FAQ
Real Estate Law
What services do you provide for real estate?
We can ensure that you have a purchase or sale agreement that will best suit your needs. We do title searches, register deeds, as well as transfer funds between parties, among other services. We can also check and ensure that the sellers have paid any overdue charges, taxes, or mortgage funds.
What is a purchase and sale transaction?
A purchase and sale transaction occurs when a seller and buyer enter into an agreement as set out by their contract. In real estate, a purchase and sale transaction occurs as the two parties agree to exchange the property at hand to one of the parties. This contract is legally binding for both parties and if one of the parties breaks the contract the other can sue them for damages and costs.
What documents should I bring when purchasing or selling property?
When selling your property, you should bring all mortgage and tax information associated with the property you are selling. Whether you are selling or purchasing, you should always provide us with a list of all of the financial advisors and institutions you used so that we can quickly access you financial portfolio for the needed documentation ahead. Any purchase, sale, or lease agreement should also be brought along with any evidence of payments produced. Ownership documents and photo ID is also requested so that our firm can authenticate documents and follow required procedures.
What costs do I have to worry about when purchasing a home?
Many costs are incurred when purchasing a home. For instance, Land Transfer Tax is determined by the purchase price of your home and can range from the hundreds to the thousands of dollars. Title searches tend to price around $200 while the registration of deeds and mortgages cost $71.30 each. There are also many specific certificates (e.g. tax certificate or water certificate) and each one has a price. In addition to all of the costs mentioned above, title insurance can range from $200 to $400.
What is title insurance?
Title insurance is insurance purchased through a lawyer that protects you against errors, fraud, and other defects that may arise as you gain ownership of your new home.
When do I get the keys to my new home?
You may only receive your keys after the closing date agreed to in the purchase and sale agreement of the home. You can only receive the keys on this date because this is when the title of the new home is transferred to your name.
What is the role of a real estate lawyer in a transaction?
A real estate lawyer provides legal guidance throughout the transaction, including reviewing contracts, negotiating terms, conducting due diligence, ensuring compliance with laws and regulations, and facilitating the closing process. They protect the client's rights and interests and help resolve any legal issues that may arise.
What is a property survey, and why is it necessary?
A property survey is a detailed measurement and mapping of a property's boundaries, structures, and improvements. It ensures that there are no boundary disputes, encroachments, or other issues affecting the property's legal description. A survey is typically required by lenders and can be crucial in avoiding future legal disputes.