The Real Estate Process - Buyers PDF Print


Financing The Purchase

One of the first things that a Buyer will want to do is to ensure that they have the appropriate financing in place to purchase their home.  This can be done in a number of ways.  A potential Buyer can approach their bank to discuss financing options at that particular institution, or they can go to a mortgage broker who will help the potential Buyer look at financing options from a variety of sources.  Once you have been approved or pre-qualified for a mortgage you will have a very good idea of what your budget is and will be in a good position to start looking for a home to purchase.

Finding The Right Home

The hunt for the right house can be time consuming and daunting.  It is often helpful to have someone experienced to assist you during this process.  As a Buyer, working with a Realtor can be very helpful.  Typically the Seller will pay the Realtor’s commission after the sale has occurred.  As a result, in most cases it does not cost the Buyer anything to work with a Realtor.

Making An Offer

Once you have found the house you wish to purchase, you will need to make an offer to purchase it.  This is another area where a Realtor can be of great assistance.  If you are not working with a Realtor, our Experienced lawyers can also assist in drafting a real estate purchase contract.  In the purchase contract you will want to address such things as the price, how the price will be paid (including any deposits), when possession of the house will be turned over to the Buyer, what items stay with the house (appliances, etc.), any conditions to the sale (such as financing, inspection, sale of a home, etc.).  Making sure that you have a valid purchase contract that protects the buyer and seller is important, and often worth getting appropriate professional help in this regard.

 The Lawyer's Role

A lawyer is able to assist purchasers by reviewing contracts prior to finalization to ensure that they protect you as the purchaser. Once there is a purchase contract in place, the contract will need to be sent to our office.  Once we have it we will do the following things to ensure your transaction runs smooth and closes on time.  While this is not an exhaustive list, here are many of the things we will do on your behalf:

  • Check the purchase contract to ensure it is correct, and clarify any ambiguity if necessary
  • Enter the important dates into our limitation diary system to ensure that they are not missed
  • Contact our client to:
    • Confirm instructions
    • Ensure that our client is able to meet conditions in the contract
    • Obtain the name of the lender
    • Confirm the client’s names as they wish to have them appear on title to the land
    • Ensure that our client has fire insurance on the new property
    • Confirm possession requirements
  • Conduct a tax search to ensure taxes are up to date and order a tax certificate
  • Obtain a Land Titles search to check for encumbrances, and caveats that may affect the purchaser’s rights
  • Contact the Realtor (if applicable) to obtain their conveyancing package
  • Contact the seller’s lawyer to:
    • Notify as to Buyer’s name, address and manner of taking title and manner of payment
    • Request transfer documents, statement of adjustments, Real Property Report or title insurance
  • Review documents received from Seller’s lawyer to ensure accuracy and acceptability
  • Receive mortgage instructions from lender.  Review the mortgage instructions to ensure they are accurate and that client has satisfied all conditions for financing
  • Prepare the mortgage documents
  • Prepare balance of required transfer documents
  • Determine applicability of GST
  • Meet with client to:
    • Review title and all encumbrances remaining on title
    • Discuss Real Property Report, or title insurance
    • Review Statement of Adjustments
    • Review and sign all purchase and mortgage documents
    • Obtain the cash to close
    • Ensure fire insurance is arranged
    • Discuss any trust conditions from seller’s lawyer and any other matters relating to the transaction
  • Receive the mortgage proceeds from the lender
  • Register the transfer documents and mortgage
  • Disburse the mortgage proceeds as required to close the real estate transaction
  • Ensure that the keys to the property have been released to our client
  • Provide a reporting letter to the lender
  • Provide a reporting package to the client containing copies of all necessary documents

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