Buying a Home in Ontario: How can Your Real Estate Lawyer Help?March 12, 2019
When you buy a home in Ontario, you will need to retain a real estate lawyer who will assist you with the purchase of your property. Your real estate lawyer will carry out a number of tasks and deal with various issues on your behalf. The following are some of the tasks that will be carried out by your real estate lawyer to ensure a smooth closing:
- Review your Agreement of Purchase and Sale to ensure that you are adequately protected.
- If you are buying a condominium unit, your real estate lawyer will review the status certificate, which includes information on the physical and financial status of the condominium corporation.
- Conduct a title search to ensure that you are purchasing a property with “clean title” (no liens, undischarged mortgages, etc. on title).
- Prepare a Requisition Letter for the seller’s lawyer, requesting information and documentation required for the closing.
- Arrange for title insurance for you.
- Provide your insurance binder/certificate to your lender and ensure that it meets the lender’s requirements.
- Receive mortgage instructions from your lender and follow such instructions to request funds from the lender.
- Receive Statement of Adjustments from the seller’s lawyer and review all adjustments and the payable amount with you. The Statement of Adjustments sets out the agreed upon purchase price, any deposits provided by you and adjustments credited to either the seller or you for items such as property taxes and common expenses.
- Transfer the funds for the sale to the seller’s lawyer.
With the assistance of a good real estate lawyer, you can make the purchase of your next home a smooth and seamless experience.