Through the process of buying a home, you will likely have a number of professionals working with you – your mortgage broker, possibly a realtor and a home inspector, and your lawyer. Each professional is tasked with managing their area of specialty toward the ultimate goal of moving you, as the homebuyer, smoothly into your new home. At Barnes Law Office, we are pleased to assist you through one of the largest investment decisions you will make. Foremost in our approach to your real estate transaction is service and guidance.
I am purchasing a house – what does my lawyer do? Some of the things your lawyer does include:
- establishes communication with you, the purchaser
- receives and reviews a copy of your purchase contract
- receives and reviews mortgage instructions from your lender
- communicates with the seller’s lawyer’s office
- communicates with your realtor, if you have been working with one
- communicates with your lender
- conducts property searches through the municipality and ISC (Land Titles)
- most importantly, communicates with you on outcomes from all the above to deal with any matters of concern; THEN,
- prepares your mortgage and associated documentation
- arranges an appointment for you to sign your mortgage and associated documentation
- reviews all of the financial information relevant to your new home purchase, and confirms deadlines
- registers the mortgage and property into your name
- provides to you copies of all the necessary documentation
- provides to your lender their copies of required documents
- confirms that the seller’s interests (if any) have been removed from title within a reasonable period of time
Please note: the above list is by no means exhaustive of the things that your lawyer does when you are purchasing a house.
I am selling a house – what does my lawyer do?Some of the things your lawyer does include:
- receives and reviews a copy of your sale contract
- communicates with your realtor (if you are using a realtor for your transaction) or if you have negotiated the sale yourself, is in communication directly with you
- if there is a mortgage on the property being sold, the lawyer contacts the current lender to obtain payout information on that mortgage
- communicates with the purchaser’s law office
- conducts property searches through the municipality and ISC
- prepares the paperwork to transfer the property into the new owner’s name
- arranges an appointment for you to sign the transfer paperwork and associated documentation
- reviews all of the financial information relevant to your sale, and confirms deadlines
- provides documents to the buyer’s lawyer to move the transfer forward, and to allow receipt of funds from the buyer’s lawyer
- confirms completion of proper registration
- arranges payouts of the mortgage; realtor fees (if applicable); and any applicable property tax adjustments
- provides copies of your sale paperwork to you
- completes the discharge of financial interests on the title
Please note: the above list is by no means exhaustive of the things that your lawyer does when you are selling a house.
What might be different in a “for sale by owner” situation?
In a “for sale by owner” or “purchasing privately” transaction the processes noted above regarding the involvement of the lawyer are largely the same. When you are selling privately or purchasing privately, you as the seller or buyer are accepting the responsibility of selling or buying the home yourself. You may require the assistance of a lawyer in seeing the sale or purchase process through, and we are able to assist you in that regard.
I am refinancing my home – what does my lawyer do? Some of the things your lawyer does include:
Your lawyer communicates with your mortgage broker and each lender involved. You may be obtaining a new mortgage through your existing lender and in this case, there are a few variables as to how the old mortgage is dealt with, determined by the lender in their instructions to the law office. Similarly to a purchase or sale transaction, your lawyer is required to run municipal and ISC title searches before proceeding to prepare the new mortgage documentation. Refinancing is often put in place to consolidate debt and in support of that, some additional paperwork may be required or requested – each refinance is somewhat unique in that way. Mortgage documents are then prepared, an appointment arranged, and registrations completed to allow the new mortgage to take effect and make the new mortgage funds available. As in all real estate transactions, upon completion copies of the documents are provided to the client for their records.
“My lender requires that the title owner(s) change…” – this is very common in refinance transactions. You may be required by your lender to add a new title owner and mortgagor, or to remove an existing title owner being released from the mortgage. In each of these cases the lawyer prepares proper transfer documents to facilitate the requested changes and advises of fees to do so.
Please note: the above information is by no means exhaustive of the things that your lawyer does when you are refinancing a house, and/or making changes on the title to accommodate the lender’s instructions for the refinance.
I plan to buy a lot and build my own home with a construction mortgage – what does my lawyer do? Some of the things your lawyer does include:
Home construction requires clear communication between the builder/homeowner, the lender, and the lawyer. Builder mortgages – or construction draw mortgages – work by first registering the lot in the new homeowner’s name and the construction mortgage on the new title. The lender will determine the requirements of construction completion for draws. The builder/homeowner communicates with the lawyer as each completion stage is approached to allow the law office to request construction draw funds be advanced. A transaction of this nature requires teamwork and timely advisement to stay on track. Please note: the above information is by no means exhaustive of the things that your lawyer during the course of a new build with a construction mortgage.
I have a large parcel of land that I wish to sub-divide for sale – what does my lawyer do?
In this situation, it will be helpful to you to contact your land surveyor and your lawyer for directions as to how to successfully achieve your sub-division goal.