the U.S., but not in Canada.
What is a Signing Appointment?
The signing appointment is the final step in sealing your real estate deal before getting the keys to your new home. An Axess Law lawyer goes over the title transfer, mortgage instructions, and statement of adjustments with you. You can ask questions, review documents, and sign your final papers remotely by video conference call or in person. Signatures witnessed by video are 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 before formally sealing your real estate deal. By signing, you acknowledge the mortgage documents are accurate. Complain if a mortgage broker withholds borrowing costs.
What Are Mortgage Directions?
Directions documents simply state you have instructed your lawyer to act for you. That could be to register your mortgage, transfer title to a property, or keep 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. Common myths about matrimonial homes.
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. Your right to information about your mortgage.
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. Get compensated if you are a victim of real estate fraud.
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 beneficiaries to your Will. Use tenant in common if you are buying an investment property.
When to use joint tenants vs tenants in common arrangements.
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.
Why You Need a Real Estate Lawyer
Get the prompt, efficient service you need to finalize real estate closing documents in Ontario when you hire Axess Law. Our licensed, professional real estate attorneys close property purchases and sales for less, anywhere in Ontario.
Why leave the comfort of your home or office when you can use Axess Law’s remote access lawyers? We video conference with you using any compatible phone, laptop, tablet, or home computer. Your lawyer shows you how to download legal documents, and witnesses your signature remotely while you sign.
Decided on joint tenancy? Axess Law’s virtual real estate lawyers can transfer property title to family members in Ontario. We complete all the legal paperwork to file title to your property in a local land registry office. Making a property title transfer in Ontario.
You can create joint tenant arrangements with spouses that remove delays caused when matrimonial homes are probated, or share title with others for a modest title transfer fee. Who gets the house when a spouse dies.
Affordable Real Estate Lawyers, Anywhere You Are
Access lawyers for less in 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.
Book a Signing Appointment Today
Make appointments with a remote real estate lawyer near you by dialing toll free to 1-877-552-9377, or call our 647-479-0118 lawyer line. It just takes minutes to schedule your own dates and times with our easy online booking form.
If you’d rather meet in person, we have day or evening appointments, 7 days a week, at Axess Law locations near you. Try our onsite parking or take the bus for easy transit access to any of our Greater Toronto Area or Ottawa law offices.
Click here to learn more about Axess Law’s real estate law services.