Where do I sign my closing documents?
We use Docusign for all closing documents – so that the process is identical to when you signed the purchase or sale documents with your realtor.
Where / how do I pick up my keys?
On closing day, the keys (and fobs, if applicable) are swapped by the realty brokerage’s lockbox. This saves you the time to come pick them up from our office and you can head right in.
What disbursements apply to my closing?
The usual disbursements are items like the title search, writs of execution (also known as judgments given to creditors), small banking fees, potential corporate searches, and things like that. We keep disbursements as slim as possible and do as much as we can in-house, so that your money isn’t going to third parties for actions that we can easily take internally.
How do I provide my funds for closing?
The most common way to provide funds is by bank draft or certified cheque, which you obtain from your own bank, and then that gets deposited directly into our trust account for safekeeping. The other option is to have your bank send a wire transfer into trust, if that is available to you. We only require your funds 1 or 2 business days before closing – so there is no rush on that front.
What is an insurance binder?
An insurance binder is a temporary document issued by an insurance company that serves as proof of insurance coverage until the actual insurance policy is issued. The binder includes essential details such as coverage limits, the effective date, and the types of coverage provided. You can get this document from your insurance company. It is required to close your real estate purchase transaction. Once the formal insurance policy is issued, it replaces the binder.
What mortgage instructions do I need from my bank/lender?
You’ll speak with your mortgage broker or representative from the bank, who prepares your mortgage for you at that level. Once your file is complete with at the pre-funding stage, the bank sends us instructions so that we can get things finished up on the legal side of things.
What documents can I expect when we close?
This varies depending on whether you are buying, selling, or refinancing, but most documents simply confirm that you’re the lawful owner (or incoming owner) of the property and covers items like taxes, names to go on title, any ancillary payments to be made in your name, etc. Don’t worry – we explain everything in detail so that you are 100% confident in what you’re signing. We don’t let you try to interpret the legalese alone.
What is the role of a real estate lawyer in a home purchase in Ontario?
A real estate lawyer in Ontario plays a crucial role in ensuring a smooth and legally sound home purchase. They review contracts, conduct title searches, facilitate the transfer of funds, and handle various legal aspects to protect your interests. Given that this is one of the most important transactions that you will have throughout your life, you want to be in capable, responsive hands.
How does the home buying process work in Ontario?
The home buying process in Ontario involves finding a property, making an offer, conducting due diligence (inspections, financing), signing the Agreement of Purchase and Sale, and eventually closing the transaction. Our lawyers can guide you through each step.
What are the key legal considerations when purchasing a home in Ontario?
Legal considerations include title searches, zoning regulations, land transfer taxes, and ensuring the property complies with local bylaws. Your lawyer will address these issues during the transaction.
What is the difference between freehold and condominium ownership in Ontario?
Freehold ownership grants you full control of the property and land, while condominium ownership involves shared ownership of common areas and adherence to condo corporation rules and fees.
What are the costs associated with buying a home in Ontario?
Costs may include legal fees, land transfer tax, property inspection fees, appraisal fees, and more. Our lawyers can provide a breakdown of these costs so that you understand every single penny involved.
How does the land transfer tax work in Ontario?
In Ontario, you're required to pay a land transfer tax when purchasing a property. The amount depends on the purchase price and whether you are a first-time homebuyer.
Do I need a real estate lawyer for a new construction home purchase?
Yes, it's required to have a real estate lawyer for new construction purchases. They can review contracts, ensure compliance with Tarion warranty requirements, and protect your interests.
What is a title search, and why is it important in a home purchase?
A title search is a review of public records to confirm the seller's legal right to sell the property and to uncover any potential issues like liens or claims. It's vital to ensure a clear title before buying.
What is the Agreement of Purchase and Sale, and what should I look for in it?
The Agreement of Purchase and Sale is a legally binding document outlining the terms and conditions of the transaction. Key elements include the purchase price, deposit, closing date, and any special conditions. Our team can help you understand and negotiate these terms.
