DOES THE LAW REQUIRE ME TO HAVE A REAL ESTATE LAWYER WHEN PURCHASING OR SELLING A PROPERTY IN ONTARIO?
The answer to this question is a resounding yes. In fact one of the most important people you’ll work with when completing your real estate transaction is your real estate solicitor.
Role of the lawyer when acting for the purchaser:
- Reviews the Agreement of Purchase and Sale and all other legal documents
- Makes sure that there aren’t any claims listed against the property
- Arranges for Title Insurance
- Makes sure that you have valid title upon closing
- Ensures the property taxes are up to date
- Calculates the land transfer tax due upon closing
- Draws up the mortgage documents
- Closes the transaction and ensures all legal and financial requirements are met
- Exchanges keys and the legal documents with the seller’s lawyer
Role of the lawyer when acting for the seller:
- Reviews the Agreement of Sale and other legal documents before you sign
- Prepares the deed to your home
- Deals and remedies title issues as they arise
- Closes the transaction
- Makes sure all legal and financial requirements are met
- Exchanges keys and legal documents with the buyer’s lawyer
What should I look for in a real estate lawyer?
You should always strive to find a lawyer that’s the best fit for you and who is most competent to complete your transaction. Here are a few things you can do when shopping around for a real estate lawyer:
- Make sure they are experienced with the type of property you are purchasing/selling
- Ensure they are competent in real estate law
- Check their reviews and their website
- Try meeting with them in person or virtually and discuss your questions or concerns before making your decision.