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Real Estate There are many details to be attended to in a real estate transaction. The Purchaser's Lawyer provides an opinion that the Purchaser has received a good and marketable title to the property being purchased. To that end, much more is involved from the legal perspective in a purchase transaction (contrasted with a sale transaction) including search of title, requisitions on title, checking for liens/encumbrances, zoning requirements, tax certificates, surveys, arranging for closing, review of draft documentation from vendor's lawyer, prepare the new mortgage and all related security documents if applicable, attendance at Land Registry Office, etc. First time new homebuyers may qualify for a refund of the Provincial Land Transfer Tax - the largest disbursement in a purchase. Please see the Land Transfer Tax Calculator - Toronto Land Transfer Tax recently added. A sale requires an equal amount of careful preparation however a title search is usually unnecessary. In a sale, we protect the vendors interests until the conveyance is completed. Some title searches may have to be completed at the Land Registry Office, tax information is confirmed, obtain a survey (real property report), prepare land transfer documents, calculate adjustments for closing, arrange the terms for closing with the purchaser's lawyer, verify mortgage balances and payments, hold money in trust pending the closing of the sale, pay out any outstanding obligations of the seller and discharge financial encumbrances not assumed by the buyer, pay commissions owing to the real estate agents. A simple mortgage transaction may involve as much work as a purchase. We regularly act for borrowers and lenders in mortgage transactions. Whether you are a Buyer or a Seller, have The Law Office of J. Bruce MacNaughton review the Agreement of Purchase and Sale prior to signing. Try Our Amortization Calculator The practice of real estate law has changed dramatically recently. In this (Frontenac) County and adjoining ones there is a rapid move from the Registry System of land registration to the Land Titles System and computerized parcel registration. The Law Office of Bruce MacNaughton have available the latest technology in this area including Teraview title search/registration, Conveyancer document preparation as well as Titleplus and Stewart Title title insurance. Historically, in this area documents have been registered in the Land Registry office under the Registry Act. Under this system one's lawyer was responsible for 'certification of title'. If an error or difficulty was discovered individuals looked to their lawyer to rectify the problem. Presently, registration of all titles is being transferred to Land Titles. Under the Land Titles Act both the government and the lawyer may carry some responsibility. A new development in real estate law is "Title Insurance" which may provide alternate protection for purchasers of residential homes at a modest expense. Title Insurance covers risk areas that may not be covered by a lawyer's certificate of title such as survey discrepancies, municipal zoning bylaws, etc. Videos are available free of charge to assist you in deciding with your lawyer which method would be best for you. Whether the transaction is simple or complex, staff and counsel at The Law Office of J. Bruce MacNaughton consult with and fully inform clients throughout the closing process. After the conclusion of the transaction, a complete report is promptly provided. |
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