Guiding you through your Real Estate Transaction
You want your purchase or sale of real estate to complete with no surprises. The problem is that the paperwork is confusing, and a mistake could be costly. You want confidence that everything is taken care of, especially when properties have special considerations like waterfront or legal access issues. Every real estate sale or purchase has a lot riding on it. There is no room for errors.
We understand that this is an unfamiliar process for you. For us, Real Estate is a focus of our practice. We’ve handled thousands of real estate transactions and will guide you through the process.
Here’s how we do it:
Contact our Real Estate department.
We’ll walk through every document you need.
As an extra measure of your protection, we always review the legal title to the property.
When your transaction is done, your legal fees will appear in your closing costs statement.
This is no time for mistakes. If a real estate transaction is in your near future, talk to a Real Estate Lawyer in our office and start your transaction on the right foot.
Real Estate FAQs
As a seller, what fees can I expect to pay at closing?
In addition to the fees for legal services, you can expect to pay the following from the proceeds of the sale of your home:
Realtor commissions – The seller is responsible for paying the commissions for both the buyer’s and seller’s agent on closing. These fees are also subject to GST.
Mortgage balance – If there is a mortgage on the property you’re selling, the balance owing will be paid out of the proceeds, including any applicable prepayment penalties. It is advisable that you reach out to your mortgage lender prior to selling your home in order to determine what those penalties may be in order to avoid a surprise down the road.
Property taxes – If you have any balance owing for property taxes, this will also be paid from the proceeds of the sale.
Adjustments – Adjustments will be determined by your lawyer and the buyer’s lawyer with respect to expenses such as property taxes, condominium fees, utilities and rental income if applicable. These amounts will be pro-rated to the date of the closing.
What is a co-ownership agreement?
A co-ownership agreement is recommended any time multiple people purchase a property together if they are not spouses or common law. The agreement will set out the form of ownership, each party’s responsibilities, obligations and will also determine methods for handling eventualities such as the sale of the property or the resolution of disputes. Addressing these factors through a legally-binding document grants certainty and peace of mind for all parties and can also help to avoid costly litigation down the road should a disagreement arise.
What is the difference between joint tenancy and tenants in common?
Joint tenancy is when each party on title is an equal owner of a property. Each name on title is entitled to an equal share in the proceeds upon sale, and ownership cannot be apportioned otherwise. Most importantly, if one party in a joint tenancy dies, the ownership of the property transfers by right of survivorship to the other party or parties on title. A joint tenant may not leave a share in the property to beneficiaries in their Will.
Tenants in Common means that the owners of a property can apportion shares of the ownership based on financial contributions or other determining factors. For example, if one person is paying 70% of the cost of the home, the ownership can be structured so that they own 70% of the property and the other party owns 30%. Further, each share is owned independently, and can, therefore, be sold independently or passed down to beneficiaries in a Will.