Buying or selling a home is the most expensive financial transaction that most people will ever make. That's why you need an experienced lawyer to ensure your affairs are in order. It's always a good idea to read all paperwork thoroughly before signing and always ask questions if something is unclear to you. A little due diligence can help save you thousands in the long run.
Lower Your Risk
Life is unpredictable, to say the least. When buying or selling a home, sudden changes can often leave you scrambling for professional legal advice. Even after the deal has closed, unforeseen problems – like mould or cracks in the foundation – are best dealt with the help of an experienced lawyer to negotiate a settlement or get you out of the purchase.
The law offices of Usher & Jordan offers legal advice for real estate issues concerning:
What You Should Know When Buying a Property
In Ontario, you must hire a lawyer to register and transfer land (buying or selling), and each side must have its own representation. At Usher & Jordan, we recommend that our clients consider title insurance. While this product is not for everybody, it can provide much needed peace of mind in the case of any unforeseen costs.
Upon your initial consultation, we will also speak with you regarding your wish to "take" the title to your property. Most couples choose to take the title as joint tenants, where upon the death of one party, the survivor then becomes the sole owner. We will discuss your needs to decide whether this is the best option for you.
We will also help you sort through the instructions the bank will send regarding specific searches required, as well as how the mortgage should be registered. This will need to be completed before the closing of the sale.
As the lawyer for both you and the bank, Usher & Jordan provides you with legal advice after closing concerning searches related to the property, in order to ensure there's nothing affecting the property that will cloud your interest. Should an issue arise, we can negotiate on your behalf to have the seller fix it. If the seller is unwilling to resolve the dispute, we will provide you with options on how to best proceed.
Your seller must tell you the exact asking price of the property. Costs like taxes, water and fuel are adjusted on the Statement of Adjustments. You will also receive credit for any deposit you have made. The amount you will pay for your new home will vary depending on what expenses the seller has already paid. Adjustments are tallied on the closing day.
Once you have the exact amount you must pay to the seller and the amount you will be receiving from the bank, we will inform you of how much you’ll need to complete the transaction. This amount usually equals what you have budgeted for your down payment when you obtained your mortgage approval.
On closing day, we will exchange documents with the seller, and also give them the funds required to complete the purchase and to register mandatory documents (for example, the Deed and the Mortgage). When everything is filed, we get to do what we consider the best part of our job – hand you the new keys to your home!