How Can a Real Estate Lawyer Help When Purchasing a Home in Canada?
Buying a home is often stressful and while you want to save money, you also have to keep in mind that making the transition as smooth as possible is important too. Not to mention that a real estate lawyer ensures that you know everything there is to know about the sale and in some cases, that can save you thousands of dollars. Here are just a few of the reasons a real estate lawyer helps you when purchasing a home.
A Property Search
A property search is done by your lawyer to search for things that may hold you up or cost you money. This includes searches on work orders that are outstanding or arrears that are outstanding. A title search is also included that may find things such as liens on the property, easements that may affect the property or the sale of the property, and prior mortgages from previous owners that need to be taken off.
Rebates can really make a difference in your investment. For instance, first time home buyers sometimes qualify for land transfer tax rebates and this amount can equal up to $3725 from the city of Toronto if your property is located within city limits and up to $2000 from the province. That is just one example of a rebate that you may be able to take advantage of and one that your real estate lawyer can research.
Title insurance is something that you must have and while this is just a one-time payment, it protects you for the life of the ownership of the property against acts or omissions by third parties that could affect your title and/or fraud. This includes things like identify theft or previous owners not paying their taxes. Just before you close, a real estate lawyer sets this up for the lender and you.
The real estate lawyer is the person who drafts and prepares your mortgage before the deal is closed. The lender has this done then sends the money to the lawyer.
Now that you are in the home stretch, your lawyer will have all of the closing paperwork for you to sign. You will have to bring things like land transfer tax, a draft representing your remaining down payment, and any disbursements or legal fees. This is when you typically get the keys to your new home as soon as everything is done – usually the afternoon when everything has been completed.
A Status Certificate
If you happen to be purchasing a condominium, your real estate lawyer will review the status certificate. This review goes over things like if there are any arrears that the condo is a part of, if the reserve fund is adequate, if there are any special assessments coming up, and if the condominium corporation is part of any lawsuit or being sued. The status certificate is like a snapshot of condo corporation and necessary to protect you.
Buying a new home is a major investment which is why you need all the protection you can get and that is possible with a real estate lawyer. Why take chances when you can have peace of mind?
If you have questions about how a real estate lawyer can help, Oakville Real Estate Law is one of the top firms in Canada for real estate transactions. The firm’s team led by Robert Rose has worked on thousands of transactions the years and have the knowledge and experience you need. For more information on what you need to know about being able to afford a home, please contact us and we will be glad to help.