What Are The Steps Involved In Buying A House?

There are many steps involved in finalizing the purchase of a home and your lawyer will play a prominent role in the process. Before you even sign the Agreement of Purchase and Sale, it is prudent to have the agreement reviewed by your lawyer to ensure that your interests are protected.

After you have signed the agreement, your lawyer must complete several steps to finalize the closing. Those steps include:

  • Performing a title search
  • Preparing the mortgage
  • Advising the applicable tax departments of the purchase
  • Preparing and explaining closing documents to you
  • Making sure the client signs all required paperwork
  • Registering title
  • Preparing a final report for you

What Steps Are Involved In Selling A House?

Reviewing the purchase and sale agreement is not only important for purchasers but also for sellers. You want to make sure that your interests are protected and no liability issues attach to you.

The steps a lawyer must take to process the sale of your home includes:

  • Arranging the discharge of the mortgage
  • Preparing title transfer documentation
  • Preparing a Statement of Adjustments for the buyer’s lawyer
  • Making sure you understand and sign closing documents
  • Delivering the closing package to the other lawyer
  • Sending a final report to you

Why Do I Need To Purchase Title Insurance?

If you are entering into a mortgage agreement with a financial institution, they will likely require that you obtain title insurance to protect them from risk of loss for the mortgage amount. This insurance is also greatly beneficial for buyers.

There are many title risks that you can be exposed to when buying a home. Those include: fraud, encumbrances, liens, zoning issues, work orders, tax arrears, forgery and impersonation. Title insurance will protect you and your mortgage lender against damage or loss suffered as a result of covered risks. If a title defect arises, you would report the issue to your title insurance company. The company then either corrects the situation or compensates you.

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