You’ve signed your Offer so now what? What happens at the Lawyer’s office?
The following are the steps of a purchase from the time you have an unconditional Offer to getting possession of your property
- Unconditional signed Offer is faxed to the lawyer’s office.
- Offer is received at the lawyer’s office and a file is opened.
- Tax and Title related searches performed.
- If a mortgage is being obtained, the lawyer waits for mortgage instructions from the Lender. Note: you sign your mortgage at the lawyer’s office, not at the bank or the broker’s office.
- File is then diarized to begin work about 2 weeks prior to possession. (This is a general rule and will be adjusted accordingly by the lawyers office in order to ensure, as much as possible, the transaction closes on the scheduled date)
- As document preparation work begins on the file, you will be contacted by the legal assistant for information regarding the following:
How your name(s) will appear on Title: We need to know your Full Legal Names, mailing address, how you want to hold the title (joint tenants* or tenants in common*)
Property Taxes: Will you pay your taxes on a monthly payment plan (TIPP) or in a lump sum or through your mortgage?
Insurance: We will need to obtain proof that you have insurance arranged on the new property as of the Possession Date*. If you are getting a mortgage then the mortgagee (the bank) will need to be shown on your policy as 1st loss payee.
ID: Government regulations require us to obtain specific ID information from all our clients.
- Once we have gathered all necessary information we will prepare the documents and contact you to arrange for an appointment to meet with the lawyer for signing. This appointment is about 1 hour in length. If additional funds are required in excess of the mortgage funds you will be required to bring those funds to the appointment. They will need to be in the form of a bank draft. The legal assistant working on your file will provide you with the specific amount.
- We will ensure all documents are ready for submission to the Land Titles Office for registration, receive the mortgage funds and provide the Cash to Close* to the Sellers lawyer on or before the Closing/Possession Date*.
- Your next step is to arrange with your realtor for a walk through on the morning of the possession day. Usually the transfer of keys takes place around 12:00 noon.
- Once registration is complete our office will receive confirmation from Land Titles. We will then provide a formal report to you with copies of all the documents you need for your records.
* See our Definitions page