Let us help you with:
- Complete purchase or sale of residential and commercial properties including leasehold or aboriginal land
- Draft and/or review agreement of purchase and sale
- Draft and/or review tenancy agreements
- Refinance your existing properties
- Private lending with mortgage as security; and
- Register a second mortgage, both private and institutionalized
What is the completion process for sale of a property?
We start the completion process when we receive documents including the contract (i.e. the accepted offer) from your realtor’s office*. Once we have these documents and have been able to confirm our retainer with you, we then conduct our searches and review the contract and send you our initial report along with a list of further information we need from you to prepare the documents.
If a mortgage is registered on the title of your property, we then contact the lender to obtain a discharge statement from them. The discharge statement will show us the exact amount we will have to pay out to the lender in order to oblige them to release the mortgage from the title on completion.
In the meantime, the buyer’s representative will prepare and send us transfer documents which we will review before signing with you. Once we have these documents and the discharge statement, we will contact you to book an appointment for signing the documents.
On completion day, the buyer’s representative will file the transfer of title in the Land Title Office and pay us the sale proceeds. We will then pay out the lender in accordance with the discharge statement and pay the rest of the funds to you after deducting our fees and other disbursements**.
You can expect to receive your funds from the proceeds within two business days after completion.
* Please note that typically we avoid conducting any of the due diligence searches earlier than a month before the completion date in order to make sure our searches are as up-to-date as possible.
** For more information on other disbursements payable on closing click here.
What is the completion process for purchase of a property?
We start the completion process when we receive documents including the contract (i.e. the accepted offer) from your realtor’s office*. Once we have these documents and have been able to confirm our retainer with you, we then conduct our searches and review the contract and send you our initial report along with a list of further information we need from you to prepare the documents.
If you are not obtaining financing via a mortgage to complete the purchase then we are able to prepare final documents for you at this point. However, if like most people you are relying on mortgage proceeds to complete the purchase then we have to wait until we receive instructions from the lender to proceed to finalizing your documents.
Once we have received mortgage instructions from the lender we are able to calculate the amount of funds you need to provide in order to complete the purchase (including remainder of the down payment, property transfer tax, legal fees and other disbursements** and adjustments) in a document called the statement of adjustments.
We will then book an appointment with you for signing the documents and send you a copy of the statement of adjustments and ask you to bring us a bank draft payable to Envision Law Corporation In Trust in the amount shown on that statement.
On completion day, we will receive proceeds of mortgage from the lender, file the transfer of title and mortgage in the Land Title Office and pay the seller’s representative from the funds we hold for you in trust. You will be able to get your keys on possession day from your realtor.
* Please note that typically we avoid conducting any of the due diligence searches earlier than a month before the completion date in order to make sure our searches are as up-to-date as possible.
** For more information on other disbursements payable on closing click here.
What are the disbursements payable on closing of real estate transactions?
In addition to the legal fees, you can expect to pay the following disbursements on completion of your real estate transactions:
Purchases:
- Cost of strata documents (if applicable)
- Cost of property tax search
- Cost of home insurance binder
- Cost of title insurance
- Land Title Office fees
- Cheque certification and courier fees (if applicable)
- We cannot tell you the exact amount of the disbursements as amounts may vary significantly from transaction to transaction, however, we suggest you budget at least $500 to cover these expenses
Sales:
- Land Title Office fees
- Cheque certification and courier fees (if applicable)
- We cannot tell you the exact amount of the disbursements as amounts may vary significantly from transaction to transaction, however, we suggest you budget at least $200 to cover these expenses
Refinances:
- Cost of strata documents (if applicable)
- Cost of property tax search
- Cost of home insurance binder
- Cost of title insurance
- Land Title Office fees
- Cheque certification and courier fees (if applicable)
We cannot tell you the exact amount of the disbursements as amounts may vary significantly from transaction to transaction, however, we suggest you budget at least $500 to cover these expenses.
Planning to Buy or Sell Your Home? Schedule a no-obligation consultation to start!