The majority of new home buyers may not realize the meaning of all of the clauses in an agreement to Purchase or Sale (APS) . For example, one of the most common clauses may allow builders to charge additional unexpected costs for various items and there may be significant delays to the closing dates without any compensation for any of the parties involved. When purchasing a brand new home from a builder, a residential real estate lawyer in Toronto should review the contract to ensure consumers rights are protected. The right representation can help the contract to be negotiated in a way that is fair for everyone.

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Preparing the Agreement of Purchase or Sale

Real estate lawyers in Toronto lend expertise with reviewing various forms for sale and purchase offers through a real estate agent. A lawyer can also assist with the preparation of these critical documents.

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Title Searches

In buying a property, the title search is a required step. This helps to reveal information about the property such as any judgments, liens, current and prior ownership and other outstanding agreements.

Outstanding taxes may be checked and arrangements are made to have the utilities read and transferred on closing and this information is important for anyone engaged in a real estate transaction. You should have clear expectations upfront so that you know how the process will unfold.

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Purchasing New Condominiums

The procedures for buying a condominium are different from a regular home. With two separate closing dates and various rules that must be followed, a prospective buyer should be kept in the loop so that he or she can make appropriate plans.

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Preparation of Documents

Many different documents must be created with any real estate transaction, and a commercial or residential real estate lawyer in Toronto will assemble and prepare all of the necessary paperwork and documentation.

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Mortgage Preparation

An experienced Toronto real estate lawyer will help to represent your interests from the outset of your commercial or residential real estate transaction. The mortgage preparation process includes meeting with you to review the conditions and terms of the mortgage and to ensure that they are in line with what you previously outlined with representatives from the bank.

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Management of Closing Funds

Several days prior to your closing date your Toronto real estate lawyer will meet with you to sign and review any closing documents. It is important to understand what funds will be due on the closing date, like a refund on the prepaid property taxes or a land transfer tax. These funds will be separate from any mortgage funds that are provided by the lender so you need to be aware of these and how they will influence you well in advance.

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Property Closing

Rather than having the deed and mortgage registered in person at your local land registry office, Toronto real estate lawyers can assist you with electronic registration and filing all of the necessary forms in advance.

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No matter what type of transaction you are entering into, you need an experienced Real Estate lawyer who has who can help advise you about what to expect and to answer your critical questions. Don’t wait to schedule an appointment with a Toronto real estate lawyer today.