One of the biggest questions during a Real Estate transaction is “when do we get our keys?” Before getting your keys, there are several steps that need to be completed first and this all (believe it or not) happens behind the scenes on closing day. What is Closing Day Closing day is the day when… Continue reading Behind the scenes: What happens on closing day
Behind the scenes: What happens on closing day
Five most common title transfer issues
A title is a legal term that means registered owner of a property. A title transfer is assigning ownership, or part of the ownership to another party. When purchasing a property, the title must be transferred from the seller to the new owner. However, it is not always as simple as signing a document, a large number… Continue reading Five most common title transfer issues
Understanding the Statement of Adjustments and Trust Ledger
The Most Important Documents in your Closing – Statement of Adjustments and Trust Ledger Statement. When you’re buying or selling a home, you will likely encounter two important documents called a Statement of Adjustments and a Trust Ledger Statement. These two documents are the two that get the most attention from the buyer or seller,… Continue reading Understanding the Statement of Adjustments and Trust Ledger
Independent Legal Advice (ILA) and when you may need it.
There are certain situations when purchasing or selling a property or refinancing your mortgage, where one or more of the parties to the transaction will require independent legal advice (ILA). ILA is the process where an outside, unbiased lawyer is retained by one party for the limited purpose of providing advice on the real estate… Continue reading Independent Legal Advice (ILA) and when you may need it.
Should I Be Drafting My Own Agreement of Purchase and Sale?
Some homeowners or home buyers have contemplated at some point whether they should be buying or selling their home without the help of a Real Estate agent, or privately as it is commonly referred to. We are not going to debate the reasons for and against buying or selling privately. We believe that Buyers and… Continue reading Should I Be Drafting My Own Agreement of Purchase and Sale?
I Received the Previous Owner’s Bill. What Should I Do?
You’ve spent the first month living in your new home and you couldn’t be happier. However, when you go to check the mail, you notice a most unwelcome surprise. The city indicates there is an amount owing from the previous owner’s bill. Your first thought might be malicious intent on the side of the seller,… Continue reading I Received the Previous Owner’s Bill. What Should I Do?