What does your Real Estate Lawyer do for you Ontario PPS Law
Are you a Buyer?
Your real estate lawyer will ensure the successful transfer of ownership, outlining the terms of your Agreement of Purchase and Sale (APS) and convey you a clear title to the property. Your real estate lawyer will assist you in reviewing your Agreement of Purchase and Sale and other legal documents. He will perform title searches, ensure no claims are listed against your title to the property, arrange for your title insurance, ensure payment of property taxes, ensure you have a valid title upon closing, calculate and pay your land transfer tax due on closing. If you have arranged for your mortgage, receive mortgage instructions, receive mortgage funds and also act on behalf of the bank, drawing the mortgage requirements and completing documentation on their behalf, close the transaction and ensure all legal and financial conditions are met, co-ordinate with the seller’s lawyer to exchange documents and keys.
Are you a Seller?
The primary role of the seller’s lawyer is to ensure mortgage payout and smooth transfer of the property’s title. The role includes reviewing the APS and other legal documents, assist with negotiating terms and conditions, preparation of the deed to your house, handle and remedy title issues, close the transaction, ensure all conditions (financial and legal) are satisfied and finally co-ordinate with the buyer’s lawyer to exchange documents and keys.
When do you need a real estate lawyer?
You may need a real estate lawyer at the earliest instance possible in your real estate transaction. Your lawyer will have access to the provincial electronic land registration systems (teraview and teranet). While your standard form agreements are made by your realtor, a lawyer can assist you in amending them. Your lawyer will assist you in securing your title insurance as well.
Do not wait for a complication to arise. When your property is appraised at a lower value than agreed, your lawyer can help you negotiate and explore different avenues.
Can one lawyer represent both the buyer and the seller?
There is only a few exceptional scenarios where a lawyer can represent both a buyer and a seller. This is not the case when you’re buying or selling with the role of a mortgagor, in such as a case your lawyer is also your’ mortgagor’s lawyer.
How can PPS LAW PROFESSIONAL CORPORATION help you?
If you require further assistance in the above matter, please contact us. We are Immigrant-founded, multilingual and accommodating to cater the needs of all walks of life including the working-class community. As experienced professionals, we have been successfully assisting clients in this matter to their satisfaction. Contact us today.