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Nazarian Law Nazarian Law Image Nazarian Law Nazarian Law hello@nazarianlaw.ca +1 647-660-6900 130 Queens Quay East, Suite 715, Toronto, Ontario, M5A 0P6
5 stars - "<p>Okay, so I had to deal with some legal stuff for my small business and I was freaking out a little bit, but then I found Nazarian Law and they were seriously amazing! They knew exactly what to do and made me feel so much better about everything. I could tell they really cared about helping me out and they were super cool about explaining all the legal stuff in a way that actually made sense to me. If you need help with your biz, Nazarian Law is where it&#8217;s at, for real.</p> "
Nazarian Law Nazarian Law Image Nazarian Law Nazarian Law hello@nazarianlaw.ca +1 647-660-6900 130 Queens Quay East, Suite 715, Toronto, Ontario, M5A 0P6
5 stars - "<p>I recently had the pleasure of working with this law firm and was blown away by their level of expertise and professionalism. They made me feel right at home from the moment I walked through their door, and their level of compassion and understanding was truly refreshing. They took the time to explain everything to me in a way that I could understand and always kept me informed throughout the entire process. Thanks to their hard work and dedication, my legal matter was resolved successfully, and I couldn&#8217;t be happier with the outcome. I highly recommend this firm to anyone in need of legal services. Trust me, you won&#8217;t be disappointed. They are the real deal and know how to get things done.</p> "
Nazarian Law Nazarian Law Image Nazarian Law Nazarian Law hello@nazarianlaw.ca +1 647-660-6900 130 Queens Quay East, Suite 715, Toronto, Ontario, M5A 0P6
5 stars - "<p>I recently had the pleasure of working with Nazarian Law firm relating to a real estate closing that was fast approaching. We could not be happier with the high level of service that we were provided with. From start to finish Armen and Daniel were both extremely professional, responsive, knowledgeable and went above and beyond to assist us in meeting our closing deadline. There was excellent and clear communication throughout and I appreciate all of their hard work and I would highly recommend this law firm!!</p> "
Nazarian Law Nazarian Law Image Nazarian Law Nazarian Law hello@nazarianlaw.ca +1 647-660-6900 130 Queens Quay East, Suite 715, Toronto, Ontario, M5A 0P6
5 stars - "<p>We&#8217;ve relied on Armen and the Nazarian Law team for several business and real estate matters and the one thing that always blows us away is the level of care and responsiveness we get from this firm. Armen is always ready to handle a priority closing, and does it with exceptional care and service.</p> "
Nazarian Law Nazarian Law Image Nazarian Law Nazarian Law hello@nazarianlaw.ca +1 647-660-6900 130 Queens Quay East, Suite 715, Toronto, Ontario, M5A 0P6
5 stars - "<p>I recently worked with Nazarian Law to register a mortgage on my residential property, and I have nothing but positive things to say about my experience. From start to finish, everything was handled in a professional and efficient manner. The office of Nazarian Law was clean and well-organized, which immediately gave me confidence in their abilities. The staff were friendly, attentive, and made me feel comfortable throughout the entire process. Armen Nazarian, the lawyer who handled my case, was knowledgeable and thorough. He took the time to explain the process to me and answer any questions that I had. I was impressed by his attention to detail and his ability to ensure that everything was completed correctly and on time. The fees charged by Nazarian Law were very reasonable, especially considering the level of work that was involved. I appreciated their transparency in explaining the fees and what was included in their services.</p> "

What a Real Estate Lawyer Does in Ontario for Residential Transactions

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What a Real Estate Lawyer Does in Ontario for Residential Transactions

Apr 28th 2023

The process of buying or selling residential property in Ontario can be complex and challenging. A real estate lawyer plays a crucial role in ensuring a smooth transaction and protecting the interests of both the buyer and the seller. In this article, we will delve into the specific tasks that a real estate lawyer carries out in Ontario for residential transactions.

A Real Estate lawyer in Ontario can provide invaluable assistance in the following areas:

  • Title Search and Investigation
  • Drafting and Reviewing Agreements
  • Mortgage Financing
  • Title Insurance
  • Escrow Management
  • Closing the Transaction
  • Post-closing Services
  • Real Estate Lawyer’s Fees
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Title Search and Investigation

One of the primary responsibilities of a real estate lawyer is conducting a title search on the property being bought or sold. This process involves examining the property’s history to ensure the seller has a clear and marketable title. The lawyer will identify any outstanding liens, mortgages, easements, or other encumbrances that may affect the property’s transfer. They will also verify the legal description of the property and confirm that property taxes have been paid up to date.

