When should I contact a Real Estate Lawyer regarding purchasing a home?

As soon as possible. Once our firm is involved, we can start working to protect the purchaser’s interests.  When it comes to buying and selling real estate, the details are important. A fact or item incorrectly set out, or completely overlooked in the original Agreement of Purchase and Sale could develop into a legal dispute between the buyer and seller. Such problems can be avoided by obtaining legal advice from our firm early on in the process.

What information will my lawyer need to close my purchase?

A purchaser will need to provide the following information to our firm:

• Photo Identification – Copies of two pieces of photo identification (driver’s license and passport) will be required for each purchaser.
• Date of Birth– Our firm requires the dates of birth of all purchasers.
• Agreement of Purchase and Sale– A copy of the agreement should be forwarded to our firm.
• Name of the Mortgage Lender – It is common on home purchases for the lawyer to perform certain legal services for the mortgage lender e.g. giving the lender a legal opinion on the title the purchaser will hold and ensuring the lender will have a valid mortgage on the property according to the mortgage agreement.
• Inspection Report– A copy of any building inspection report that the purchaser may have received if required as a condition of your title insurance policy.
• Address for Service– The address that will be registered on the deed for future contact. Usually this is the address of the property in question, but it may be a different address if the property is being purchased as an investment property.
• Title– If there is more than one purchaser, you will need to instruct our firm whether the title will be taken as joint title or tenants-in-common.
• Property Insurance – As a condition of the mortgage, the lender will require that property insurance be in place on the closing date. The purchaser’s insurance agent must send to our firm a certificate of insurance or binder letter showing that the insurance is in place and that the lender’s interest is noted on the property.
• Closing Funds – On or before the date of closing, the purchaser will need to provide our firm with sufficient funds to complete the purchase by certified cheque, bank draft or money order. These funds include the balance owing to the vendor as well as land transfer tax and any other required adjustments such as property taxes or fuel oil. The lawyer will contact the purchaser prior to closing to provide the exact amount required.