Are you considering purchasing or selling
If so, you should consider contacting a real estate lawyer right away. Why? Purchasing or selling a property is a complicated process with many parties and tasks. A well trained real estate lawyer can assist you navigate the laws and processes associated with your real estate transaction; read on to learn more about how real estate lawyers assist clients with the purchase or sale of a property.
Purchasing a Property
Purchasing a home is one of the most important investments you will make. It is imperative that you receive ‘good’ title to the property. One of the most important parts of a real estate lawyer’s job when assisting with your purchase is ensuring that the person who is selling the property has a right to sell it and that no one else (e.g. mortgage companies, contractors, tenants) has a claim to it or a lien on it. A real estate lawyer will also obtain title insurance, which protects you and the mortgage lender against defects on the property’s title or damages due to liens.
It is important to note that an offer to purchase (once signed) is a contract that binding on the buyer and the seller. Meeting with a lawyer before you sign can ensure that your best interests are protected. For example, a lawyer a lawyer can advise you to include ‘escape’ clauses that will allow you to cancel your offer if you cannot proceed with the sale. He or she will check the statement of adjustments to ensure that you are paying only your share of the taxes, utility and fuel bills. He or she will also different ways in which you can own the property (e.g. joint tenancy vs tenants in common) and check over the mortgage terms (if you are obtaining a mortgage) and explain the terms contained therein.
To facilitate closing and the transfer of ownership, the real estate lawyer will arrange with utility companies to have hydro, water and fuel meters read and to have all future bills addressed to you. He or she will also ensure that you have home insurance in place as of the closing date and hold your funds and the funds provided by the mortgage lender in trust and arrange to transfer them to the vendor on the date of closing.
Selling A Property
Selling your property can be a smooth transaction with the assistance of a real estate lawyer. He or she will review the Agreement of Purchase and Sale and note any deadlines to insure the deal proceeds as scheduled. If the property I mortgaged, the lawyer(Real Estate Lawyer in Thornhill) will obtain a mortgage payout statement from the lender and obtain property tax information from you or from the city. He or she will also prepare and review the deed to transfer the property to the buyer and receive, review and respond to any requisitions that the purchaser’s lawyer may make.
The real estate lawyer will prepare and deliver a Statement of Adjustments to the lawyer for the purchaser to ensure that you are not overpaying for utilities, hydro, and electricity. Moreover, a real estate lawyer handles paying out the mortgage, real estate commission and any property taxes or utility bills you may still owe (these are paid from the proceeds of sale).
After the property closes, the real estate lawyer receives the closing funds from the lawyer for the purchaser, he or she then delivers the closing package (including signed documents and the keys to the property) to the purchaser’s lawyer. He or she will then release the deed and pay out all encumbrances as well as of any other liens or encumbrances required to be paid. Payment of any real estate commission and a final report rounds out the sale of a property.
Ontario Real Estate Lawyers: Recommendations
Things to watch out for home buyers in Ontario should be aware of the following:
Caveat emptor or "Buyer Beware" is still the law in Ontario. Be sure to check the home you are planning to buy very carefully. Also insist on the vendor delivering a completed and signed Vendor Disclosure Statement before your offer to buy.
Land Transfer Tax ("LTT") is payable by the buyer on registration of the transfer. LTT is a percentage of the purchase price for the home.
In Ontario, agreements respecting land must be in writing, signed and witnessed to be enforceable. Be sure the written offer includes terms, conditions and warranties respecting everything that is important to you.
Fixtures and Chattels. Fixtures are attached to the lands; chattels are not, but there is confusing case law on the issue, so "when in doubt, spell it out" in the contract. For example, a dishwasher may appear to be a fixture, but it may not be, so stipulate in the Agreement that it is a fixture that is included in the purchase.For more information Contact Ali Amari as a Persian lawyer in Toronto .