Does a buyer need a lawyer? If you’re considering buying a house or condo in Toronto, you will need a real estate lawyer to help you through the process. What does a lawyer do when you’re buying a condo? Their primary responsibility is to protect your rights and make sure all the terms of the purchase and sale are met by the seller, so that you can obtain the title to the property. Here’s a more in-depth breakdown of what a closing lawyer does while buying a house or condo.
Check All Documents
One of the most important roles that a real estate lawyer has is to review all the documents prepared by seller’s lawyer to ensure everything is in order. They will explain the documents in detail and ensure key terms such as the deed of trust, settlement statement, disbursements, and loan documentation required by the lender are fully understood by the buyer.
Your lawyer will also review and confirm that the name of the registered owners and legal description of the property are accurate and will investigate any claims or charges registered against the property. They will examine the property survey certificate (if applicable), ensure compliance with warranties, conditions, agreements, and restrictions, as well as ensure that the purchase price includes fixtures and chattels (if that’s what was agreed upon on the agreement).
Conduct a Title Search
The buyer and lender will want a clear title for the condo or home—without this, the sale will become more complicated. After the closing lawyer receives the purchase agreement or a request from a mortgage broker or bank, they will check the title to the property for sale.
The purchaser will need to know if there are any restrictions of use, easements, encroachments, or whether the property is marketable and approved for sale. Your lawyer will check if any liens, judgements, and mortgages exist on the property and ensure that the property complies with zoning bylaws. The title examination also provides the lender’s underwriters a chance to raise concerns with the title’s status.
Review Mortgages and Outstanding Payments
The real estate lawyer will check the status of mortgages the seller has on the property and review the details of the mortgage being obtained. If there are any existing mortgages against the property, they will need to be satisfied at closing for a clear title transfer. Your lawyer will also check that your financing is sufficient and set up upon closing.
Your real estate lawyer will contact the municipal or regional utility departments to ensure there are no outstanding charges and that any outstanding utility accounts have been paid. They will also check that all property taxes have been paid prior to you taking possession of the property or obtain Title Insurance Coverage for this.
Choose Zinati Kay – Real Estate Lawyers for Closing in Toronto
When you hire our team at Zinati Kay – Real Estate Lawyers to help you buy a condo or house, you can have peace of mind knowing that the job will be handled professionally and appropriately. We are a full-service residential real estate law firm, with over 50 years of closing experience. We offer fixed closing costs to our clients when they buy, sell, mortgage, or title transfer their property. We also hire a professional title searcher to conduct title searches and provide a report on Title for our review before closing.
Our reputation precedes us: we have closed over 20,000 real estate transactions and have thousands of satisfied clients to prove it. Want a professional to help you make wise decisions about your home with full transparency about the hidden costs of buying property? Contact us at (416) 321-8267 for more information about our services.