Hire A Lawyer
It is important that you have legal representation for your transaction. Your lawyer will represent your interests and will process the legal documentation. In addition, they will:
- Conduct a title search on the property to determine:
- Outstanding work orders issued by the municipality
- An accurate description of the lawful use of the property
- Restrictions as to the insurability of the property
- Encumbrances, liens, easements, encroachments, or other claims registered on title (for example undisclosed mortgages, rights-of-ways etc.)
- Make requisitions to the seller’s solicitor within the predetermined date set out in the Agreement of Purchase and Sale.
- Arrange with the lender for the transfer of funds when all searches are satisfied.
- Contact the utility companies and the tax department to determine amounts, if any, in arrears for closing adjustments
- Arrange for title insurance on your behalf, to protect you and the lender against defects in the property’s title or zoning.
- Meet with you, 1 or 2 days before closing date to review and sign closing documents (mortgage, deeds etc.)
- Meet with seller’s lawyer on date of closing to exchange documents, funds and keys and register all documents on title.