What Information Your Lawyer Needs

STEPS TO CLOSING A REAL ESTATE TRANSACTION

Selling a Property

We require you to provide information and documentation to our office in order for us to complete your transaction. CLICK HERE for a complete list.

Purchasing a Property

We require you to provide information and documentation to our office in order for us to complete your transaction. CLICK HERE for a complete list.

Re-Financing a Property

We require you to provide information and documentation to our office in order for us to complete your transaction. CLICK HERE for a complete list.

 

SELLING

Please provide our office with the following:

1. Copy of your Agreement of Purchase and Sale - usually a copy is faxed to our office by your Real Estate Agent;
   
   
2. Copy of Transfer/Deed (official ownership document) which you would have received when you purchased the Property;
   
   
3. Details of any existing mortgages or lines of credit against the property (Name of lendor, address & phone number, loan reference number)
   
   
4. An existing survey of the Property if in your possession;
   
   
5. Current year's realty tax bill, including any existing property tax bill and any future bill received prior to closing as well as details of ayments being made by you prior to closing;
   
   
6. Your forwarding address and future telephone number;
   
   
7. At least one key to the property - provided when you attend our office to sign all closing documentation.
   

 

For more information about your transaction and the procedure involved we encourage you to visit our SELLER RESOURCE CENTRE.

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PURCHASING

Please provide our office with the following:

1. Copy of your Agreement of Purchase and Sale and all Waivers - usually a copy is faxed to our office by your Real Estate Agent;
   
   
2. The full legal names of those persons who are to appear on title as well as their dates of birth;
   
   
3. Whether the owners are taking the property as "Joint Tenants" or "Joint Tenants in Common" (Where title is held as "joint tenants" and one of the owners dies, the surviving joint tenant automatically becomes the owner of the property and no probate tax is payable - most commonly used by spouses. However, where title is held as "tenants in common" and one of the owners dies, the deceased owner's interest passes to a beneficiary according to any last will and testament made by the deceased - probate tax is applicable);
   
   
4. You are required to forward our law firm contact information to your mortgage broker or lender who will in turn fax solicitor instructions to our office;
   
   
5. We require your current contact information;
   
   
6. If you are purchasing a Property that is NOT a condominium, we will require the fire insurance binder for the property; and
   
   
7. Closing funds - your certified cheque represents the funds needed in addition to your mortgage and is to be made payable to Parnes Rothman in trust. You will be required to present your certified cheque when you attend our office to sign all closing documentation.

For more information about your transaction and the procedure involved we encourage you to visit our PURCHASER RESOURCE CENTRE.

 

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MORTGAGE / LINE OF CREDIT RE-FINANCING

Please provide our office with the following:

1. Up-to-date Fire Insurance Policy with name, address & phone number of Insurance Broker;
   
   
2. Realty Taxes - written confirmation that taxes are in good standing (ie: Reciepted Tax Bill or Statement issued by Tax Department;
   
   
3. Previous Mortgage or Line of Credit information and reference numbers (ie: most recent statement);
   
   
4. Any debts to be paid out as per mortgage conditions (ie: credit cards).
   
   
   For more information about your transaction and the procedure involved we encourage you to contact our office.

 

QUICK LINKS Seller Resource Centre Purchaser Resource Centre Real Estate Resource Centre Agent Resource Centre What Info Your Lawyer Needs Land Transfer Tax Title Insurance Closing Cost Quotation System Link Exchange MARKET UPDATE TORONTO - Friday, July 4, 2008 -- TREB Members reported 8,600 sales in June, TREB President Maureen O’Neill announced today. “Sales were down 18 per cent from the 2007 total of 10,451, which was the best performance ever for that month,” noted the president. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.”