Without the right support, selling a property can become a complicated and stressful experience. Having experienced legal counsel in your corner can significantly simplify the process and, as a result, reduce your stress.
When you work with us on your next property sale, some of the services we will provide include:
- Review of Agreement of Purchase and Sale. The standard OREA Agreement of Purchase and Sale (the “Agreement”) places many obligations on the seller of a property. Chief among the obligations placed on the seller is to ensure that the seller can provide clear title to the purchaser. The seller is also required to ensure that any existing mortgages and other encumbrances are paid out and remove from title before closing or within a reasonable time after closing. Our firm will work with you to ensure that you understand your rights and obligations under the Agreement to ensure that your closing is a smooth one.
- Resolving Title Issues. If the buyer’s solicitor identifies any title issues affecting the marketability of your title to the property, we’ll work with you to ensure that those issues are resolved prior to closing. Some issues we’ve resolved in the past include: (a) discharging a builder’s mortgage left in error on title; (b) getting a municipality to grant access to a property which had no access as a result of a by-law error made by the municipality; (c) obtaining a court order to delete a security registration of a dissolved company; and (d) deleting expired restrictions on title.
- Obtaining Mortgage Discharges. If your property is subject to a mortgage (or several) we’ll work with your lender to obtain discharge statements for those mortgages and, after closing, we’ll pay out the mortgages and ensure that the mortgages are discharged from title to the property that you sold. If any issues arise, we’ll work with you and your lender to resolve them.
- If you require financing, we will work with your lender to ensure that you have sufficient funds on hand to close on your purchase.
- Negotiating with Other Party. While most transactions close smoothly and on time, on occasion a sale will run into some hick-ups as a because of issues which need more time to be resolved or because the purchaser does not have the funds to close on the date originally agreed to. In such instances, having an experienced lawyer in your corner is critical. Our firm can help you negotiate extensions, defaults and can work with you to resolve any challenges which may arise.