Residential: Selling and buying2018-11-01T12:33:43+00:00

Residential: Selling and Buying

Whether you are selling a home or buying a home – Golden Law Office can guide you through the entire process and will assist you with all the legal issues related to selling and buying a home.

  • When you are selling a home, you need to obtain advice from a lawyer to be sure that all of the legal matters are being properly handled. Your lawyer can help guide you through the home selling process to protect your interests.
  • You may be working with a realtor who will show your home to prospective purchasers and then when someone wants to make an offer to purchase your home, your realtor will present to you an Agreement of Purchase and Sale. This is a legal contract and you should discuss the contents of same with your lawyer before you sign the contract. Your lawyer can review with you the contract and work with your realtor to include in the Agreement clauses that will provide you protection.
  • Your lawyer can review with you the costs of selling the house.
  • Your lawyer will obtain a statement from your lender as to the amount of money required to be paid to obtain a discharge of the mortgage on your house.
  • When the sale transaction is completed, your lawyer will forward the necessary money to the lender and ensure a Discharge of Mortgage is registered on the title to the property.
  • Before you list your home for sale, you should contact your lender to be aware of any potential pre-payment penalty as in a market where interest rates are falling, if the mortgage penalty charged is the interest rate differential, this amount may be significant. Your lawyer can assist you in contacting your lender and discussing the amount of any potential prepayment penalty before you are committed to selling your property.
  • At Golden Law Office we can help you with the legal issues associated with selling your property, whether it be residential, farm or commercial.
  • When you are buying a home, you need to obtain advice from a lawyer to be sure that all of the legal matters are being properly handled.
  • Your lawyer can help guide you through the home buying process to protect your interests.
  • You may be working with a realtor who will show you homes and then when you find a home you want to buy, your realtor will prepare an Agreement of Purchase and Sale. This is a legal contract and you should discuss the contents of same with your lawyer before you sign the contract. Your lawyer can review with you the contract and include in the Agreement clauses that will provide you protection.
  • Your lawyer can review with you the costs to buying the house such as land transfer tax, document registration fees, title search fees, off title search fees, legal fees.
  • There may be additional costs associated with purchasing – such as prorated real property taxes, fuel oil.
  • Your lawyer can review your mortgage loan commitment (preferably before you sign same), to review additional costs you may be responsible for such as appraisal fees, PST on a CMHC fee, or to disclose any conditions of the mortgage commitment which you may want to include as a condition in your Agreement of Purchase and Sale (such as obtaining a water potability certificate).
  • Once your Agreement of Purchase and Sale has been accepted, your lawyer will begin title and off title searches of the property to ensure that you will obtain good title to the home you are purchasing.
  • Your lawyer will review with your mortgage documents, review the statement of adjustments, explain any other documents you are required to sign.
  • When buying a home, one of the most important parts of your lawyer’s job is to ensure you have good title to the property. This will ensure that no one else has a claim to the property (such as prior mortgage holders, construction lien holders, leaseholders, etc). If the searches reveal problems that affect title to your property, your lawyer will request the vendor’s lawyer to resolve the problem. If the problem cannot be corrected, your lawyer will review with you the risks in acquiring the property with the problem.
  • You have a choice when buying property whether you will be assured of good title to your property by way of obtaining a “Lawyer’s Opinion on Title” or Title Insurance.
  • With a Lawyer’s Opinion on Title you will be provided with a Letter of Opinion which states your lawyer’s view of whether or not you have good and marketable title to your property and the searches conducted on your behalf. You will be advised of any outstanding issues that may affect your title.
  • Title Insurance is an insurance policy that you can buy to insure you against a loss you may suffer because of title-related problems.
  • Often when obtaining a mortgage, the mortgagee will request that you obtain a Title Insurance Policy.
  • If you are not obtaining a mortgage, if will be solely your choice as to whether you obtain a Lawyer’s Opinion on Title or purchase a Title Insurance policy.
  • Title Insurance can also protect you against fraud.
  • For more information on Title Insurance see www.fct.ca or www.titleplus.ca
  • These are only two of the title insurance companies that are available.

To get more information about selling and buying a home and how we can assist you don’t hesitate to contact us on 519-738-4111 or click here to fill out our easy contact form.


Sources: Portions excerpted from “Working with a Lawyer when you buy a Home”, 1997 Law Society of Upper Canada and Canadian Bar Association-Ontario