Are you thinking about buying or selling your property in Ontario?
The first thing you should do is have a real estate lawyer.
Why? Buying or selling property is a complicated task, and you need an expert who can help you navigate tricky-to-understand laws.
Buying a Property
Your lawyer will do a title search to ensure that you’re getting a “clean” title.
He or she will also handle title insurance, which protects you and mortgage lenders against property loss or damage due to liens, encumbrances or defects in the property’s title.
When it comes time to close, a real estate lawyer is a necessity.
He or she will write a requisition letter asking for this information and any relevant documentation you need.
In addition, your lawyer will be the one to receive the Statement of Adjustments from the seller’s lawyer.
The Statement of Adjustments is a document that outlines the purchase price, any deposits you’ve paid and credits to either you or the seller for such expenses as property taxes.
Your lawyer will also handle the transfer of funds to the seller’s lawyer.
Selling a Property
A real estate lawyer will make the selling experience much smoother for you.
He or she prepares and reviews the deed to transfer the property to the buyer.
Also, your lawyer will write the Statement of Adjustments and send it to the buyer’s lawyer.
If you’ve got a mortgage or home equity line of credit, your lawyer will determine how much you owe to your lender when you close on the property.
He or she also arranges the payment of your mortgage(s) or home equity lines of credit and removes those charges from the property’s title.
Moreover, a real estate lawyer handles paying out the mortgage, real estate commission and any property taxes or utility bills you may still owe.
Your lawyer also sends any information that the buyer’s lawyer requests through the Letter of Requisition.
After the property closes, a real estate lawyer tells the buyer’s lawyer how to transfer the money for the sale.
Then, he or she notifies the municipality and utility companies of the sale’s completion.
Finally, your lawyer will send you all of the closing documents, including original signed documents and a reporting letter.
Benefits to Both Buyer and Seller
Having a real estate lawyer protects both the buyer and the seller.
This specialist will be there for you from the very beginning of the process and put your interests first.
In The Province of Ontario both buyers and sellers to utilize lawyers for all property transactions.
We’ve had the pleasure of working with a few of the best…
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