PLEASE NOTE: There can be many variations on the foregoing respecting the issues of Possession of the Property, release of the keys, however the foregoing is the “normal” sequence of events. Please check with your Lawyer as to what will be the actual procedure on the Closing Date.Reporting on the Transaction:
Now that the Real Estate Transaction has closed, each of the Buyer’s Lawyer and Seller’s Lawyer must report to their respective clients and others involved in the transaction.
Title registration is simply the process of changing the title of the home from the seller’s name to yours. Title insurance, on the other hand, is intended to protect you from liability should an undetected title defect be found. For instance, if there is a violation of the municipal zoning bylaws, an existing work order, property taxes in arrears or encroachments on adjoining property, this could affect your title. Both title insurance fees and registration fees are paid for on the closing day.
Madaans LLP houses a team of professional lawyers who can help you with all your real estate transactions whether it is residential or commercial. You can simply call (905) 405-8100 or email at email@example.com to get in touch with us.
For buyers, you’ll want to call your real estate lawyer as soon as you’re ready to sign an Offer to Purchase. The offer is part of a legally binding contract, so it’s important to have a lawyer review it, because the consequences of breaking the contract can be expensive. Your lawyer can explain all the legalese in plain terms. You’ll need to see your lawyer again before the closing day, to finish the transaction. If you’re refinancing, you only need to see your real estate lawyer once, to sign all the paperwork that is required for your new mortgage.
Legal fees depend on how complicated the purchase and transaction is, as well as the lawyer’s expertise. Most of the time, there will be a base fee that depends on the type of home (detached, condo, etc.) and then you’ll pay for disbursements (Courier, faxing, photocopying, software fees etc.) and registration fees. The cost will also depend on whether you’re buying, selling or refinancing. Expect to pay around $1,500 in legal fees and disbursements when all is said and done.
A single person will take title to the property as a registered owner.
Yes. Two common types are joint tenancy and tenants in common.
Your registration on the title effects what happens to your share of a property after you die.
Where two or more people are registered as joint tenants on title to a property and one of them dies, the deceased person’s share of the property will vest automatically in the survivor(s) by right of survivorship.
There is no right of survivorship if the owners are registered as tenants in common. If one tenant in common dies, that deceased person’s share of the property forms part of their estate.
Yes, if the owners are registered as tenants in common the percentage of the owner’s share can be unequal and can be determined by the owners at the time of the registration.
The owners may want their share of the property to go to someone other than the person holding title with them. Such as friends, relatives and business partners.
They need to make a will.
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