One of the most crucial steps in purchasing or selling a Mississauga real estate is signing all of the legal paper work. Many signatures are required!
Of course, when you are dealing with (likely) your most valuable financial asset, it is imperative that everything is above board and that you are signing a contract that you fully understand and agree with. There is much legalese throughout all the real estate documents that every purchaser or seller must sign. That is where hiring a great real estate lawyer comes in! Your real estate lawyer is working for you to ensure that your sale or purchase is done with your best interests in mind.
Prior to the date of closing, your real estate lawyer has much paperwork to prepare and review for you.
1. The agreement of purchase and sale. This is a legal document that outlines all the important information regarding the property you are selling or buying, including the price and any conditions.
2. Property title search is with the Land Registry Office to check the current homeowner’s name and additional information.
3. Title insurance is an option, however, in most cases it is highly recommended. It guarantees good title to the property. It also protects the owner of property fraud.
4. Fire insurance. Buying home insurance will ensure that your home has fire insurance. Most agreements say that the seller takes the risk of fire damage to the house before the closing date; but if this is not in the agreement, the buyer may be liable to pay the full purchase price even if the house burns down before possession.
5. A building and zone compliance search is done for individuals purchasing new homes. It searches to ensure the property in question is in compliance with local building and zoning codes.
6. Ensuring utility and property taxes are up to date
7. The mortgage agreement will be reviewed by your lawyer to ensure you understand exactly what you are accepting.
8. Land transfer tax will be calculated by your lawyer.
9. Closing requirements, including submitting all documents to the Land Registry Office.
As the list reveals, a real estate lawyer undertakes quite a few essential tasks. The average cost of a real estate lawyer is about $400 to $700, excluding disbursements, which are all the expenses he or she needs to be reimbursed, including search fees and registration fees and photocopy charges, etc.
Here at Team McDadi, we use trusted and knowledgeable real estate lawyers.