In our role in a typical purchase transaction, we are responsible for the following matters:
- Reviewing title to ensure a valid chain of title to date.
- Ensuring there are no encumbrances affecting title (e.g.: undischarged mortgages, liens or Writs of Execution).
- Verifying there are no tax arrears and ensuring a proper adjustment is made for taxes paid to the municipality in the current year.
- Receiving mortgage instructions from your lender and preparing or obtaining all required documentation to effect mortgage security in order to ensure mortgage funds are available on closing.
- Ensuring proper fire insurance is in place to satisfy mortgagee requirements.
- Preparation of title documents to properly and effectively pass clear and marketable title to you.
- Arranging closing (i.e. exchange of purchase funds, keys and all closing documentation).
- For new homes, ensuring the house is properly enrolled in the Ontario New Home Warranty plan.
- For condominiums, reviewing the Status Certificate to ensure, for example, that common expenses are up to date, that proper insurance coverage has been obtained by the condominium corporation, that there are no undisclosed special assessments, and that the corporation is not involved in any litigation which would expose you to liability.
- Title insurance was introduced in Canada in the early 1990s and is popular among homebuyers today. It is an alternative to a lawyer’s certificate of title, and insures the homeowner’s marketability of title. It is designed to protect you from risks such as someone making a claim to title of your property.
- Title insurance is no-fault insurance so it ensures that you, as homeowner, are protected and will be compensated for any loss resulting from a covered risk. Title insurance is a non-mandatory, one-time purchase that occurs at or prior to closing.
- Title insurance is not a substitute for legal representation. We believe that your best insurance is a combination of your own due diligence, representation from a qualified, trusted lawyer, and title insurance – which we can provide.
- Title insurance is more expedient than having your lawyer order and assess all the zoning, utility and other certificates that are necessary to ensure the status of the title to your home. These certificates generally cost more than $300 and even these will not protect you against the risk of historical issues with claims to the property, or a previous owner’s failure to comply with structural or zoning requirements.
- Title insurance is often required by lenders and saves the cost of obtaining an up to date building location survey. We recommend title insurance in conjunction with our standard title search. Both title insurance and the title search are included in our no-surprise pricing.
- Our role in a typical sale transaction, we are responsible for the following matters:
- Reviewing the Agreement of Purchase and Sale.
- Assisting in satisfying conditions, where applicable.
- Preparing the Statement of Adjustments, Transfer/Deed and other required sale documents.
- Obtaining a Mortgage Discharge Statement.
- Delivering a Solicitor’s personal undertaking to discharge an existing mortgage using funds required by the Purchaser on closing (this procedure allows a transaction to close notwithstanding the existence of a registered mortgage).
- Providing other undertakings where possible and necessary to facilitate closing.
- Preparing a Vendor Take-Back Mortgage if applicable.
- Reviewing all documents prepared by the Purchaser’s solicitor for Vendor’s signature to ensure any warranties given are appropriate and do not exceed those contracted for and do not prejudice the Vendor’s position.
- Assisting in solving minor problems involving inspections, changes in dates, claims for abatements and such.
- Supervising closing or tender and ensuring the Vendor’s legal position is secure by being “ready, willing, and able” to complete the transaction.
- Remitting real estate commission to listing agent per Commission Statement.
- Reporting to the client, delivering mortgage payout funds and following up on undertakings including the registration of a mortgage discharge upon receipt.