Our Residential Property Real Estate Lawyer Mississauga can assist you with all aspects of Buying Your Home. We have an office in Ontario, Canada. Buying a home is one of the most important decisions a person can make in his or her life. Buying a place to live is hard work, and the necessary steps must be taken to avoid costly mistakes.
Signing a Buying and Selling Agreement with your real estate agent is usually followed by a review of the Real Estate Lawyer and Agreement. Some of the most important information in the Purchase Agreement is found in the Agreement Schedule(s), which will usually contain binding and applicable terms. The sooner you submit your signed agreement to an attorney, the more likely you are to meet the terms of the agreement and avoid violating any of the terms or by ignoring the situation in which the other party violates the terms of your favour. We are happy to assist you with “Law Wise” in all the steps with affordable solutions to all your needs.
You May Be a First Time Home Buyers
To qualify as a first time home buyer you cannot own a property anywhere in the world. If there is more than one person in the article and one of you qualifies while the other does not, please contact us. We will help you LAWWISE, with your personal circumstances.
You can arrange a mortgage through a lending facility such as a bank or seek financial assistance from your friends and relatives. In any case it is the buyer’s responsibility to meet the requirements of the lender. We also need your bank / lender to submit mortgage instructions to our office. Such instructions are required in order for us to register your mortgage on your ownership and the bank in order to make a deposit to our firm on your closing date.
For buyer who plan to mortgage through friends and relatives, they are advised to have a written agreement with the attorney’s office stating all the required details and the lender should seek independent legal advice.
Title insurance covers you financiallyin case happens any title issues. If you have a title insurance policy, most non-title searches are not required. The cost and effort of such a search without a title is removed from the purchase process.
Title insurance protects homeowners and their mortgage lenders from any loss from property ownership or title. Having a title insurance does not eliminate the need to search for title search and title opinions to your real estate attorney.
Law Wise can help you obtain the title insurance policy that is right for your property.
An insurance obligation is must for your transaction closing. Fire insurance is required of your lender and your attorney will not receive mortgage loans without your insurance obligation. You will be given instructions on what information is required for the fire insurance binder. Your lender should be recognized as a loss payee. Home insurance should be the full guaranteed replacement just before closing. The policy must be activated on the closing date.
Real Estate Closing Adjustments & Closing Funds
Adjustments are payments made by a residential property seller i.e. prepaid property taxes that may have been paid by the previous owner for the entire year. We require the seller’s attorney to provide us with a Statement of Adjustment (which is the amount owed by the seller for repairs such as property taxes and condo expenses (if any)) and the net mortgage advance from your lender. Once we have been given these two figures we can give you the exact final figures and how much it costs to close the transaction. The buyer must arrange for guaranteed checks or bank drafts on closing costs are required BEFORE the closing date will be credited to our trust account.
Residential Property Post-Closing
Following the release of the mortgage by the lender and the exchange of documents between lawyers, the deal is closed and the keys are released. Processing of all legal and paper work takes time and if you plan to enter on its closing date it is advisable to do so after 6 p.m. It is best to move the day after closing to avoid any additional travel costs in case the delayed closing.
Moving to a condominium may require special arrangements before moving. Make sure you contact management in advance.
Residential Property Closing Report
Once we have closed your residential property transaction and registered you as the new owner you will receive an email confirming that your deal has been closed. Attached to this email will be your closing report and your legal Deed and mortgage.
Sale of a Residential Properties
The sale of residential property is complicated transaction, hiring a qualified Real Estate Attorney will help you go through this process of selling better and ensure the protection of your legal interests.
We will need some documents to prepare your sales file for closure. This would be done several days before the closing date. You can e-mail, fax or manually deliver copies of the required documents including, details of existing mortgages, ownership documents such as deed of transfer, property bills and receipts, all tax debts andsurveyfor houses only and not condominiums.
Selling a matrimonial home requires that the sale of the residue be paid to both spouses even though the property may be in the name of one spouse. This law applies to only matrimonial. Any property purchased for investment will not be treated this way, and no partner approval will be required for the sale. In the event that one spouse is the registered owner and seller of the matrimonial home, the other spouse may grant written consent to close the purchase to the buyer. The consenting partner is also recommended to seek independent legal advice before granting his or her consent and declaration.
If more than one person is a registered owner and is selling the property, they will need to provide a written confirmation of how the sale proceeds will be distributed.
Cancelling The Fire Insurance
Only after completion of the sale transaction, you can cancel your fire insurance policy on the property being sold.
Other Important Issues
Use of the power of Attorney for sale, Sale by non-residents of Canada, Notifying all utility departments, payment of all bills, expenses, and taxes before closing. Your Real Estate Lawyer will adjust for any prepaid payment covering the days beyond the closing. Law Wise will help you sail through all the stages smoothly.
Real EstateClosing Arrangements
You will need to hand over one key at least for the property being sold at the meeting to your Lawyer. Two identifications will be needed for our record, out of which one has to be a valid government photo identification card and should be valid on the date of closing. Closing documents need to be signed in the office of your Real Estate Lawyer.
How We Can Help
At Law Wise, our experienced Real Estate lawyers understand your specific circumstances and provide tailored and customized solutions for each of them. We ensure prompt communication and a professional approach to achieve successful outcomes for you.
Feel comfortable interacting with us. We speak languages like English, Urdu, Hindi and Punjabi.