What Does a Real Estate Lawyer do for the Seller of a Home in Ontario?
Selling a home in Ontario can be an exciting but complex process. As a seller, you may require the expertise of a real estate lawyer to guide you through the legal aspects of the transaction. So, what does a real estate lawyer do for the seller of a home in Ontario?
- Preparing the Agreement of Purchase and Sale
The first step in selling a home is to prepare the Agreement of Purchase and Sale, which sets out the terms and conditions of the transaction. A real estate lawyer can assist you in drafting and negotiating the agreement to ensure that your interests are protected. They can advise you on the deposit, closing date, warranties and representations, and other important terms that may impact the sale.
- Conducting Title Searches
Before a sale can close, a seller must have a clear title to the property. A real estate lawyer can conduct a title search to verify that there are no outstanding liens, claims or encumbrances on the property that may affect the sale. They can also review existing mortgages or other securities to ensure they are discharged on closing.
- Reviewing and Preparing Closing Documents
A real estate lawyer can review and prepare all the necessary closing documents, such as the transfer of title, statement of adjustments, and other legal instruments required to close the sale. They can ensure that all the documentation is accurate, complete, and compliant with the law.
- Providing Legal Advice
A real estate lawyer can provide legal advice to the seller throughout the sale process. They can advise on issues such as tax implications, potential liabilities, disclosure requirements, and other matters of legal significance. They can also answer questions that arise, provide information on legal options, and provide guidance on addressing any legal issues.
- Facilitating the Closing
On closing day, a real estate lawyer can facilitate the transfer of funds and the transfer title. They can ensure that all the closing documents are appropriately executed, the funds are received and disbursed correctly, and any outstanding mortgage or other securities are discharged. They can also ensure that any outstanding closing conditions are satisfied, such as payment of property taxes, utilities, and additional closing costs.
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In summary, a real estate lawyer can provide invaluable legal advice and guidance to a seller throughout the sale process. They can ensure that the transaction complies with the law, that the seller’s interests are protected, and that the sale is concluded successfully. So, if you are planning to sell your home in Ontario, it is important to seek the guidance of a knowledgeable real estate lawyer to help you navigate the legal complexities of the transaction.
The lawyers at Levy Zavet have many years of experience representing sellers in their real estate transactions. Contact us today for a free consultation.
