Real Estate Law | Purchase And Sale
It depends on which province you are in. In Ontario, it’s required to have a lawyer do the transfer. In other provinces, it is simply a good idea.
Involve the lawyer as early in the process as you can.
It depends on the situation. You will ask the lawyer this during the consultation.
The lawyers often first want to find out how is the insurance representative and the mortgage rep. The real estate law firm needs to know who everyone is that is invoved.
The title search happens at the land registry office. And these exist all across Canada. There are around 70 registry offices throughout Ontario. Everything is done electronically.
The first step is to make sure the seller actually owns the property. It’s very rare that there is a problem. But it does happen from time to time. Fraudsters are attacted to real estate. Sometimes someone dies and is still on title. So even if there is no fraud, there might be something that needs to be changed before the real estate transaction can complete.
The most important things the real estate law firm is looking for is:
Sometimes your property will have an easement on it. It’s important that you know this before buying the property. Telus might have an easement from the government to come onto any property. This will probably be to do work on the phone lines. The company that manages your electricity will also be able to come onto the property to make improvements on your electrical lines.
You need to be aware of where the easements on your property are. They are not usually a problem, but they can be if you don’t understand what you are signing up for. Normally they operate on the sides of your properties, not in your house. Also, if you want to build a pool, you need to make sure it doesn’t interfere with the easement.
Real estate law lawyers need to get involved before the deal is set in stone. It’s better to speak to a lawyer while the deal is still conditional. If your lawyer wants to change something, it’s going to be hard once the deal is set. Further, the other side will have to agree to “re-open” the agreement. Therefore, it’s important to engage the lawyer as soon as possible.
Read more about real estate law: Selling Or Buying A Home
When the deal is conditional, if your lawyer finds something bad, you have two options. Firstly, you can try to address the problem with the seller. If the purchase price needs to be adjusted, you can put in your request. If the seller agrees, then everything is fine. Secondly, if the seller is no willing to re-negotiate, you can simply walk away. If you have thirty days to close the property and 5 days to remove subjects, give your lawyer time. Further, don’t start speaking to a lawyer five days before the subjects must be removed.
The real estate agents should give the lawyer a few weeks before closing to get all the work done. And again, it’s better if the deal is still conditional while they search the title and property. However, this very rarely happens.
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