Veritasa Law has your best interests in mind.  If you plan to submit an offer, or are selling your home, it is important to have a lawyer review any real estate agreement before it is signed.  Having a lawyer allows you to make informed choices that may include adding conditions or clauses that can protect you in your real estate deal.  

Mortgage refinancing is a large financial decision that should not be taken lightly.  When thinking about refinancing, it is important to speak with a lawyer to make sure this is the right choice for you.  Some of the largest issues people can face when thinking about refinancing are incurring penalties greater than savings being made, and switching rate types to something less favourable.  

People choose to refinance their property for many different reasons, usually based around obtaining a lower interest rate, shortening the term of their mortgage, changing between an adjustable-rate mortgage or a fixed rate mortgage, and trying to raise funds to deal with a financial crisis or consolidating debt.  

In the legal world “title” means the legal ownership of property.  When transferring property, the new owner of the property is obtaining title to the property.  Title is registered in the government’s land registration system.  

Title Insurance is a form of insurance policy that helps protect commercial or residential property owners and their lenders against defects or deficiencies in relation to the property’s title/ownership.  

After paying the one-time fee known as a “premium” a title insurance policy can cover protection from such losses such as: 

• Unknown and undiscoverable title defects (title issues that could prevent you from having clear ownership of the property).  The big benefit here is being covered even for undiscoverable defects that no amount of searching could reveal before they come to fruition.  ONLY title insurance provides this level of protection and that is the primary reason that it is indispensable. 
• Existing liens against the property titles (Having outstanding debt from the previous owner from things such as mortgages, utilities, property taxes, or condominium charges secured against the property.) 
• Encroachment issues (A structure on your new property needs to be removed because it is on your neighbor’s property) 
• Title fraud (someone assumes the identity of an individual homeowner and then uses that false identity to pose as the homeowner.) 

Refinancing is the replacing of an existing debt obligation with another debt obligation under a different specified term.  

The Agreement of Purchase and Sale is a legally binding document and is enforceable by the courts.  The only way out of an agreement of purchase and sale is to employ a condition that is crafted into the agreement to protect you.  But if the agreement is unconditional then the only way out of it is if the other party chooses to let you out of the contract.  

 The short answer is “yes.”  However, when deciding if you think you need title insurance it is important to discuss it with a lawyer.  We can help you gain a clear understanding of what title insurance covers and why it is important to have.  

Real estate law encompasses the purchase and sale of real property, meaning land and any structures on it. It also covers legal issues related to anything attached to the property or structures, such as appliances and fixtures.

Lawyers who specialize in real estate ensure that proper procedures are followed during the acquisition or sale of property. They also may be concerned with how a property is zoned for usage. Real estate law covers deeds, property taxes, estate planning, zoning and titles.

Handles transactions

A competent real estate lawyer is knowledgeable and experienced when it comes to the rules and regulations of any real estate transactions. They help their clients understand contracts, leases, appraisals, inspections, legal documents and other legal processes involved in acquiring a property.

They also answer clients’ questions regarding the transactions and will help iron out issues.

Licensed real estate lawyers can also draft and revise documents, and will review the purchase agreement to ensure that you’re not being misled.

Your lawyer may also review your offer on a property to also make sure that the document protects your rights. If it doesn’t, your lawyer can adjust and revise it to better suit your needs.

Arranges for title insurance

Getting insurance is a must when acquiring property, and your real estate lawyer can arrange your property’s title insurance for you. It is important to note that title insurance and home insurance are not the same thing.

Getting a title insurance is beneficial, as it covers issues that occurred before and after you’ve purchased your property.

Protects clients’ interests

Your real estate lawyer will also perform their responsibility of safeguarding your best interest. You can lean on them to ensure authenticity of the legal documents involved, and to make sure that you’re not falling into any unseen legal traps.

You can ask your lawyer to take a second or third look on your contract. They can review and explain legalese and explain it to you in a way that you could understand more clearly.

This way, you are 100 per cent sure that you know what you’re signing up for. Your lawyer can also negotiate your transaction’s terms and conditions for your sake, which may involve working with other lawyers, developers and brokers.

Overall, with a competent real estate lawyer, you can be sure that your rights are protected, and that your property transaction is legally sound.

Handles foreclosure proceedings

Court procedures regarding the process of property foreclosures vary from province and/or territory. It’s best to hire a real estate lawyer to help you handle this.

Your lawyer will help you navigate this tricky situation, and will give you legal advice regarding your different options. They may help you modify your loan, and may come up with several defences that your party can raise in court.

There may be some situations when you may not need the services of a lawyer to handle your foreclosure, but it’s better to know what to expect when facing foreclosure.

Provides legal representation

Some unpleasant legal situations may be inevitable, but even the most qualified realtor will not be able to give you the right legal advice.

Lawyers offer legal advice on property disputes you might get involved in, as well as on other legal issues such as encroachment, trespassing and injuries.

Also, a real estate lawyer can provide legal advice on property management, zoning violations, restrictions and covenants on real estate, property taxes and value estimates.

Apart from this, lawyers will represent you in real estate litigation. They will draft documents and legal pleadings, participate in hearings and a trial with the judge, and will file appeals on your behalf, when necessary.

They will also negotiate with the opposing counsel to work out settlement agreements.

Assists with closing

The closing date is the final step in your property transaction. This is when the ownership of the property is officially transferred to the buyer.

It is dubbed as the “most important event” in a sale transaction.

On closing day, your real estate lawyer can facilitate your financial transactions. You’ll also take the time to finalize the transaction, where they’ll create a Statement of Adjustments.

This document shows the details of the transaction, including the deposit, adjustments and other fees, as well as the final amount that is due on closing day.

If you’re purchasing a resale property, the keys will be delivered to your lawyer’s office on the day of closing. They’ll not be released until the closing has been completed.

In addition, your real estate lawyer can help you familiarize and prepared for some of the hidden costs when buying a home in Canada, so there’s no surprise when it comes to expenses on the closing day itself.

That totally depends upon who you hire and the services their price includes.  It also depends upon the seniority of the counsel.  As a general rule, more experienced counsel cost more, sometimes much more than young or new counsel.

With Veritasa law, we begin your journey with a no-cost, no-obligation, initial consultation.   Before committing to working with us, we will provide you up-front and transparent pricing we stand behind.   There will be no surprises on your final bill. Contact us today for with any questions you have.