Overview of Our Residential Purchase Services
If you are considering the purchase of a house or condominium in Ontario, you will require the services of a real estate lawyer to assist with the legal transfer of ownership. In essence, a lawyer’s role is to safeguard your rights by ensuring all the terms of your agreement of purchase and sale are adhered to and that you receive a clear title to the property. Your real estate lawyer will assist you with all necessary documentation, conduct title and off-title searches, and arrange for title insurance. Once the property is transferred, the lawyer will forward a copy of your deed to the municipality to ensure the city is aware of the change in ownership.
A proficient real estate lawyer possesses extensive experience with the rules and regulations pertaining to any real estate transaction. We are capable of reviewing the purchase agreement to ensure that everything you have negotiated for is recorded in the agreement. When we review your offer on a property, we make certain that the document protects your rights. If there are any misunderstandings or amendments required, we are available to assist with that as well.
Types of Properties Involved in Our Residential Purchase Services
For over a decade, we had the pleasure of helping many people complete their purchase transactions successfully. Buying real estate is a huge financial investment and you want it to go as smoothly as possible. Unfortunately, there are instances where the transaction does not go as smoothly as one had hoped. In those instances, you need a lawyer with experience and knowledge to navigate and guide you to a solution. The real estate team at MBLAW has extensive knowledge of closing the following properties:
The Residential Purchase Process: A Step-by-Step Guide
Begin your journey to secure residential real estate with MBLAW’s guided process. Our step-by-step approach ensures a seamless experience, keeping your specific needs and timelines in mind, from the initial consultation right through to the closing.
01.
Initial Contact
Fill out our online inquiry form, providing details about your residential property purchase needs and your deadlines. This information will help us assess how we can best assist you in this crucial transaction.
02.
Communication & Confirmation
Within 24 hours of your enquiry, a member of our dedicated team will reach out to you. We will confirm your deadlines, ensure there are no conflicts of interest, and validate our ability to represent you in the transaction. Once confirmed, we will request you to send us your agreement of purchase and sale, as well as complete our retainer forms.
03.
Document Processing & Preparation
Upon receipt of all necessary documents, we will commence title and off-title searches, preparing diligently for the requisition date. As this process progresses, we will arrange an appointment for you to sign your documents, keeping you informed every step of the way.
04.
Document Signing
You will have a meeting with one of our experienced lawyers to sign all required documents. This typically takes place 3-4 days before the closing date. Please remember to bring the outstanding portion of your down payment and closing costs to this appointment.
05.
Finalizing Finances
After all, documents have been signed, we will forward the necessary paperwork to your lender or bank, ensuring the mortgage funds are ready and available by the closing date.
06.
Closing Date
On the closing date, we will receive the mortgage funds and deliver the closing balance along with our closing documents to the seller’s lawyer. Once all parties are satisfied with the documents, registration or transfer of ownership will occur, marking the successful completion of your residential purchase.
Residential Purchase Services: Frequently Asked Questions
A Statement of Adjustment is a document that is usually created by the seller’s lawyer. It lays out a detailed calculation of the final payment due to the seller, incorporating elements such as the purchase price, the deposit, adjustments for property taxes and condo fees, and any other costs mentioned in the agreement of purchase and sale, for instance, rent payments and holdbacks.
In contrast, a Trust Ledger is a record maintained by your lawyer that details all financial transactions flowing into and out of the lawyer’s trust account. This includes the receipt of mortgage funds, your contributions towards closing costs, and all disbursements like the remaining money due to the seller, land transfer tax, registration costs, title insurance, and legal fees.
Although title insurance is not legally required in Ontario, most financial institutions will insist on its acquisition to safeguard their rights. Having title insurance is advantageous as it protects you, the buyer, from unseen title defects, unsettled property taxes and water arrears, and significantly, title fraud. Please remember that title insurance is different from home insurance and does not replace it – you will still be required to secure a home insurance policy.
While content insurance is not legally mandated for a condominium purchase, we strongly recommend that you acquire one. Your lawyer will help you navigate through the condominium certificate of insurance, which indicates what is covered and what is not by the insurance policy of the condominium corporation. Please note, this policy does not cover the contents of your individual unit – you will need to insure your possessions separately.
The closing date marks the concluding step of your property purchase transaction. This day is packed with multiple actions – your lawyer will receive funds from your mortgage company or bank, prepare checks for the seller’s lawyer, send closing documents, and register the title. Owing to the complexity of these tasks and the necessity for cooperation between both parties, you can typically expect to receive your keys around 3-4 pm. However, in rare cases, this could be as early as noon or as late as 6 pm.