Being involved in any of the stages of the Toronto real estate market, whether it is buying or selling, should come with an advanced understanding of the benefits of working with an experienced Toronto real estate lawyer. When looking for the right real estate lawyer in Toronto, you need a team who is focused on your individual needs.
A proactive real estate lawyer can give you timely updates as your transaction is unfolding. This law firm should have a dedicated portion of their practice associated with real estate law and real estate transactions. You should also be able to get prompt and accurate information over the course of your transaction, as the personal commitment from the lawyer can make the process easier for you.
Why a Real Estate Lawyer in Toronto Makes a Difference for Your Transaction
Selling or buying property in Toronto and elsewhere in Ontario or Canada is a major investment for the vast majority of people. Having dedicated and professional assistance from an experienced Toronto real estate lawyer is strongly recommended primarily because of all of the small details associated with your transaction.
There are numerous different pieces of paperwork and documentation that must be filled out appropriately when you are involved in a real estate transaction and small mistakes can end up costing you in the long run if you are not careful. This is just one of the reasons that it is so important to identify the right Toronto real estate lawyer for you.
Your real estate lawyer should have an extensive background assisting families and businesses with all kinds of various property purchases. Your real estate lawyer should be committed to serving you as a client so that you can communicate with him or her and receive updates about your case and so that you can make informed decisions about your transaction as changes or concerns arise.
Services You Can Expect from Typical Toronto Real Estate Lawyers
Toronto real estate lawyers frequently provide a broad range of services that can be aligned with your unique needs and requirements, including assistance with residential and commercial real estate transactions. Various service options can be bundled into custom packages that can assist you with all aspects of buying or selling a business or home, including:
- Purchase or sale of condominiums, homes or townhouses
- Securing title insurance for new and existing properties
- Preparing purchase and sale agreements for any real estate transaction
- Reviewing and preparing residential and commercial leases
- Purchase and sale of residential and commercial properties
- Residential and commercial mortgage refinancing
Why You Need a Real Estate Lawyer to Help You
You may be tempted to try to handle a real estate transaction on your own. However, this can be a big mistake as there are many complexities associated with the law and regulations that you need to be aware of well before you begin. Whether you are interested in selling or buying residential or commercial property, it is strongly recommended that you obtain help from an experienced Toronto real estate lawyer.
Your lawyer will be up to date on all of the relevant regulations and laws associated with real estate transactions and will have the experience of helping other clients just like you through this process.
New Home Purchases
The majority of new home buyers may not realize the meaning of all of the clauses in an agreement to Purchase or Sale (APS) . For example, one of the most common clauses may allow builders to charge additional unexpected costs for various items and there may be significant delays to the closing dates without any compensation for any of the parties involved.
When purchasing a brand new home from a builder, a residential real estate lawyer in Toronto should review the contract to ensure consumers rights are protected. The right representation can help the contract to be negotiated in a way that is fair for everyone.
Preparing the Agreement of Purchase or Sale
Real estate lawyers in Toronto lend expertise with reviewing various forms for sale and purchase offers through a real estate agent. A lawyer can also assist with the preparation of these critical documents.
In buying a property, the title search is a required step. This helps to reveal information about the property such as any judgments, liens, current and prior ownership and other outstanding agreements.
Outstanding taxes may be checked and arrangements are made to have the utilities read and transferred on closing and this information is important for anyone engaged in a real estate transaction. You should have clear expectations upfront so that you know how the process will unfold.
Purchasing New Condominiums
The procedures for buying a condominium are different from a regular home. With two separate closing dates and various rules that must be followed, a prospective buyer should be kept in the loop so that he or she can make appropriate plans.
Preparation of Documents
Many different documents must be created with any real estate transaction, and a commercial or residential real estate lawyer in Toronto will assemble and prepare all of the necessary paperwork and documentation.
An experienced Toronto real estate lawyer will help to represent your interests from the outset of your commercial or residential real estate transaction. The mortgage preparation process includes meeting with you to review the conditions and terms of the mortgage and to ensure that they are in line with what you previously outlined with representatives from the bank.
Management of Closing Funds
Several days prior to your closing date your Toronto real estate lawyer will meet with you to sign and review any closing documents. It is important to understand what funds will be due on the closing date, like a refund on the prepaid property taxes or a land transfer tax. These funds will be separate from any mortgage funds that are provided by the lender so you need to be aware of these and how they will influence you well in advance.
Rather than having the deed and mortgage registered in person at your local land registry office, Toronto real estate lawyers can assist you with electronic registration and filing all of the necessary forms in advance.
No matter what type of transaction you are entering into, you need an experienced Real Estate lawyer who has who can help advise you about what to expect and to answer your critical questions. Don’t wait to schedule an appointment with a Toronto real estate lawyer today.
If you are looking for an experienced real estate lawyer in Toronto, call Diamond and Diamond Lawyers at 1-888-INFO LAW or 1-888-463-6529 or contact us here.