The real estate lawyers at Daniel & Partners LLP in St. Catharines act for clients with respect to their residential, commercial and industrial properties; including individual and corporate vendors and purchasers, lenders, and developers. We realize that the purchase of a home or cottage may be the largest investment our individual clients will ever make and we strive to get them into their new home with a minimum of hassle or delay. Often times, clients are curious as to what happens behind the scenes of the purchase or sale of their property. The following is a chart that gives a brief summary of the steps that are taken to complete the transaction. It is important to remember that every purchase and sale is unique and that the time required to complete steps will vary based on the information received through searches as well as the information provided by the clients.
|· Review the Agreement of Purchase and Sale, note any deadlines to insure the deal proceeds as scheduled;||· Review the Agreement of Purchase and Sale and note any deadlines to insure the deal proceeds as scheduled;|
|· Complete and review the title search;||· Obtain and review parcel register;|
|· Request other relevant searches (i.e. tax arrears, common expenses, zoning, work orders, etc.);||· Obtain property tax information from client or from City;|
|· Obtain information regarding satisfaction of conditions (i.e. invoices to show repair work completed, clean water test obtained, septic permit);||· Receive, review and respond to requisitions, follow up with clients about things they are required to do prior to closing;|
|· Prepare and send requisition letter and draft documents for sellers review;||· Request mortgage pay out statement if there is a mortgage;|
|· Discuss title insurance with clients;||· Provide draft documents, including Statement of Adjustments, to seller’s lawyer for their review;|
|· Request and obtain title insurance or provide an opinion on title;||· Meet with the clients for review and execution of closing documents and obtain keys from clients;|
|· Review transfer and draft documents, including Statement of Adjustments prepared by the seller’s lawyer;||· Deliver closing package to the purchaser’s lawyer, including the keys;|
|· Prepare draft Charge as instructed by Lender for review and execution by client;||· Receive closing funds from purchaser’s lawyer;|
|· Meet with client for review and execution of closing documents and obtain remaining closing funds;||· Release transfer and confirm with purchaser’s lawyer that the transaction is completed;|
|· Deposit mortgage funds and rest of closing funds in trust;||· Prepare certified cheques from Trust Account to pay out existing Charge and any other liens or encumbrances required to be discharged on closing;|
|· Receive closing package from seller’s lawyer, including keys;||· Payment of existing Charge in order to discharge the existing Charge (or mortgage) as well as of any other liens or encumbrances required to be paid;|
|· Register Transfer and Charge once released from the seller’s lawyer;||· Prepare payment for and deliver payment of real estate commissions owed;|
|· Let client know that the transaction is completed and that keys are available for pick up;||· Pay out closing proceeds as directed by the clients;|
|· Advise municipality of change in ownership;||· Report to client;|
|· Report to clients;||· Ensure discharge of existing mortgage is registered;|
|· Report to Lender;||· Provide confirmation to purchaser’s lawyer that all undertakings have been fulfilled.|
|· Follow-up with seller’s lawyer for completion of undertakings.|
Have you bought or sold your home in the Niagara Region and are looking for a real estate lawyer? Please call us today!
Blog post written by Brianna Mayes, summer student.