{"id":5727,"date":"2016-07-13T14:00:25","date_gmt":"2016-07-13T14:00:25","guid":{"rendered":"http:\/\/www.niagaralaw.ca\/?p=5727"},"modified":"2023-04-11T15:42:07","modified_gmt":"2023-04-11T15:42:07","slug":"steps-real-estate-transaction","status":"publish","type":"post","link":"https:\/\/niagaralaw.ca\/steps-real-estate-transaction\/","title":{"rendered":"Steps to a Real Estate Transaction"},"content":{"rendered":"\n
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Image by Gino Crescoli<\/a> from Pixabay<\/a><\/figcaption><\/figure>\n\n\n

\u00a0<\/p>\n

The real estate lawyers<\/a> 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.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Purchase<\/strong><\/td>\nSale<\/strong><\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Review the Agreement of Purchase and Sale, note any deadlines to insure the deal proceeds as scheduled;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Review the Agreement of Purchase and Sale and note any deadlines\u00a0to insure the deal proceeds as scheduled;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Complete and review the title search;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Obtain and review parcel register;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Request other relevant searches (i.e. tax arrears, common expenses, zoning, work orders, etc.);<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Obtain property tax information from client or from City;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Obtain information regarding satisfaction of conditions (i.e. invoices to show repair work completed, clean water test obtained, septic permit);<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Receive, review and respond to requisitions, follow up with clients about things they are required to do prior to closing;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Prepare and send requisition letter and draft documents for sellers review;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Request mortgage pay out statement if there is a mortgage;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Discuss title insurance with clients;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Provide draft documents, including Statement of Adjustments, to seller\u2019s lawyer for their review;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Request and obtain title insurance or provide an opinion on title;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Meet with the clients for review and execution of closing documents\u00a0and obtain keys from clients;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Review transfer and draft documents, including Statement of Adjustments prepared by the seller\u2019s lawyer;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Deliver closing package to the purchaser\u2019s lawyer, including the keys;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Prepare draft Charge as instructed by Lender for review and execution by client;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Receive closing funds from purchaser\u2019s lawyer;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Meet with client for review and execution of closing documents\u00a0and obtain remaining closing funds;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Release transfer and confirm with purchaser\u2019s lawyer that the transaction is completed;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Deposit mortgage funds and rest of closing funds in trust;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Prepare certified cheques from Trust Account to pay out existing Charge\u00a0and any other liens or encumbrances required to be discharged on closing;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Receive closing package from seller\u2019s lawyer, including keys;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Payment of existing Charge in order to discharge the existing Charge (or mortgage)\u00a0as well as of any other liens or encumbrances required to be paid;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Register Transfer and Charge once released from \u00a0the seller\u2019s lawyer;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Prepare payment for and deliver payment of real estate commissions owed;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Let client know that the transaction is completed and that keys are available for pick up;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Pay out closing proceeds as directed by the clients;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Advise municipality of change in ownership;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Report to client;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Report to clients;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Ensure discharge of existing mortgage is registered;<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Report to Lender;<\/td>\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Provide confirmation to purchaser\u2019s lawyer that all undertakings have been fulfilled.<\/td>\n<\/tr>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Follow-up with seller\u2019s lawyer for completion of undertakings.<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/p>\n

Have you bought or sold your home in the Niagara Region and are looking for a real estate lawyer? \u00a0Please call us today!<\/p>\n

Blog post written by Brianna Mayes<\/a>, summer student.<\/p>","protected":false},"excerpt":{"rendered":"

\u00a0 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 […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,10],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/posts\/5727"}],"collection":[{"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/comments?post=5727"}],"version-history":[{"count":1,"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/posts\/5727\/revisions"}],"predecessor-version":[{"id":7933,"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/posts\/5727\/revisions\/7933"}],"wp:attachment":[{"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/media?parent=5727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/categories?post=5727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/tags?post=5727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}