How to properly prepare closing documents in a real estate transaction

Oct 11, 2016

You’ve found the home of your dreams, you’ve secured a mortgage and now you are well on your way to owning a new home. In order to complete the process, you must hire a real estate lawyer to assist in closing the purchase of your home.

Hiring a lawyer is necessary at this stage, as your lawyer will protect your rights and guide the legalities of the real estate transaction until your keys are delivered. To prepare closing documents your lawyer will move through a number of steps, there is not an average time period for the process, it is dependent on your personal situation.  

However, once you have retained the services of an experienced real estate lawyer, they will work diligently to prepare the those documents on your behalf.

Steps a lawyer takes to complete a residential real estate transaction

Your lawyer will act on your behalf and handle the complex legalities of a residential real estate transaction, the following is a list of tasks your lawyer will complete on your behalf:

• Reviews the Agreement of Purchase and Sale
• Completes a title search, discuss and obtain title insurance, obtain
• Completes and requests searches (ex. zoning, taxes, debts)
• Assess satisfaction of closing conditions
• Deposits mortgage and closing funds
• Statement of Adjustments
• Closing package from seller lawyer
• Register land transfer

The information your lawyer needs to close your purchase

As the home buyer your must provide the following documents:

• Agreement of Purchase and Sale
• Property Insurance
• Title (how will the title be taken)
• Home Inspection report
• Name of Mortgage lender
• Personal information (identification and date of birth)
• Closing funds

Typical fees you should be prepared to pay

There will be a number of fees you will need to pay when you make a real estate transaction these include taxes, fees for Title Search, property tax certificate, registration fees, land transfer tax, title insurance and other searches necessary in the closing of your home.

Ensure that your best interests are taken care of in the purchase of your new home. Contact a Chown Cairns Niagara real estate lawyer for superior quality legal advice. Meet our lawyers below.