Lawyer Duties
Buyer's Lawyer
For a Buyer, enlisting the services of a real estate lawyer early in the process to provide legal expertise and assist in contract negotiations is wise. Some of the services provided to Buyers include:
- Legal review of the purchase agreement and related documentation, and assistance in negotiations prior to signature
- Validating and executing a title search on the property; checking for such things as outstanding work orders or permits, and validating any easements or rights-of-way that may affect the property
- Ensuring that the property is clear of claims, liens, or outstanding debts – and helping to address issues should they arise
- Providing legal expertise regarding standard closing costs; like Land Transfer, and legal fees
- Reviewing additional charges that may be captured in other transaction documents and contracts; like school levies, or water or hydro meter installation for a new build
- Explaining the benefits of title insurance, and arranging for it on behalf of the Buyer
- Confirming that all legal and financial matters are resolved by closing
- Facilitating the exchange of keys, legal documents, and title ownership with the Seller’s lawyer in closing the transaction
Seller's Lawyer
For a Seller, a lawyer’s services can protect them from costly errors and oversights associated with the property. While a complete list of the services to be provided should be agreed upon at the time of hire, below are some examples.
- Legal review of the purchase agreement; this includes reviewing the validity and risk associated with clauses and conditions
- Confirmation of the Statement of Adjustments
- Identification verification in compliance with Financial Transactions and Reports Analysis Centre Of Canada (FINTRAC)
- Confirmation of the mortgage amount and any outstanding lines of credit, debts, or penalties, that will be owing at closing
- Mediation and resolution support - should issues arise
- Confirmation that all legal and financial matters are resolved by closing
- Facilitation of key exchange, transfer of legal documents, and title ownership, in closing the transaction
- Disbursement of the proceeds from the sale – including the deposit – which may include paying off outstanding mortgages, and paying the real estate brokerage commission
