UNDERSTANDING THE LAWYER’S ROLE
A word from Kate Grossi – Korman & Co.
The Lawyer’s Role – Purchase
After signing the purchase agreement, you’ll need a real estate lawyer to handle the closing. The first step will be obtaining a quote for all of your closing costs.
Closings costs are:
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Legal fees
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Disbursements (out of pocket costs such as the title search, banking fees, couriers/postage, software fees)
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Land Transfer Tax
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Title insurance
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Government registration fees
Once you have received a quote and chosen a lawyer, they will need a copy of your agreement of purchase and sale and will then communicate what information they need from you which typically includes:
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Personal information – email, cell number, address, citizenship, spousal status, etc.
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ID verification – if you are using a lawyer that does virtual signings, this ID verification will be a link sent to your cell phone which requires you to upload two pieces of valid identification and one must be a government issued photo identification (a passport or driver’s licence) and take a selfie.
After this is completed, you can work on:
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Finalizing your mortgage with your mortgage broker
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Setting up your utility accounts
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Obtaining your insurance for your new home.
A meeting will then be set to sign the closing paperwork. Meetings are usually 2-3 days before the closing date and typically take 30 minutes.
Prior to the meeting, the lawyer will advise you how much money you need to complete the purchase. These funds are provided by you to the lawyer before closing and are usually provided 1 business day before the closing date. This amount cannot be provided until the lawyer receives the mortgage instructions from your mortgage company. Mortgage instructions are usually received by the lawyer 1 week prior to closing so you will usually receive the final calculation within the week of closing.
There is nothing for you to do on the closing date. The lawyer will communicate with you when your purchase has been completed. This is typically mid afternoon on the closing date but can be as late as 6 pm.
Checklist/Timeline
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Obtain quote from lawyer
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Provide lawyer with agreement of purchase and sale
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Receive list from lawyer of the information required from you and provide the information
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Book meeting with lawyer
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Finalize mortgage with mortgage broker
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Finalize home insurance
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Set up utility accounts
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Meet with lawyer
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Provide funds to lawyer
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Complete the transfer of ownership on the closing date.
If you have further questions about the closing process and/or if you’d like to work with Korman & Co to assist you with closing, we’ve included here contact information below:
Kate Grossi, B.A (Hons) LL.B.
Partner
Barrister, Solicitor and Notary Public
Korman & Company
Phone: 416.465.4232 X 314
Email: kate@kormancompany.com