1. Reviewing the Agreement of Purchase and Sale
The Agreement of Purchase and Sale (APS) is a crucial document that outlines the terms of your property purchase. At Simply Legal, we meticulously review this agreement, ensuring that all terms are fair and protect your rights. We also address any ambiguities or unfavourable clauses before you sign.
2. Title Search and Title Insurance
Our team conducts a comprehensive title search to ensure the property is free from any encumbrances, such as liens or unpaid taxes, that could affect your ownership rights. We also arrange title insurance for additional protection, giving you peace of mind against unforeseen title disputes or claims after closing.
3. Mortgage Registration and Funding
Simply Legal works directly with your lender to prepare and register the mortgage documents, ensuring your mortgage is legally secured. We manage all communication with your lender to guarantee that the funds are available on closing day.
4. Adjustments for Property Taxes and Utilities
Financial adjustments are critical to a fair transaction. We calculate prorated property taxes, utility bills, and other costs to ensure that you only pay for the period after you take ownership. This step is crucial in avoiding overpaying for expenses incurred by the seller.
5. Ensuring Vacant Possession
The lawyer collaborates with the other party’s attorney to ensure the property is vacant, in the agreed-upon condition at closing, and meets all necessary requirements. Whether you’re moving into a condo, townhouse, or detached home, we rely on the seller to follow the terms of the agreement, including the removal of personal items and debris, as well as any information provided by the seller’s lawyer.
6. Finalizing the Closing Process
On the closing date, we handle the final legal steps, including the exchange of funds, registration of the deed, and transfer of keys. We ensure that all documents are legally binding and that you take possession of the property without any last-minute issues.
In Ontario, hiring a real estate lawyer for closing is essential to navigate the complexities of your transaction. We ensure your rights are protected while handling critical tasks like title searches and mortgage documentation. If issues arise—such as title disputes or discrepancies in the Agreement of Purchase and Sale—we’re ready to resolve them promptly. With our support, you can confidently complete your property transfer.
Our team works tirelessly to ensure that every step is handled efficiently, so you can focus on the excitement of owning your new home.
Navigating the complexities of buying a home in Ontario can be daunting, but with our dedicated legal guidance, you can confidently complete your property transfer. Let us help you protect your rights and ensure a smooth transaction.
Disclaimer: The content on this website is for general information only and does not constitute legal advice. For specific legal issues, contact Simply Legal or your own counsel. Simply Legal makes no guarantees about the accuracy, completeness, or reliability of the information provided. Content is current as of its publication date and may not reflect recent changes.
