Mortgage Financing

You can arrange a mortgage through a lending facility such as a bank or seek financial assistance from other means. In any case, it is the buyer's responsibility to meet the requirements of the lender. We also need your bank / lender to submit mortgage instructions to our office. Such instructions are required in order for us to register your mortgage on your ownership and the bank in order to make a deposit to our firm on your closing date.

We strongly recommend to hire an attorney when planning to get a mortgage and striking a deal with friends and relatives, so that you understand all the legal aspects and more than that, a lawyer will be on your side in case of an unforeseen event occurs.

Title Insurance

Title insurance covers you financially in case of anything happens with title issues. If you have a title insurance policy, most non-title searches are not required. The cost and effort of such a search without a title is removed from the purchase process. Title insurance protects homeowners and their mortgage lenders from any loss from property ownership or title. Having a title insurance does not eliminate the need to search for title search and title opinions to your real estate attorney.

Fire Insurance

Like any other insurance, fire insurance is required of your lender and your attorney will not receive mortgage loans without your insurance obligation. You will be given instructions on what information is required for the fire insurance binder. Your lender should be recognized as a loss payee. Home insurance should be the full guaranteed replacement just before closing. The policy must be activated on the closing date.

Real Estate Closing Adjustments & Closing Funds

Adjustments are payments made by a residential property seller i.e. prepaid property taxes that may have been paid by the previous owner for the entire year. We require the seller's attorney to provide us with a Statement of Adjustment (which is the amount owed by the seller for repairs such as property taxes and condo expenses (if any)) and the net mortgage advance from your lender. Once we have been given these two figures we can give you the exact final figures and how much it costs to close the transaction. The buyer must arrange for guaranteed checks or bank drafts on closing costs are required BEFORE the closing date will be credited to our trust account.

Residential Property Post-Closing

Following the release of the mortgage by the lender and the exchange of documents between lawyers, the deal is closed, and the keys are released. Processing of all legal and paper work takes time and if you plan to enter on its closing date it is advisable to do so after 6 p.m. It is best to move the day after closing to avoid any additional travel costs in case the delayed closing.

Moving to a condominium may require special arrangements before moving. Make sure you contact management in advance.

Residential Property Closing Report

Once we have closed your residential property transaction and registered you as the new owner you will receive an email confirming that your deal has been closed. Attached to this email will be your closing report and your legal Deed and mortgage.

Sale of a Residential Properties

The sale of residential property is complicated transaction, hiring a qualified Real Estate Attorney will help you go through this process of selling better and ensure the protection of your legal interests.
We will need some documents to prepare your sales file for closure. This would be done several days before the closing date. You can e-mail, fax or manually deliver copies of the required documents including, details of existing mortgages, ownership documents such as deed of transfer, property bills and receipts, all tax debts and survey for houses only and not condominiums. Selling a matrimonial home requires that the sale of the residue be paid to both spouses even though the property may be in the name of one spouse. This law applies to only matrimonial. Any property purchased for investment will not be treated this way, and no partner approval will be required for the sale. In the event that one spouse is the registered owner and seller of the matrimonial home, the other spouse may grant written consent to close the purchase to the buyer. The consenting partner is also recommended to seek independent legal advice before granting his or her consent and declaration.
If more than one person is a registered owner and is selling the property, they will need to provide a written confirmation of how the sale proceeds will be distributed.

Cancelling The Fire Insurance

You can cancel your fire insurance policy on the property being sold only after completion of the sale transaction.

Other Important Legal Issues

Use of the Power of Attorney for sale, Sale by non-residents of Canada, Notifying all utility departments, payment of all bills, expenses, and taxes before closing. Your Real Estate Lawyer will adjust for any prepaid payment covering the days beyond the closing. Law Wise will help you sail through all the stages smoothly.

Real Estate Closing Arrangements

You will need to hand over one key at least for the property being sold at the meeting to your Lawyer. Two identifications will be needed for our record, out of which one has to be a valid government photo identification card and should be valid on the date of closing. Closing documents need to be signed in the office of your Real Estate Lawyer.