Buying a Home

An article brought to you by North & Company

Buying a home is an exciting but stressful time.

There are lots of things you need to know, especially if you are a first time buyer.

Realtors are trained professionals and will assist you with many aspects of your purchase. Once your Offer to Purchase is accepted by the Seller and any conditions are waived in writing, the offer is then provided to the law firm of your choice and your solicitor will handle the legal aspects of transfer and, if applicable, your new mortgage.

If you are obtaining a mortgage, the bank will require an appraisal and may require a real property report and compliance certificate.

A new appraisal is nearly always required as they only have validity for 6 months. The bank will assist you in choosing a firm of appraisers.

Sometimes the Seller will have an existing real property report or be willing to obtain one and if so, their agreement to provide the RPR should be indicated in the terms of the Offer to Purchase. Your solicitor will obtain the real property report and compliance on your behalf, according to the terms of the Offer to Purchase.

A Buyers' solicitor's responsibilities include title search, Seller's lien searches, obtaining municipal tax information and certificate, preparing the necessary legal documentation for your mortgage and obtaining any additional documentation your mortgage company may require, receiving transfer documentation from the Seller's solicitor and ensuring your rights are protected under their trust conditions, attending on you to sign documents, registering documents at Land Titles Office, requisitioning mortgage proceeds, providing funds to the Seller's solicitor while ensuring any prior existing title encumbrances will be properly discharged, and reporting to your bank and yourself on finalization.

Your interests and rights are protected from beginning to end. Your realtor will have ensured that you were satisfied with the condition of your new home prior to you taking possession, and prior to your solicitor having released funds to the Seller's solicitor.

Every real estate transaction is unique, but all require legal representation to protect your interests.

North & Company has the people and expertise to steer you through the most straight-forward house purchase, to the large farm purchase or complex commercial transaction.

We are happy to provide quotes for legal fees and disbursements, and confident that North & Company can give you the best service and competitive rates.

Call any one of our local offices today:

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