Real Estate

Real Estate Purchases

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Here at LexTransact Law, we undertake the following steps to help complete your real estate purchase:

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• Review and advise on Agreement of Purchase and Sale

• Advise on and order title insurance

• Determine if any encumbrances/defects on title

• Advise whether encumbrances/defects are coved by title insurance

• Advise on applicability of Tarion

• Off-title search re tax certificate

• Off-title search re utilities status and arrears

• Prepare purchaser closing documents and arrange for signature

• Review seller closing documents and arrange for signature

• Handle closing funds

• Delivery of keys

• Register new owners on title pursuant to Document Registration Agreement (document registration)

• Provide final reporting letter to purchaser

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In addition to the above, the following additional steps will be undertaken where the property being purchased is a condominium:

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• Review and advise on Status Certificate as appropriate (where condominum being purchased)

• Review and advise on any related documents (financial statements, insurance confirmation, budget, declaration, standard unit description – note: review of condo by-laws not included)

• Review and advise on any Section 98 agreements

• Review and advise on any corporation borrowing by-law registered on title

• Review and advise on condo plans (confirm boundaries & ownership)

• Order updated Status Certificate  as appropriate (subject to title insurer grace period)

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Where your transaction includes a mortgage, the following additional steps will be undertaken:

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• Advise on mortgage funding requirements

• Coordinate with lender to add mortgage proceeds to closing funds

• Register mortgage on title pursuant to lender instructions

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Real Estate Sale

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Here at LexTransact Law, we undertake the following steps to help complete your real estate sale:

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• Review and advise on Agreement of Purchase and Sale

• Receipt, review, and advise on any requisition (due diligence) requests from purchaser

• Prepare statement of adjustments for closing

• Prepare seller closing documents and arrange for signature

• Review purchaser closing documents and arrange for signature

• Receipt and release of closing funds and any applicable holdbacks

• Release commission funds to real estate agents where applicable

• Perform registration work pursuant to Document Registration Agreement (document registration)

• Perform applicable undertakings to discharge existing mortgages from title

• Provide final reporting letter to seller

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