Purchasing
A home is likely the largest purchase a person will make.
Despite the legal technicalities involved in a typical real estate purchase transaction, we strive to make the process as seamless as possible so that your focus is and remains on making your new house a home.
The following is a condensed version of steps taken in a typical purchase transaction:
- Meet with you to review the signed agreement of purchase and sale. Ideally, you should be afforded the opportunity to seek and obtain proper legal advice about your rights and potential obligations arising from the terms and conditions of the proposed offer before signing it;
- Perform and review a search of title – which is a search of the property that must be conducted and subsequently reviewed to ensure that you will acquire good and marketable title to the property. Search costs will vary depending on the age and location of the property;
- Examine and amend documents delivered by the seller’s lawyer;
- Review the Statement of Adjustments – which is a “balance sheet” listing all adjustments to the agreed purchase price;
- If applicable, receive and review mortgage instructions and complete all mortgage documents needed for registration and advance of mortgage monies;
- Act on all necessary telephone and written correspondence;
- Meet with you to sign all necessary purchase and mortgage documents;
- Close the transaction and register the Transfer/Deed of Land; and
- Prepare your final transaction report
Sales
The following is a condensed version of steps taken in order to effectively and properly complete your real estate sale transaction:
- Receive and review the executed Agreement of Purchase and Sale. Ideally, you should be afforded the opportunity to seek and obtain proper legal advice about your rights and potential obligations arising from the terms and conditions of the proposed offer before signing it;
- Prepare the Transfer/Deed of Land;
- Prepare the Statement of Adjustments – which is a “balance sheet” listing all adjustments to the agreed purchase price;
- Prepare all documents required to complete the sale;
- Receive and respond to concerns raised by purchaser's lawyer following a search of title;
- Correspond with the lender who holds your existing mortgage and obtain a statement for discharge purposes;
- Deliver discharge funds as soon as possible following closing in accordance with the said statement;
- If applicable, obtain and register a discharge of the mortgage;
- Meet with you to sign all necessary documents;
- Obtain the closing funds from the firm acting for the purchaser; and
- Prepare your final transaction report.