Real Estate Lawyers Roles – Your attorney will first send you a letter describing any paperwork you might need to provide. You’ll probably pay at least $1300 and possibly more for legal services, therefore it’s critical that you understand what your attorney will be doing for you.
The function of a Real Estate Lawyer is described in full below, along with the steps you must take in order to engage with your attorney and obtain a mortgage. Do not wait to speak with a lawyer before finalizing your acquisition; interview them well in advance of the closing.
Real Estate Lawyer will give you Advise related to the Costs you can expect to pay for the Closing Process
- Tax on Land Transfers
- Legal costs
- Real estate tax
Helps you check Hidden expenses
- Activation Fee for Ontario’s New Home Warranty
- Installation fees for water and electricity meters
- Fence-related fees
- Paying a Grading Deposit
Real Estate Lawyer will Research on the Property Title and Agreements
- Utility look ups
- Search for property taxes
- Searches for buildings, zones, and plans
- Searches for registered titles
Real Estate Lawyer Sends letters, including
- To verify that there are no unpaid bills or arrears to all municipal or regional utility departments
- To confirm there are no liens, easements, conditional sales agreements, or unregistered agreements
- To find out whether there are any other encumbrances on the equipment or property that the seller is leaving behind.
Easements are a significant problem, and stories about buyers who didn’t realize they couldn’t build a fence or create a parking space because the property survey they were using didn’t actually show the City’s rights to access the property are frequently published in real estate journals and newspapers.
The duty of your attorney is to ensure that you are informed of everything. Your attorney will also request that final meter readings be taken on the closing day so that the seller can get the final bills, and they will notify the utility departments of your identity and the anticipated closing date.
Your solicitor will ask for a Tax Certificate to confirm the amount of the current year’s taxes and to enquire about any arrears and pending tax charges. In order to find out the complete details of zoning by-laws, restrictions, and approved uses (so you’ll know if you’re allowed to conduct a business out of your home or build a massive deck, for example), your lawyer will also write to the Building and Zoning Department.
If the Seller has a survey, I’ll get it for you if it isn’t already included in the offer documents. It is crucial that you provide your attorney a copy of the survey for the property as soon as possible. If there is no survey, let your lawyer know so they can suggest ways to safeguard your interests through title insurance.
In order to confirm that the Seller is the legal owner of the property, has the authority to sell it to you, and that the property is free from Encumbrances, Encroachments, Easements, Liens, Agreements, and Mortgages that were not disclosed in the Agreement or Purchase and Sale, a Search of Title to the Property is started in the Land Registry Office.
You may have heard of fraud situations where con artists without a title to the land sold people’s homes out from under them! Your lawyer will really make his money on this case. This title search must be finished before the Requisition Date (the date of the title search) indicated on your Agreement of Purchase and Sale.
Your Real Estate Lawyer’s other crucial Responsibilities
Make sure there are no executions against the previous owners of the property that would impact your title by conducting a search of Executions in the relevant Sheriff’s Office.
Prepare and deliver a letter to the Seller’s attorney asking that any issues uncovered by the Preliminary Searches be resolved on or before closing.
When you arrange your financing, your bank will create a Mortgage Commitment Letter. Examine its contents and talk with your bank about the implications of signing it.
When your financial institution gives you a final Mortgage Commitment Letter, it should inform you of any Closing-day fees associated with mortgage financing.
Your attorney will create all appropriate mortgage papers and submit this package to the financial institution for approval prior to closing if they are also representing the financial institution (which is common).
- At closing, certify the property’s title to the lending institution.
- Inform you of any government initiatives intended to help homebuyers that might apply to you, such as the Ontario Home Ownership Savings Plan, RRSP plans, and details on the CMHC 5% Down Payment.
- Provide the Name, Address, Phone Number, and Fax number of your attorney and the financial institution supplying your mortgage to your insurance broker. This is very significant because the bank won’t advance the money to seal your purchase unless they are sure that you have property insurance, thus your lawyer needs a letter stating that Insurance Coverage is in place as of closing.