Why Do You Need A Real Estate Lawyer At The Beginning Of The Process?
As soon as you decide on the home you wish to purchase, getting a real estate lawyer is one of the first calls you should make. They handle a wide array of concerns and are very helpful throughout the entire process. The reason so many people hold off on getting a real estate lawyer right away is because they are afraid of paying constant fees, but in actuality a single charge covers all of their services. Ensure that the professional solely focuses on the real estate field, as their expertise will be greater and there are certain documents only they are able to process. Whether you are buying or selling, they are an absolute necessity right away.
Only a real estate lawyer can register the deed for the property to the registry office. Probably the most notable thing they do is look over the Agreement of Purchase and Sale before it’s signed, they review the document to ensure that everything in its contents is legal with the goal of benefitting you. They dive deep into your mortgage documents, buyer agreement reviewal and listing agreement in order to clarify any language that may seem too complex or overwhelming. They can also create a neutral termination if neither party is pleased with the eventual arrangement. On the buyer’s side, they handle the title search, registration fee on the deed, assist in registering the mortgage, as well as send out cheques and couriers. For the seller, they generally only focus on the legal fees, which include disbursements and HST. They can also aid in title insurance, which protects the property owner and their lender(s) against loss to the property’s title or ownership.
What should a buyer expect a week from closing? The lawyer will get the agreement from the client or agent, along with a conversation on high-level requirements (which include mortgage instructions, moving and setting up utilities). They will handle the title search and discharge any remaining old mortgages a few days before closing. On closing, the client will have a cheque with the balance of funds (which include the land transfer tax and the down payment), there is an excessive amount of paperwork to be signed before the property is legally handed over. They will inform you of any remaining fees, which could include development charges which can increase but also capped. They will provide you a condo status report (if applicable) to keep you up to date on payments and inform you of the reserve fund which keeps the building in its prime state, as well as the declaration which denotes what you can and cannot do in the residence (ie. pets or short-term rentals).
No matter whether you are buying or selling, a real estate lawyer is required in the transaction. The sooner you get them, the safer you will be and the simpler the process will be. The price is generally around a $1000 in Ontario for the entirety of their legal services.