What does a lawyer do? | Ottawa-Orleans Lawyers

By: Ottawa-orleans Lawyers  09-12-2011
Keywords: Mortgage, Lawyer, Keys

Purchases

In a purchase transaction, working in conjunction with your real estate agent, your lawyer will help you negotiate the Agreement of Purchase and Sale. Typical conditions that are inserted to protect buyers are those relating to financing, building inspection, sale of existing home, and if the property is a condominium, the receipt and approval of the condominium status certificate.

Your lawyer will ensure that any other specific concerns are addressed in the Agreement of Purchase and Sale, because if its not in writing, an agreement or an understanding is not legally enforceable (in most circumstances). Once the conditions are met, your lawyer will then search the title to ensure that there are no liens, encumbrances (such as existing mortgages) or other title problems.

The lawyer “quarterbacks” the transaction for you and ensures that your closing, and all of the closing documentation is prepared and delivered in a timely fashion. You will meet with your lawyer a day or two before closing (or earlier if circumstances warrant) to review all of the closing documents and deliver the closing proceeds.

The actual registration of the deed (called a “Transfer”) and the mortgage (called a “Charge”) is done electronically. Your lawyer is a licensed user of the Ontario Teraview Electronic Registration System and the information concerning the legal title transfer is prepared by your lawyer and registered electronically on your behalf. On the day of closing, your lawyer will send the closing proceeds to the seller’s lawyer and, in return, receive the keys.

Once the deliveries have been received by both the seller’s lawyer and the buyer’s lawyer, they will then access the electronic database, exchange passwords, and allow the Transfer (and Charge if applicable) to be registered by the buyer’s lawyer. The actual registration is almost instantaneous, and once done, allows the buyer’s lawyer to release the keys to the buyer.

The one remaining thing for the buyer to do is to come back into the lawyer’s office to pick up the keys. For timing of picking up your keys, please see “When Do I Get the Keys”.

Sales (and Mortgage Refinancing)

As a Vendor your lawyer will assist you in the preparation of the Agreement. Your lawyer prepares the Statement of Adjustments and the Closing Documentation and makes arrangements to pay out all of the existing debts secured against the property. The closing adjustments include all prepaid items such as property taxes, condominium fees or fuel oil.

Your lawyer closes the transaction for you (this is now done electronically - for further information about the process, please see the “Purchases” section above) and ensures that all obligations are paid out of the closing proceeds (such things as the real estate commission, the balance of any outstanding mortgages or secured lines of credit) and then delivers to you - or deposits into your bank account - the net proceeds.

For a mortgage refinancing, the lawyer will search title, meet all the obligations set out by the financial institution in the Mortgage Commitment, prepare the Mortgage, receive the proceeds, register the Mortgage (called a “Charge”) electronically, pay all necessary obligations and deliver, or deposit into your bank account the net proceeds. For a building mortgage, there will be several “draws” and a subsearch of title is required at each stage.

Keywords: Keys, Lawyer, Mortgage

Other products and services from Ottawa-orleans Lawyers

09-12-2011

When do I get the money? | Ottawa-Orleans Lawyers

The usual time to pick up your cheque is mid to late afternoon on the day of closing. As with keys, the money is only released once the transaction has been registered. This depends on a number of factors so don’t count on the proceeds until 5:00 p.m.


09-12-2011

What to expect from us | Ottawa-Orleans Lawyers

As a vendor you expect to receive the full amount of the sales proceeds, less any outstanding mortgages, real estate commission or other obligations to be paid out on closing. As a purchaser you expect to receive good title to your property, free of any liens or claims of others. You expect the home to meet all municipal, provincial or federal requirements. We guarantee that your expectations are met.


09-12-2011

What will it cost? | Ottawa-Orleans Lawyers

Examples of disbursements are the cost to register the deed, the cost to register the mortgage, the cost to search the title, title insurance costs, couriers, clearance certificates, cost to certify cheques, and so on. If you are buying or selling property located in Ontario, Canada, please submit a request for a quote via our quote request for.


09-12-2011

When do I get the keys? | Ottawa-Orleans Lawyers

Monies have to be received from the financial institution you are dealing with and banking has to be done on the day of closing.


09-12-2011

Services | Ottawa-Orleans Lawyers | MacQuarrie Whyte Killoran

Our staff is friendly and courteous and you will quickly be put in touch with a lawyer to discuss your situation in greater detail and determine whether we might be able to help you. MacQuarrie Whyte Killoran provides quality legal advice, representation, and referrals in many areas of the law. You are facing major event in your life and you require guidance. Your first contact with a law firm should not be intimidating.


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Real Estate Law | Ottawa-Orleans Lawyers

Our real estate department has long and extensive experience in handling all real estate matters, and in particular residential purchases, sales and mortgages. Despite the many closings we successfully complete, our lawyers pride themselves in personal, face to face involvement with our clients. We ensure that your home investment is not compromised, and that you receive exactly what you expect to receive.


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What is Title Insurance? | Ottawa-Orleans Lawyers

A title insurance policy may give you the option of avoiding more costly compliance searches with respect to building, zoning, work orders, subdivision agreement compliance, taxes, water and sewerage charges. This is an insurance policy that insures against problems with title, zoning, building requirements and other defects that might diminish the value of your property.