Purchasing a Home
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Canadians break mortgages for all kinds of reasons, including:
A lawyer should always be consulted before signing the agreement of purchase and sale. The lawyer will advise the client about the terms of the agreement and possibly become involved in the negotiation or even drafting of the agreement…
Nonstandard additions to the agreement should be discussed between the lawyer and client….
A statement of adjustments will be prepared and reviewed by both the client and the purchaser’s solicitor prior to closing. The statement takes into account the deposit, the mortgages to be discharged, the tax adjustment, adjustments for oil tank (in any) and any other adjustments that may be necessary. A direction of proceeds will be signed by the client authorizing the payment of any outstanding mortgages, and the balance paid to this law firm in trust. In addition to the mortgage, any other items to be paid will customarily be paid by this firm including the real estate commission.
Several days before closing an appointment will be made with the client to have all documents signed by the Vendor. These would include the Transfer (formerly the Deed), Declaration of Possession, and/or Closing Certificate, Undertaking, Bill of Sale if applicable. These documents will be reviewed by the lawyer with changes to be made, if applicable, before witnessing the vendor’s signature. It is customary that a key to the front door be provided to the lawyer at this time to be given to the purchaser on the actual closing. It is suggested that all other keys be left in the property and that under no circumstances should a key be given directly to the purchaser.
Closing The Transaction
After the Transfer and other documents are signed, the key(s) and relevant documentation are sent to the purchaser’s lawyer in exchange for funds and relevant documentation.
However, registration can only take place when the local Land Registry Office is open, which for the purposes of closing is between 9:00 a.m. and 5:00 p.m.
After the Closing
Approximately four to eight weeks after closing a full report, trust statement and statement of account together with copies of all documentation will be provided to you.