There are three sides to every real estate transaction. Each side must fulfill their duties or the deal will not close. One very important side of this triangle is the lawyer.

The lawyer’s function for a buyer is two fold. First and foremost he must protect your rights to the property you are purchasing and secondly he must facilitate the financial side of the transaction. While working on your behalf he must ensure that you have “clear title”. If the current homeowner has liens against the property, he must work with the lawyer representing the seller to ensure that the liens are satisfied. If this process does not take place, you could be forced to pay any of the previous homeowner’s debts registered against the property. The lawyer must also confirm that the seller does in fact own the property and has the right to sell it to you.

On the financial side, the lawyer must ensure that the property taxes are paid for by the seller up until the day of closing. He will also work with the financial institution to procure the necessary funds and register your mortgage. The lawyer must also remit payment to the government for Land Transfer Tax.

All of the above tasks must be complete so that the lawyer can give you the keys to your property on the day of closing.

When representing the seller, the lawyer must ensure the discharge of any mortgages held on the property.

As you can appreciate, the lawyer’s function is very important in completing your transaction. If you already have a lawyer that you trust to complete your transaction feel free to use their services. However if you do not have representation I can highly recommend a reliable solicitor you can trust. As always, keeping your best interest in mind, the lawyer listed below will offer very competitive pricing.