Buying a Property
So, you've found the home that you want to buy. Maybe you've been working with a real estate agent or you went to a sales centre to buy a brand new home.
For many people, a home is the biggest investment that they will ever make.
Are you secure in knowing exactly what you're buying? There is so much involved in buying a home, including drafting the sales contract (called the Agreement of Purchase and Sale), arranging a mortgage, checking the title to the property and arranging to transfer the title into your name(s). You need to be sure that your investment is handled correctly!
Consult your independent real estate lawyer as early as possible in the transaction.
Your real estate lawyer will:
- Review the Agreement of Purchase and Sale and tell you if there are any potential problems with it;
- Provide an estimate of the total cost of the transaction, including the lawyer's fees and disbursements and an explanation of land transfer tax;
- Explain the benefits of a title insurance policy (e.g., a TitlePLUS policy);
- Conduct a title search and some off-title searches for the property you are purchasing and address any issues that they find;
- Work with your mortgage lender to finalize the mortgage that will be registered on the title to your property, so that you can use the money from the mortgage to purchase the property;
- Prepare all necessary documents to transfer the ownership of the home to you;
- Meet with you to review the documents, explain the implications of what you are signing and witness your signature, where required;
- Register the transfer of ownership and mortgage (if applicable) on the title to the property;
- Deliver the keys to you;
- Provide you with a report that summarizes the whole transaction.
Don't just sign the purchase and mortgage documents. Work with your real estate lawyer to make sure that the purchase is done right!