LAWYER’S DUTY OF YOUR REAL ESTATE TRANSACTION

Author: JZW Law
Date: April 8, 2020

  • In Ontario, only lawyers are allowed to register the rights to the title of property. That’s why you must find a good lawyer to help if you have any issues and close your deal smoothly.
  • Main tasks of the lawyer:
    1. After you retain the lawyer, your lawyer would review your Purchase & Sale Agreement and make sure the deal would be closed on time as agreed in the Agreement.
    2. Lawyers do title search, other searches (if applicable); obtain title insurance, prepare for closing documents for your execution and register your title to the property, meet post-closing requirements.
    3. Accept your bank/mortgagee instruction, and prepare the closing document on behalf of the bank/mortgagee, arrange of execution banking documents.
    4. Give clients instructions from time to time about what they need to do and prepare for the closing and make sure there would be no delay.
    5. Suggestion: Please have your mortgage approval and arranged about one month before the closing.