Real Estate Law

What The Lawyer Does For You

 

PURCHASE TRANSACTION – NO MORTGAGE

The role of the lawyer here is to ensure that you get legal possession of your new home, which includes preparing and registering the necessary documents to provide you with title to the property free and clear of any claims on same, except those that you have agreed to.

They will acquire information on property taxes, rentals (such as on a hot water tank), and any outstanding balances on utilities that may need to be taken care of by the seller on or before possession date.

PURCHASE TRANSACTION WITH A MORTGAGE

In this instance, the role of the lawyer is much the same as stated above, with a few added duties.

In addition to those duties, your lawyer will ensure that your mortgage is properly signed and registered in the appropriate land titles office. They will also act on behalf of your lending institution to make sure that their interest in the property is protected.

REFINANCE

In this instance, the role of your lawyer is to prepare and ensure that your mortgage is properly completed and signed. They will register the mortgage document in the appropriate land titles office. They will also act on behalf of your lending institution to make sure that their interest in the property is protected and attend to any and all payouts in accordance with the instructions provided by the lending institution. As well as register any and all discharges to ensure that the lending institution has a first charge.

SALE TRANSACTION

In this instance, the role of the lawyer is much the same as stated above, with a few added duties.

They will handle the disbursement of the sale proceeds to pay off any mortgages, outstanding taxes, real estate commission, or any other monies owing with respect to the transaction.

TITLE SEARCH, TAX INFORMATION & UTILITY ACCOUNT INFORMATION

Regardless of which side of the transaction is being handled, your lawyer will obtain a title search, tax information and utility account information on the property in question. This is to ensure that any outstanding balances are paid by the appropriate party.

In addition, at the end of any real estate transaction your lawyer will provide you with a detailed report showing how all monies were handled.