HOW WE CAN HELP WITH YOUR PURCHASE TRANSACTION IN ONTARIO
At Jahanshahi Law Firm, we understand that purchasing a property is one of the biggest investments that individuals will make in their lifetime. We have been involved with thousands of real estate transactions across the province of Ontario and we have experience addressing various types of legal issues as a commercial or residential real estate transaction unfolds. Whether you are buying or selling a condominium, a house, or a commercial property, we know that you want the process to be swift and without issue. Throughout the purchase transaction, we will regularly communicate with you to ensure you are up to date with all the details of your matter. Once retained, you will have direct access to the real estate lawyer representing you on the matter to address any concerns you may have.
WHAT TO EXPECT WHEN WE REPRESENT YOU ON YOUR REAL ESTATE PURCHASE TRANSACTION
First, we will set up an initial consultation between you and the real estate lawyer representing you to discuss your transaction where you will be able to ask any questions about the transaction including costs, steps involved, deadlines, and procedures. We will then carefully review any documents you have signed including the agreement of purchase and sale and its attached schedules to ensure no deadlines are missed. Once you have retained us to represent you in the transaction, we will promptly notify all interested parties that we are your legal representative and begin the due diligence process. We will draft all necessary documentation and ensure that you receive clear title to the property. Throughout the purchase transaction, we will advise you of your legal rights and obligations as required. We offer flat fees for most types of residential real estate transactions and provide upfront cost estimates upon request. Once the transaction is completed, we will always provide you with a report which sets out all important information related to your matter.
WHAT ARE THE STEPS IN A PURCHASE TRANSACTION?
STEP 1 – Once you have decided to hire our firm to represent you in a real estate purchase transaction, we will ask you to sign a retainer agreement that sets out the boundaries of our engagement. Once the retainer agreement is signed, we will ask you to provide us with various documents related to the purchase transaction. This may include your identification, agreement of purchase and sale, mortgage approvals and other documentation as necessary.
STEP 2 – We will conduct the necessary due diligence including title searches on the property being purchased to identify title issues, if any. We will then ask the seller’s solicitor to remedy title issues, if any, by sending the seller’s lawyer a letter of requisition setting out our demands prior to closing.
STEP 3 – We will draft all necessary documentation and provide you with the financial figures related to your transaction prior to closing. You will receive the financial figures related to your transaction well in advance so you are able to plan accordingly.
STEP 4 – In accordance with the financial figures provided to you, we will ask that you deposit the necessary funds into our trust bank account, so we are able to complete the transaction. The such deposit can be done via bank draft, certified cheque, or wire.
STEP 5 – If you are getting a mortgage for the purchase transaction, we will work to satisfy the lender’s solicitor conditions and ensure that mortgage funds will be advanced to us on the day of closing.
STEP 6 – On the day of closing, we will exchange documents and funds with the seller’s lawyer and finalize the transaction by registering the transfer deed and the mortgage, if applicable.
STEP 7 – Once the transaction is complete, we will notify the city or the condominium corporation, as applicable, that you are the new owner of the property. We will then proceed to prepare a final report for you and the bank confirming the finalization of the transaction.
WHY YOU SHOULD HIRE OUR FIRM TO REPRESENT YOU IN YOUR REAL ESTATE PURCHASE TRANSACTION
- Experience – We have closed thousands of real estate transactions across the province of Ontario. We have the necessary knowledge, experience, and skills to protect your legal rights in a real estate transaction.
- Organization and Firm Infrastructure – We pride ourselves on being highly organized. We utilize various forms of technology to ensure your transaction is closed smoothly.
- Remote Closing – We conduct your entire transaction remotely and you can sign relevant documents from the comfort of your home. Although you have the option to come in and visit us at any time, we can hold meetings over virtual platforms at your discretion.
- Fair and Reasonable Pricing – We offer flat fees for most residential real estate transactions. We are transparent with our pricing and set our costs in an initial retainer with you prior to starting work on your matter.
- Prompt Communication – Our staff is trained in effective communication methods, and we respond to client communication in a dedicated and prompt manner. When you hire us to represent you on your real estate transaction, we will regularly communicate with you to ensure you are aware of the status of your matter and have the opportunity to ask relevant questions if necessary.