Drafting and Reviewing Agreements

A real estate lawyer prepares and reviews legal documents related to the transaction, such as the Agreement of Purchase and Sale (APS), which outlines the terms and conditions of the transaction. They ensure that the agreement complies with relevant laws and regulations and that the rights and interests of their client are protected. They may also negotiate specific terms, conditions, or clauses on behalf of their client.

In addition to the Agreement of Purchase and Sale, other documents may include the Seller Property Information Statement (SPIS), which provides information about the property’s condition and history, and any other relevant disclosures or warranties.

Mortgage Financing

If a buyer requires a mortgage to finance the purchase, the real estate lawyer will work with the lender to prepare and register the mortgage documents. They will review the terms and conditions of the mortgage, ensure that the buyer understands their obligations, and coordinate the transfer of funds between the lender and the seller on the closing date.

Moreover, the lawyer will ensure that the mortgage is registered on the title and that the lender’s security interest is protected. They will also address any prepayment penalties, portability options, or other conditions that may be relevant to the buyer’s financing arrangement.

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Title Insurance

Real estate lawyers may also arrange for title insurance, which protects the buyer against any defects, liens, or encroachments that were not identified during the title search. This insurance provides financial protection and peace of mind for both the buyer and the lender in the event of any title-related issues that may arise after closing.

Title insurance can cover a range of potential problems, such as fraud, forgery, undisclosed heirs, or survey errors.

Escrow Management

A real estate lawyer often acts as an escrow agent, holding funds and documents in trust until specific conditions of the transaction have been fulfilled. This role ensures that the buyer’s deposit is protected and that funds are properly disbursed to the seller, lender, and any other relevant parties on the closing date.

Closing the Transaction

On the closing date, the real estate lawyer finalizes the transaction by ensuring that all documents are signed and properly executed. They will register the transfer of title and mortgage (if applicable) at the Land Registry Office, obtain a new property tax certificate, and disburse funds to the appropriate parties. Finally, the lawyer will provide the buyer with the keys to their new home.

However, it’s worth noting that nowadays, it is becoming increasingly common for real estate agents to use lock boxes to provide access to a property. In this scenario, the buyer’s agent would be given a code to open the lock box and retrieve the keys, rather than receiving them directly from the lawyer.

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Post-closing Services

After the transaction has been completed, a real estate lawyer may also assist with any post-closing matters, such as resolving title defects, adjusting property taxes, or addressing any legal disputes that may arise.

For example, if a title defect is discovered after closing, the lawyer will work with the title insurance provider to rectify the issue or provide compensation to the affected party. If there are disputes over property boundaries, easements, or encroachments, the lawyer may assist with negotiating a resolution or pursuing legal remedies.

Real Estate Lawyer’s Fees

Real estate lawyers typically charge fees for their services, which can vary based on the complexity of the transaction and the amount of work involved. Some lawyers charge a flat fee, while others may bill by the hour. In addition to legal fees, there may be other costs associated with the transaction, such as disbursements for title searches, registration fees, and title insurance premiums.

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Concluding…

A real estate lawyer in Ontario plays a critical role in residential transactions, ensuring that the rights and interests of their clients are protected throughout the process. By conducting thorough title searches, drafting and reviewing legal documents, facilitating mortgage financing, managing escrow, and closing the transaction, real estate lawyers provide invaluable expertise and support to buyers and sellers navigating the complex world of residential real estate.

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Disclaimer

The content provided in this article or blog is for informational purposes only. It is not intended to constitute legal advice or to replace the advice of a qualified legal professional. While we strive to provide accurate and current information, the law is complex and constantly changing, and each person’s circumstances are unique. Therefore, you should not rely on this information as a substitute for professional legal advice. This information does not create an attorney-client relationship between you and our law firm. We strongly recommend that you consult with a qualified attorney in your jurisdiction to understand your legal rights and obligations. Always seek legal advice before making any decisions that may impact your legal rights or obligations.

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