03 Nov Role of a Real Estate Lawyer When Buying a Home

Role of a Real Estate Lawyer When Buying a Home

Purchasing a home is an exciting time, it can also be a time of stress, as it is one of the biggest investments you will make. Just as it is important to ensure you have the best realtor to assist you in the purchasing process, it is equally as important to select a good real estate lawyer who represents your best interests in the closing of the deal. Your lawyer will help with multiple aspects of both buying and selling real estate. 

The areas a real estate lawyer may assist you with include:

• Review the purchase agreement and any related documents if necessary. If a newly built property, your lawyer will review the builder’s purchase agreement.
• Request and review a condominium or association’s status certificate documents, including rules and regulations.
• Provide legal advice on warranties, or other legal implications.
• Answer legal questions.
• Advise on zoning and planning regulations, compliance issues etc.
• Complete a title search of the property you are purchasing and check for liens and possible issues to ensure good title.
• Explain title insurance options and arrange it.
• Prepare and provide the Statement of Adjustments, in doing so ensure property taxes are up to date, review any prepaid items by the Seller such as condo fees, special assessments, utility & fuel bills.
• Calculate land transfer tax on the property and other costs of purchasing the property, i.e. registration costs, due on closing.
• Check mortgage documents and review insurance binder letter.
• Registering the transfer in your province’s land registration system or land registry office.
• Facilitate the transfer of funds and keys.
• Assist if any issues that come up on closing.

The Ontario Bar Association provides more information on the role of a lawyer and also outlines the options available for assuring good title of the property you are purchasing. See the brochure here.

We are always happy to assist and answer your questions or discuss the Ottawa market with you. We are experienced real estate agents in the greater Ottawa area with the expertise to help you find a home in the neighbourhood of your dreams!