Can a real estate lawyer help me negotiate the terms of my home purchase?
The vast majority of time, it’s your real estate agent that negotiates the terms of your purchase. But, now and then it’s necessary to rope in a lawyer prior to the contract becoming a firm deal. So, yes, our lawyers can assist in navigating special terms or conditions that may be involved in your purchase.
What is the cooling-off period in Ontario, and when does it apply?
The cooling-off period in Ontario typically applies to new home purchases from builders. It allows buyers to cancel the agreement within a specified period (usually ten days) after signing without penalty. This gives buyers time to review the contract and seek legal advice.
How does the home inspection process work, and is it legally required?
A home inspection is not legally required but is highly recommended. It involves hiring a professional inspector to assess the property's condition and identify potential issues. It helps you make an informed decision about the purchase.
Can a real estate lawyer assist with financing options for my home purchase?
Yes, our lawyers can provide guidance on financing options, review mortgage documents, and ensure you understand the financial aspects of your home purchase.
What is the Tarion Warranty Corporation, and how does it affect new home buyers?
Tarion Warranty Corporation provides warranty protection for new home buyers in Ontario. It covers defects in work and materials and ensures that builders fulfill their warranty obligations. Our team can help you understand the Tarion warranty process.
Are there specific rules for purchasing a property in a rural area in Ontario?
Yes, purchasing a property in a rural area may involve unique considerations, such as septic systems, well water, waterfront properties, and zoning regulations. We can help you navigate these specific issues.
What are the common issues that can arise during the closing process?
Common issues during the closing process can include delayed financing, title issues, outstanding property tax payments, and disputes between parties. We’ll be able to help resolve these issues ahead of time to ensure a smooth closing.
How does the process of transferring utilities and services work in a home purchase?
Transferring utilities and services typically involves notifying service providers, such as water, electricity, and gas companies, of the upcoming transfer. Our team notifies the municipality about the change of ownership for property taxes, but it’s up to you to set up your own utilities.
How does the Residential Tenancies Act apply to residential real estate purchases?
The Residential Tenancies Act primarily applies to rental properties. However, if you're purchasing a property with existing tenants, it's essential to understand their rights and obligations under this act.
Can a real estate lawyer assist with property disputes or boundary issues?
Yes, we can help resolve property disputes and boundary issues, including disputes with neighbors or encroachments.
What are the implications of purchasing a property with a shared driveway or common elements?
Purchasing a property with shared elements may involve shared maintenance costs and responsibilities. Our lawyers can help you understand these implications and review relevant agreements and responsibilities.
Can a real estate lawyer help with the review of condominium bylaws and regulations?
Yes, our lawyers review and explain condominium bylaws and regulations to ensure you understand your rights and obligations as a condo owner, especially if your purchase agreement requires solicitor approval of all of the condo documents.
Are there any specific legal considerations for purchasing a heritage property in Ontario?
Yes, purchasing a heritage property may involve additional legal considerations related to preservation and restoration. We can advise on how all of that works.
How can I protect myself from real estate fraud in Ontario?
To protect yourself from real estate fraud, work with a reputable realtor and lawyer, verify the identity of all parties involved, and conduct due diligence, such as title searches and background checks. Every transaction that we work on also includes title insurance, so that you have maximum protection against fraud.
What is the process for closing a real estate transaction, and what documents are involved?
The closing process involves signing various documents, such as the direction regarding title, mortgage documents, and approving the statement of adjustments. We will ensure all necessary documents are properly executed and recorded, and that you’re never left with any unanswered questions.
Can a real estate lawyer help with the registration of a mortgage or lien on the property?
Yes, we can assist with registering a mortgage or lien on the property, ensuring it's properly recorded in the land registry office.
How do I qualify for the first time buyer land transfer tax rebate?
To qualify as a first time home buyer, you must be at least 18 years old, and you cannot have owned property anywhere in the world (if purchasing with others on title, then this requirement applies to all of the individuals). You must intend to occupy the home as a principal residence and you must be a resident of Ontario.