You will need the services of a lawyer a few times in your life, and none is more important than when you’re looking to buy your new home. The real estate market is still growing, especially in Toronto, and there are a lot of things you need to do in the process of buying a house. It’s not a clear-cut process – a real estate lawyer, along with your real estate agent and mortgage broker – will ensure the process is a smooth one.
A real estate lawyer is another member of your team, whether you’re buying or selling a home, business or property. They will tick items off of your checklist one by one: land transfer taxes, title insurance, and deed search. It may seem foreign to you, but your real estate lawyer will take the legal pressure off of you and explain the details of what is involved in purchasing a property.
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Part of that process is conducting one of many to ensure that nothing will hinder the purchase, including any existing mortgages and liens, rights-of-way and encroachments. They will then prepare the legal documents required for the purchaser and vendor to sign, the mortgage documentation and outline any problems. The final step comes when you meet with them to sign the closing documents and arrange to transfer the funds to the seller. That’s when they will register your title and any mortgage.
If it sounds like a lot of work, you’re right. Imagine maneuvering through the legal path yourself. Not only is there the paperwork, but it’s often confusing if you are not well-versed in the legal jargon necessary in drawing up this paperwork. That’s where your Toronto real estate lawyer steps in – to explain the process in layman’s terms and ensure all the i’s are dotted and t’s are crossed.