We ensure that the purchaser obtains a good and valid transfer (deed) to the property, ensures that the purchaser obtains a good and valid transfer (deed) to the property, and the mortgage company obtains a good and valid first mortgage on the property.
In order to achieve this, the lawyer must communicate very clearly with the purchasers, the purchaser’s mortgage company and the seller’s lawyer. We complete the following:
- Receiving and reviewing the Agreement of Purchase and Sale.
- Communicating with the Purchaser. At the earliest stage possible, the Purchasers should contact their lawyer to request a FULL BUDGET of closing costs. Purchasers can have up to 6 items that will make up their closing costs, and the lawyer should communicate ALL of these costs up front. If all costs are not properly budgeted, the Purchasers may be surprised by unknown closings costs at the time of closing.
- Conducting a full search of title to the new property. A title search confirms that the Seller’s actually own the property and reveals any mortgages, liens, easements or other items registered on the property.
- Search for judgements against the purchaser and seller.
- Communicate with the purchaser’s mortgage company.
- Receive and prepare the mortgage instructions to ensure that the purchaser’s mortgage is registered in accordance with the purchaser’s terms.
- Communicate with the seller’s lawyer.
- Communicating with the purchaser 3-5 days before closing to provide all final closing costs and arrange an appointment.
- A day or two before closing, the Purchasers will meet with the lawyer to sign all final paperwork and provide the down payment and closing costs. Purchasers should meet with their lawyer when signing final documents. Some law firms allow a legal assistant to meet with the clients to sign final paperwork. Purchasers should demand that they meet with a lawyer.
- On the day of closing, the lawyer completes the following tasks:
- Final search of title to confirm that nothing has been registered since the first search of title.
- Send the purchase proceeds to the Seller’s lawyer.
- Complete final mortgage conditions
- Register the Transfer (deed) and Mortgage on title to the property.
- Release keys to the Purchasers.
Purchasers will receive their keys on the day of closing from their lawyer. There is no set time for closing – the closing takes place when both the purchaser’s lawyer and the seller’s lawyer have completed all necessary tasks. This can take place anytime between 11:00 a.m. and 5:00 p.m. depending on a number of different factors.
If purchasers are also selling on the same day, they should expect that the keys will not be available until late in the day as the sale must close before the purchase.
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