Buying a home is one of the biggest investments made in a person’s lifetime. Your lawyer is there to protect your legal interests at all stages of the transaction.

Offer Stage

An offer to purchase accepted by a seller is a binding contract on the buyer and the seller.

At this stage, Your lawyer can help you:

•   Draft an offer; or review, explain and amend, if necessary, an offer drafted by your real estate agent;
•   Include escape clauses that allow you to cancel the transaction if, for example, you are
     not able to get a mortgage;
•   Include a list of appliances and other items that you wish to buy with the home;
•   Request warranties that, for example, all appliances are and will be in good working order on closing;
•   Request a survey from the seller;
•   Request that your deposit be put in an interest-bearing bank account, with interest payable to you.

Post-Acceptance Stage

After the seller accepts the offer, your lawyer can help:

•   Explain the process of completing the transaction;
•   Review the condominium status certificate if you are buying a condominium unit;
•   Provide you with a checklist of things that you need to do, such as contacting the municipal tax department
     and utility departments, and arranging for a mortgage and home insurance;
•   Calculate how much money you need to close the transaction, including government fees, land transfer tax,      legal fees, and other costs;
•   Search title and other matters to make sure that on closing, you will be the rightful owner of the home;
•   Request the seller’s lawyer to correct any problems that are discovered through title and other searches;
•   Prepare closing documents for signature by the seller;
•   Arrange for title insurance coverage;
•   Prepare mortgage documents;
•   Explain how title to the home may be taken and the difference between joint-tenancy and tenancy-in-common;
•   Check the statement of adjustments to make sure that you are paying only your share of any costs that the seller
     has prepaid;
•   Meet with you to explain the documents that you will have to sign.

Closing and Post-Closing

On the day of closing and after closing, your lawyer can help:

•   Receive the mortgage funds from your lender and transfer the funds to the seller;
•   Close the transaction, register the deed and mortgage, pay registration fees and
     land transfer tax to the government;
•   Arrange for you to obtain the house keys;
•   Report to you, your mortgage lender and the title insurance company.

Your lawyer is the quarterback of your transaction. It is wise to engage the services of a lawyer early on
in the process.