Buying a home is one of the largest financial commitments most people will make. Yet many purchasers do not speak with a real estate lawyer until shortly before closing.
By that point, important decisions have often already been made.
Your Lawyer’s Role Starts Before Closing
A real estate lawyer does more than attend to the paperwork on closing day. Your lawyer can review the legal aspects of the transaction and help identify potential issues before they become expensive problems.
Your agreement of purchase and sale may contain conditions, deadlines, representations, and obligations that have significant consequences. Understanding those terms before you sign or as soon as possible afterward is important.
What Does a Real Estate Lawyer Review?
Depending on the type of transaction, your lawyer may deal with matters including:
- Reviewing the agreement of purchase and sale
- Searching title to the property
- Reviewing registered instruments affecting the property
- Addressing title issues or other legal concerns
- Coordinating with your mortgage lender
- Preparing and registering the transfer of ownership
- Calculating adjustments for items such as property taxes
- Handling Ontario Land Transfer Tax
- Ensuring funds and closing documents are properly dealt with
Ontario’s Vendors and Purchasers Act contains statutory provisions concerning title searches, objections, tax adjustments and possession, although the specific terms of your agreement remain critically important
Ottawa Buyers Should Also Understand Closing Costs
The purchase price is not the only cost involved in buying a property. Buyers also need to budget for Land Transfer Tax, legal fees, registration costs, title insurance, mortgage-related expenses and other closing adjustments.
Ontario’s Land Transfer Tax applies when you acquire land or an interest in land, although qualifying first-time homebuyers may be eligible for a refund of all or part of the tax.
Get Legal Advice Before Problems Arise
A home purchase can move quickly. Having your lawyer involved early gives you an opportunity to understand your legal obligations and address potential concerns before closing day.
Buying a home in Ottawa? Contact our real estate law team to discuss your purchase and learn how we can help you navigate the transaction from agreement to closing.
The content on this post is for information purposes only and is not legal advice, which cannot be given without knowing the facts of a specific situation. You should never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. The use of the website does not establish a solicitor and client relationship.