Cynthia has had over twenty-five years experience in real estate law and can assist you with your purchase, sale or mortgage. Cynthia is diligent in performing the searches necessary so that you can enjoy your new property worry-free. Whether you are experienced in the real estate market, or a first-time home buyer, Cynthia can help you through the process in the manner that best suits you.
Real Estate Purchases
Here are the steps in purchasing a property, whether it is a house, vacant land, a farm or other commercial property:
- Agreement of Purchase and Sale. A real estate agent or a lawyer will prepare the Agreement of Purchase and Sale. The Agreement sets out the property, purchase price, and date that you will get possession of the property. It may set out things that you would like included in the purchase price, such as window coverings or appliances. It may include conditions that need to be met before the contract becomes a firm deal. Some examples are obtaining a mortgage, selling your house and getting a favourable inspection report on the house.
- Obtain financing if you do not have sufficient funds to purchase the property. You can arrange a mortgage directly with a bank, or with the assistance of a mortgage broker.
- If the conditions in your Agreement of Purchase and Sale have been met, you will need to waive the conditions. You will do this with your real estate agent, or, if you do not have one, with your lawyer.
- Your lawyer will do the necessary searches and prepare all of the documents required to close the transaction.
- You will need to contact the utility companies and set up new accounts in your name.
- Approximately a week before the closing, you will sign the documents with your lawyer.
- You will need to provide your lawyer with a bank draft for the amount payable over and above the mortgage advance. This amount will include legal fees and disbursements, a title insurance policy, if required, land transfer tax, if applicable, etc.
- The lawyers involved in the transaction will close the deal. Your lawyer will register the deed and mortgage on title.
- You will receive your keys.
- Following the closing of the transaction, your lawyer will provide you with a reporting letter along with a copy of your registered deed and mortgage.
Real Estate Sales
Here are the steps in selling a property, whether it is a house, vacant land, a farm or other commercial property:
- Agreement of Purchase and Sale. A real estate agent or your lawyer will prepare the Agreement of Purchase and Sale. The Agreement sets out the property, the sale price, and the date that you will close the transaction. It may set out things you would like to remove from the property, such as light fixtures, as well as things that the purchaser would like included in the purchase price, such as window coverings or appliances. It may also include conditions. Some examples are the purchaser obtaining a mortgage, selling his/her house, or obtaining a favourable inspection report. Additionally, it may include conditions to your benefit, such as being able to purchase another property.
- Your lawyer will prepare the required documents and arrange to pay out any encumbrances on the property.
- You will need to contact the utility companies and arrange for final meter readings and to change the accounts into the purchasers’ names.
- Approximately a week before closing you will sign the documents with your lawyer.
- On the day of closing, your lawyer will close the deal by exchanging documents with the purchasers’ lawyer, and authorizing the Transfer/Deed to be registered upon receipt of the sale proceeds.
- Your lawyer will pay out any encumbrances, real estate commission and legal fees, and then pay the net proceeds to you.
- Following the closing of the transaction, your lawyer will send you a reporting letter with the accounting of the sale proceeds.
Summary
Let Cynthia help you with your real estate needs, including:
- Residential Purchases and Sales
- Commercial Purchases and Sales
- Farm Purchases and Sales
- Residential and Commercial Leasing
- Mortgages and Refinances
- Easements, Rights-of-Way or Boundary Disputes
- Severances