Proper management of your real estate transaction is essential to avoid unexpected complications that can arise because certain issues were overlooked or misunderstood. Many of these unforeseen issues can be averted if there is effective communication with the various parties in a residential real estate deal. Our Toronto real estate lawyers have wide experience with the parties to a transaction, including:
- Buyer or seller
- Attorneys for the parties
- Real estate brokers
- Mortgage brokers
- Condominium management association
The review and drafting of closing and all other necessary documents should only be done by highly experienced legal professionals. You can expect one of our Toronto real estate lawyers to review and draft these and any other essential documents:
Agreement of Purchase and Sale
This is the legal agreement that sets out the material terms of the transaction, such as sales price, deposit, preconditions, and special arrangements or warranties.
We will ensure that these documents are properly and accurately drafted and completed including the title search and title insurance.
Recording Documents with the Local Government and Collecting Fees
This includes the Land Transfer Tax and Government Registration Fees
Final Statement of Adjustment
Certain expenses associated with home ownership such as realty taxes and condo fees must be reconciled between seller and buyer and are prorated based on the time of year when ownership is transferred. If it is a new home, there will adjustments for hookups such as water, gas and hydrometer. There are likely other expenses that were previously agreed upon.
Mortgage registration is accomplished by the buyer’s attorney. A Letter of Instruction is sent by the lender regarding the closing and what is to be included in the attorney’s Report on Title.
Report on Title
This document contains the results of the title search that should reveal whether any liens, taxes or other restrictions exist that could constitute a cloud on the title, as well as easements on the property, the property insurance, and the applicable title insurance.
Condominium Sales Agreement
There are different documents for condominium sales such as a Status Certificate for the unit you are purchasing, financial statements, recent reserve fund study, budget for the year, and the by-laws, rules, regulations, and other provisions pertaining to the condominium complex.
Closing Documents and Sale
Before the closing date, the purchaser or seller needs to sign all relevant documents at the attorney’s office. These include among others:
- Deed and sale documents
- Payment of taxes and utilities up to the day of closing
- Affidavit confirming that the buyer is not a non-resident of Canada
- Statement that the sale is exempt from GST as sale of a used residence
- Declaration of possession
At the closing, all documents are reviewed and payment of the sales price is made. The deed is released to the buyer for registration. The purchaser’s attorney notifies the city of the change in ownership.
As a pioneer in this field of finance, our legal team is able to understand firsthand the needs of this fast growing community. Speak with a member of our team from Affinity Law today to learn more about our products developed and approved by an independent Shariah Advisory Board.