When you retain us to assist you with your real estate purchase, our lawyers, Marc or Jade, will manage the transaction from A to Z, interact with you directly, answer your questions throughout the process, meet with you to sign documents, and handle all interactions with your lender and the seller’s lawyer.
Steps in the buying process
1. Find the right property and make an offer.
If you are working with a real estate agent, he or she will assist you with preparing your written offer to the seller.
If you are buying without a real estate agent (i.e. through Purplebricks or another private purchase platform), reach out to us so we can assist you with preparing a written offer to the seller. Typical turnaround time for preparation of a written offer is 24-48 business hours.
2. If the seller accepts your offer, fulfill or waive any conditions set out in the offer by the conditional date.
This is the time when you get to inspect the property, make sure you qualify for a mortgage, make sure that you can insure the property, etc.
If you have ANY doubts about your purchase, please contact us BEFORE you waive your conditions. Once you have waived your conditions, it is very difficult to back out of a transaction. If you do, you risk being sued by the seller.
3. Once you waive your conditions and the Agreement is firm, provide us (or have your agent provide us) with the final Agreement of Purchase and Sale and any amendments by email.
4. In order for us to open a file for you, complete the FORM with of the relevant information for your purchase (the contents of the form are confidential and are only accessible by us). Once we receive your form and your agreement of purchase and sale, we will open a file for you.
5. By the requisition date set out in your offer, we will run a title search on the property and request that the seller’s lawyer correct any issues on title before closing.
6. At least three (3) weeks before your closing date, sign with your lender and finalize your insurance for the property. If we receive your lender’s instructions within less than five (5) business days before closing, a surcharge may be added to your legal fees for rushed services.
7. At least two (2) weeks before your closing date, contact all of the utilities which will service your new property to set up your accounts. Due to privacy legislation, when your deal closes, we only advise the local municipality (and your condo corporation, if applicable) of your new ownership.
8. One (1) week (or at least three (3) business days) before closing, we will set up an appointment to sign the closing documents and review the financial aspects of your transaction. It is often easier to sign in person, but a virtual meeting may be possible, depending on your lender’s requirements.
9. By 5:00pm on the day before the closing date, deliver to our office a certified cheque or bank draft in the amount we provide to you during our meeting, representing our fees and disbursements and the remaining amount of the purchase price not funded by your lender or already paid by a deposit.
10. On the closing date, we work with the seller’s lawyer to close your transaction, and you become a home owner! Your transaction may close any time before 5:00pm on the closing date, depending on when we receive funds from your lender and signed documents from the seller.
11. Within a month after closing, you will receive a reporting letter summarizing your transaction and copies of all closing documents by the method of your choice (email or regular mail).