When you use our firm for your next property purchase, you can be confident you are hiring a firm with extensive real estate experience. We don’t just assist individuals in purchasing residential real estate – our firm regularly works with developers. As a result, we understand the residential real estate market extensively.
When you work with us on your next property purchase, some of the services we will provide:
- Review of Agreement of Purchase and Sale. In most instances, the Ontario Real Estate Association (“OREA“) standard form agreement (the “Agreement“) will be the contract that governs the purchase of your home. This contract is typically negotiated and signed without a lawyer’s involvement, though, where possible, we would recommend that a lawyer review the contract before signing. Once the buyer and seller sign the Agreement, it becomes a binding contract between the buyer and the seller. While many of the OREA agreement terms are standard, each deal is unique. We will review the Agreement with you to ensure that you clearly understand your rights and responsibilities under the Agreement.
- Title Searches. When you are buying your property, you want to ensure that you receive a good and marketable title. To ensure that this occurs, our firm will: (i) perform a title search against the property; (ii) review any available surveys; and (iii) review the various documents which are registered against the title to the property to ensure that such records do not impact the marketability of your title. We will work with the seller’s lawyer to resolve any identified title issues. If they cannot be resolved, we will help you understand your obligations, risks and options.
- Off-title Searches. In addition to the title search, we may also conduct certain off-title searches such as obtaining tax certificates, reviewing building and zoning by-laws, searching for any outstanding work orders registered by the municipality against the property.
- If you require financing, we will work with your lender to ensure that you have sufficient funds on hand to close on your purchase.
- Obtaining Title Insurance. While title insurance is often optional (unless required by a lender), we recommend that all clients obtain title insurance when purchasing a property. Title insurance can protect a homeowner from risks that impact title to the property which are not readily ascertainable by title or off-title searches. In some instances, a risk may not become evident until many years after the closing date. As part of the purchase process, our firm will arrange for property title insurance for your property.
- Preparation of Documents. Before you complete your home purchase, several documents must be prepared and signed by the buyer and seller. These may include: (i) title transfer documents; (ii) mortgage documents; (iii) representations and warranties; and (iv) other supporting documents. Our firm will review and complete the necessary documentation to ensure that you are in a position to close on the purchase property on the closing date.
- Discharge of Existing Encumbrances. One or more existing mortgages may be on title to the acquired property. To obtain a clear and marketable title to the property, our firm ensures that the seller and the seller’s lawyer undertake to discharge the mortgage. After closing, we will follow up with the other solicitor to ensure that all pre-existing mortgages are discharged and removed from title to your property within a reasonable period.