A legal professional is there to represent your interests and to process the legal documentation required. Your Royal LePage Team Realty Sales Representative can provide you with the names of legal professionals who specialize in real estate. .
It is not a legal requirement to use a lawyer, but it will save you a lot of time and frustration and make the sale much smoother. Lawyers specializing in real estate will be well worth the cost. For their fee, they will:
* search the property's title to ensure there are no existing mortgages or liens registered against it;
* search the City Zoning Department to make sure the property complies with zoning;
* search gas, water and hydro records to determine whether there are any outstanding work orders attached;
* determine if property taxes are paid;
* prepares the land transfer tax affidavit;
* On closing day, attend the Registry Office to register the deed and mortgage.
In addition to the Lawyer's "Fee for their Service", you are also responsible for the lawyers "disbursements". These include costs that the lawyer paid on your behalf including but not limited to searches and sub searches, title insurance land transfer tax, any long distance calls, photocopies, courier charges etc. Other closing costs include your proportionate share of the property taxes, and leftover heating oil, if applicable which will be identified on your statement of adjustments.
Your Royal LePage Team Realty Sales Representative and your Legal Professional will also advise you on the steps to be taken before the keys to your new home are presented to you
For more information, please contact a
Royal LePage TEAM REALTY Sales Representative.