STEPS IN A PURCHASE FILE

 

Every file is unique, but for the majority of residential purchase files there is a clear step-by-step process. 

  1. An Agreement of Purchase and Sale is prepared and agreed to.

    1. This is normally completed by a realtor but in private transactions or transactions that are more complicated you may wish to have a real estate lawyer assist in drafting the agreement. 

  2. Client Instructions

    1. You will contact us or your realtor will provide us with initial instructions. We will then gather all the information needed, such as identity documents, details of the financing, intended use of the property, and who will be registered on title. ​

  3. Reporting to Client

    1. We will then review the Agreement of ​Purchase and Sale, review the title and any charges, liens, or encumbrances registered and report to you as to the initial state of title. 

  4. Requesting Funds and Clearing Title​

    1. If a mortgage is being obtained, we may act for the mortgage company as well as you ensuring that all their requirements are met and any title insurance is obtained so that they will release funds in a timely matter. ​

    2. We will arrange with the seller's solicitor or notary what charges are to be removed and the process for exchanging monies. 

    3. A final statement will be prepared showing the exact amount of money that will be required to close the transaction and we will arrange to obtain that from you and sign the required documents prior to the closing day. 

  5. Closing

    1. On the day of closing, we will obtain the monies from the bank, transfer them where they need to go, and ensure that a package is submitted to the Land Title Office to register the title. Most transactions are completed on legal undertakings to ensure that these steps are completed and followed up on. ​

  6. Final Reporting​

    1. Once the transaction has closed and title has been registered, we will prepare a full report and send to you confirming that the transfer has been completed, showing you the state of title, and confirming any charges that needed to be removed are removed. ​

WHY CHOOSE A REAL ESTATE LAWYER

unexpected issues can occur during the purchase or sale of a property, our background in litigation and Court will provide you with the tools to resolve them quickly and efficiently.

Whereas a notary cannot take legal action in the event of an issue, at Fae Law can help you deal with:

  • Misrepresentations;

  • Anticipatory Breaches;

  • Failures to complete by agreed-upon completion dates; or,

  • Other complications that might arise.

 

We are in a position to set out all your options for you and offer guidance on how best to resolve the issue whether conflict resolution or proceeding to litigation.