Frequently Asked Questions
Do I need a real estate lawyer to buy or sell a home in Ontario?
Yes. A real estate lawyer handles the legal aspects of your transaction, including reviewing documents, conducting title searches, registering the transfer or mortgage on Teraview, coordinating the flow of funds and completing the closing.
When should I contact a real estate lawyer?
It’s best to contact your lawyer right after you sign your Agreement of Purchase and Sale with your real estate agent. This gives your lawyer enough time to review the agreement, identify any issues and prepare everything required for your closing.
Do I need a lawyer for a mortgage or refinance in Ontario?
Yes. A lawyer is typically required to register a new mortgage or refinance on title. Your lawyer will work with your lender, review the mortgage documents, conduct the necessary title searches, register the mortgage and ensure the transaction closes properly.
How do I arrange the money I need to close on my purchase?
Your lawyer will provide you with a statement called a ‘Statement of Adjustments’ which shows the amount required to complete your purchase, including the purchase price, closing adjustments, land transfer tax and legal fees, less any deposit already paid. You will then be instructed on how and when to provide the remaining funds to your lawyer (e.g. through a bank wire transfer).
Do I need to attend my lawyer’s office to sign documents?
Not necessarily. Depending on the transaction and the documents involved, many real estate closing documents can be signed electronically or remotely. Your lawyer will let you know which documents require your signature, how they need to be signed, and whether an in-person appointment is required. Our goal is to make the closing process as convenient and straightforward as possible for you.
What should I do after my offer to purchase a home is accepted?
Once your Agreement of Purchase and Sale is firm, contact your real estate lawyer as soon as possible. Provide your lawyer with a copy of the signed agreement and your realtor’s contact information. Your lawyer will then begin preparing for closing and will advise you of the documents and information they require.