In buying a home, you will have to go through several paperwork and transactions. It can be daunting at the time, and especially for a first-time homeowner. For a seamless and informative process, it is ideal to get the services of a Real Estate lawyer.
A trusted real estate lawyer will oversee your transactions and ensure that the paperwork is filed correctly. These aren’t the only responsibilities of the lawyer, their services also include:
• Property Search
You want to start ownership of the property without having to incur additional costs that you didn’t know of their existence. It is where a Title Search comes in. At this stage, your lawyer searches the property.
It will help in identifying any arrears or outstanding work orders on the property.
• Mortgage and Rebates
Before closing, the lawyer must draft and prepare the mortgage, with the lender. The lender then sends the mortgage money to the lawyer. You can also reduce your spending by taking advantage of the rebates or any government programs that may be of benefit to you.
For first-time homeowners, you may be eligible for the provincial rebate and the one from the City of Toronto.
• Title Insurance
Every lawyer in a real estate buying transaction should inform their client of Title Insurance. This insurance will protect you and the lender from disputes that may arise over the ownership of the property. It is a one-time payment.
You should make arrangements for your property insurance and have the confirmation sent to your lawyer.
• Before Closing
You need to pay for Land Transfer Tax. In Ontario, you may have to pay for the Toronto municipal land transfer tax, depending on the location of the property. These funds should be made available to the real estate lawyer before closing.
The lawyer will then hand them over to the relevant authorities, on closing. You also need to provide the lawyer with the remaining down payment, in addition to disbursements and legal fees.
After closing, your lawyer will send you all the documents. You can now enjoy the homeownership journey.