Why Consult A Lawyer?

Purchasing or selling a home is one of the most significant and complex financial decisions you will ever make. Whether it is the purchase or sale of your own home or an investment property, a Real Estate Lawyer will provide you with the peace of mind that someone competent is protecting your interests. At Vogel & Company LLP, our Real Estate Lawyers are committed to helping you with this significant transaction.

In order to serve you best, we offer the following services:

• Real estate purchases (residential & commercial)
• Real estate sales (residential & commercial)
• Home refinancing
• Private mortgage registration
• Transfer of ownership
• Real estate contract issues

What We Do On A Real Estate Transaction

Purchase:

1. Obtain a relevant and necessary agreement from the Client and Realtor;
2. Review all relevant agreements to determine the timing and conditions to closing this transaction;
3. Conduct a search of the Title, obtain copies of all relevant registered documents and encumbrances and review them;
4. Determine how the Purchaser wishes to take title to the property (joint tenants or tenants in common);
5. Contact the mortgage lender and obtain the mortgage instructions. Upon receipt, review the instructions and determine if there are any special requirements to be met;
6. Contact the municipal tax authority and obtain current information in order to make the proper financial adjustments;
7. Contact the condominium corporation or homeowners' association (if applicable) and obtain current information regarding any additional fees and special assessments that may be due;
8. Review the Vendor's documents upon receipt;
9. Review the Real Property Report and determine whether there are any compliance issues that need to be addressed before closing the transaction;
10. Prepare all closing documentation including conveyancing and mortgage documentation;
11. Ensure that all of the mortgage lender's conditions and solicitor's obligations are satisfied;
12. Meet with the Purchaser to review and sign all necessary documentation;
13. Obtain the cash difference from the Purchase, (i.e. the certified funds when added to the mortgage proceeds which sufficiently cover all purchase costs);
14. Submit the transfer and mortgage documents for registration at Land Titles Office;
15. Prepare the preliminary report and forward copies of mortgage documents to the mortgage lender and receive mortgage proceeds;
16. Arrange for the payment of funds to the Vendor's lawyer;
17. Prepare an interim report to the Purchaser;
18. Prepare the final report to the Purchaser and mortgage lender which will include copies of documents submitted for registration and a clear Certificate of Title.

Sale:

1. Obtain all relevant and necessary agreements from the Client and Realtor;
2. Review all relevant agreements to determine if the conditions have been satisfied and advise of any potential problems;
3. Conduct a search of the Title to determine which registered instruments need to be dealt with, paid out and discharged from the Title;
4. Obtain the mortgage assumption or discharge statement from the mortgage lender;
5. Review the Real Property Report and determine if there are any complianceissues that need to be addressed before closing the transaction;
6. Prepare the closing documents including Statement of Adjustments (showing the debits and credits between the Vendor and Purchaser for such items as purchase price, municipal property taxes, tenant damge deposit, homeowners' association fee and condominium fees), Transfer of Land, Vendors' acknowledgement of Canadian Residency, Statutory Declaration concerning the Real Property Report, Certificate of Exempt Supply for G.S.T. purposes;
7. Prepare the Statement of Funds received and disbursed (showing debits and credits for such items as cash to close, real estate commissions, property taxes, mortgage payout and other lender required payouts);
8. Discuss and resolve any problems with the Purchaser's lawyer concerning Title problems and accuracy of figures;
9. Meet with the Vendor to review and sign all necessary documentation;
10. Provide docuemtns to the Purchaser's lawyer with appropriate undertakings and trust conditions as to payment of funds, discharge of mortgages and other encumbrances to be cleared from title;
11. Receive funds, pay mortgages and other items from the sale proceeds and pay the balance to the Vendor as directed;
12. Prepare and forward the mortgage and other encumbrance discharge documents to the Land Titles Office for registration;
13. Report to the Vendor;
14. Report ro the Purchase's lawyer which will include a clear Certificate of Title.

Please Note That Unless Specifically Instructed To, We Will Not:

• Advise you concerning the enforceability of your real estate contract;
• Obtain a Real Property Report;
• Guarantee that any rental accomodation complies with municipal and provincial requirements;
• Review the Condominium By-laws and Minutes of the Condominium Association for the property you are about to purchase;
• Make any inquiries or warranties as to the quality of the premises you are purchasing;
• Offer advice concerning the applicability of G.S.T. legislation on your transaction;
• Provide you with the keys to your new home;
• Arrange for your home insurance and utilities.

Things to Consider As You Buy Or Sell Your Property

Here is a list of important matters that you should address during the purchase or sale process:

• Have you informed the municipality of the change in ownership for the purpose of updating the property taxes?
• Have you called the utility companies to set up, cancel or transfer your accounts?
• Have you paid the current condominium fees? When are they due?
• Is there a special assessment due and owing to your condominium Board?
• Do you have to pay homeowner's association fees? When are they due?
• Do the names on the Title match the names on the mortgage?
• Will you require interim or bridge financing between the purchase of your new property and the sale of your previous one?
• Have you obtained a home inspection for the property you are about to purchase? Is it satisfactory?
• Do you have a recent Real Property Report depicting any additions you may have made to your home since your initial purchase (such as new decks, shed, etc.)
• Have you reviewed the Condominium By-laws and Minutes of the Condominium Association for the property you are about to purchase? Are they satisfactory?

Conclusion

This pamphlet gives you a brief overview of the legal process involved in your real estate transaction. If you are purchasing, selling, refinancing or otherwise dealing with your property, our Real Estate lawyers would be pleased to speak with you.