Are you a first time homebuyer or would like to sell your home? Real Estate transactions can be daunting to many. It involves several processes and many documents to prepare, review, and sign. It is imperative to have a Real Estate Lawyer with you.
What is the Role of An Attorney?
According to the Canada Mortgage and Housing Corporation (CMHC), a real estate lawyer:
I. Should be working or living in the area of interest;
II. Understand the laws, regulations, and restrictions of real estate;
III. Offer you acceptable and realistic fees;
IV. Be willing to explain to you what you may not understand
Your Real Estate Attorney will be tasked with the oversight of:
- Home Owner Title Insurance: This insurance will cover if a dispute arises over the ownership of the property. It also complements the work of your attorney during the Title Search process.
- Remaining Down payment: The deposit that you make when you sign the Offer of Purchase and Sale goes towards your down payment on the property. If the deposit isn’t enough, then you will have to provide your attorney with the balance.
- Title Search: Before you make a deposit toward a property or even sign an offer, you have to confirm ownership of the property and check for easements. You should only append your signature if the home is what you want.
- Property Transfer Tax: Before the closing date, you need to pay a certain amount of tax towards the purchase of the home or land. In Ontario, payments are made to the Ontario Government. Your attorney will ensure that your money gets to the relevant government office.
A real estate lawyer will also help you to negotiate better terms for the offer if need be. They also help with the closing of the transaction.
If you are looking for an Experienced Real Estate Attorney in Ontario, you can contact our office at Aman Law for assistance, guidance, and all of your real estate queries.