Toronto Real Estate Lawyer
For many people, a real estate transaction is the most important financial transaction of their lives and it’s essential to have effective legal representation.
At Parsons Law, your transaction is handled with the highest degree of care and attention to detail from signing to closing. Lead lawyer Kent Parsons personally handles each file and keeps you informed at every stage.
Parsons Law can assist you with...
Buying and Selling Property
How Real Estate Transactions Work
A real estate transaction begins with the creation of an Agreement of Purchase and Sale, which is a legal contract between a buyer and a seller of a property. This initial step is usually handled by real estate agents, although it can be beneficial to involve a lawyer at this early stage. Once the Agreement of Purchase and Sale is formed, the buyer and seller each need to retain their own real estate lawyer to represent them in the transaction.
What do I need to do as a buyer?
Whether this is your first property purchase or your third, buying a home is a big process and it can feel very overwhelming.
Parsons Law is here to support you throughout the buying process, clearly answer your questions, and make the process as seamless as possible.
Here are the three major steps you will need to take during the home buying process.
Secure Your Mortgage
Once you’ve sent your lawyer the Agreement of Purchase and Sale, ensure you have sufficient funds available for closing and work with your lender to secure your mortgage.
Arrange for a suitable home insurance policy to begin on your closing date. This is also a good time to set up required utility accounts.
Review & Sign
Meet with your lawyer to review and sign documents. Ideally visit the property shortly before closing to ensure there has been no damage to the property and the previous owners have not left belongings or garbage.
Get our What Do I Need to Do as A Buyer? checklist
The Buyer's Lawyer
The buyer’s lawyer examines the legal title of the property and ensures that there are no title-related problems. In cases where problems are found, the buyer’s lawyer ensures that they are resolved prior to the completion of the transaction.
The buyer’s lawyer also manages the financial aspect of the transaction on behalf of the buyer. This includes collecting the balance of the down payment and closing costs, receiving mortgage funds from the buyer’s mortgage lender, transferring the funds to the seller’s lawyer, and remitting land transfer tax to the Ontario government.
At the closing of the transaction, the buyer’s lawyer registers the “transfer”, transfers the registered title to the property into the buyer’s name, and registers the buyer’s mortgage on the title. The best part of a buyer’s lawyer’s job comes next – advising the buyer that the transaction has closed and they may now head to their new property!
Parsons Law would be honoured to support you in buying your next home. Get in touch today for a consultation.
What Do I Need to Do as a Seller?
Selling a home can seem like a complicated process. From disclosure obligations to buyer conditions and requests to what happens if a sale doesn’t close due to deficiencies in an inspection, selling property can feel very intimidating and overwhelming.
Parsons Law has the track record and experience to ensure a smooth transaction and make sure all requirements are met while selling a property.
Here are the four major steps you will need to take during the home selling process.
Provide Your Documents
Provide your lawyer with your most recent property tax bill, any statement of account for your mortgage, and a land survey of your property (if available).
Cancel Services & Transfer Rentals
Notify your utility companies of your closing date and cancel services. Determine if there are any rental contracts, such as for a water heater, that the new owner will need to take over. Cancel any automatic payments for equipment rentals, maintenance fees, and taxes. Schedule the cancellation of your home insurance, but ensure it is not effective until the next business day after your planned closing date.
Review & Sign Your Documents
Meet with your lawyer to review and sign documents. Ensure you are delivering the property to the buyer in the same condition it was in when the buyer agreed to purchase it. Be sure you have complied with any special provisions included in your Agreement of Purchase and Sale.
Move Out of the Property
Remove all furniture and personal belongings from the property prior to your closing date (or early in the day on your closing date). Leave behind any items specified in the Agreement of Purchase and Sale. Don’t leave behind any garbage or junk. Arrange for the keys to be left in a lockbox on the property and provide the access code to your lawyer.
Get our What Do I Need to Do as A Seller? checklist
The Seller's Lawyer
The seller’s lawyer receives the closing funds from the buyer’s lawyer, pays out the seller’s mortgage, and ensures that the seller’s mortgage is discharged from the title. The seller’s lawyer then transfers the net proceeds of sale to the seller.
The seller’s lawyer will also respond to and deal with any title problems or other issues raised by the buyer’s lawyer. It is very common that a buyer’s lawyer will raise an issue prior to closing which requires a careful and skillful response by the seller’s lawyer. In some circumstances, the seller’s lawyer may also advise the seller on potential disclosure obligations or suggest ways to protect them from future liability.
Parsons Law would be proud to support you in a seamless real estate transaction. Get in touch today for a consultation.
Experience Makes the Difference
You deserve a seamless transaction.
Contact Parsons Law today to discover how we can make your real estate transaction worry-free.