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Tag: deeded

  • Title Search – What is it and Why Do You Need It.

    Title Search – What is it and Why Do You Need It.

    Before we explain what a title search is, it is important to understand what title means.

    Title is a legal term that means registered owner of a property

    Records associated with the title of a particular property are usually kept in a land registry office, which is responsible for record keeping.  These records include deeds, court records, property and name indexes, and other documents related to the property.

    Before you purchase a property, your lawyer conducts a title search to examine the property’s title history and ensure that the seller has the legal right to sell the property, and that there are no other encumbrances (such as liens, title claims, judgements, mortgages etc.) or property line issues that could prevent the buyer from taking full possession.

    What Does a Title Search Show?

    A title search clarifies the legal owner(s) of the property, any existing easements, leases, or restrictions that affect the property, any mortgages, judgements against the property, liens, or unpaid rental contracts (such as hot water tanks) that will need to be dealt with before the property can be sold to a buyer.

    What if There Are Issues Found With The Title?

    If title issues arise with the property you are purchasing, your lawyer will work with your seller’s lawyer to try to resolve.  Often times, issues can be corrected prior to closing

    What if There Are Issues Found With The Title?

    If title issues arise with the property you are purchasing, your lawyer will work with your seller’s lawyer to try to resolve.  Often times, issues can be corrected prior to closing.

    What If a Title Issue is Discovered After Closing?

    In case an issue is discovered on your title after you have closed your transaction, title insurance covers several situations and is meant to protect you against the unforeseen. For more information on title insurance, click here.

    How Much Does a Title Search Cost?

    Our transparent fees include a title search for purchases and refinances of properties.  Depending on the extent of the searches required, you may incur some disbursements for service fees incurred for the searching the land registry.

    I’m Refinancing, Why Do I Need a Title Search?

    Your lender will likely require a new title search as a condition of refinancing.  Lenders typically will need to see if there are any issues standing in the way of your property being fit to sell when approving refinancing transactions.  

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  • Online Real Estate and Mortgage Closings

    Online Real Estate and Mortgage Closings

    We created Deeded to bring simplicity and accessibility to one of life’s most important transactions.

    Our vision is to bring the entire closing process online, making it transparent, convenient and human.  It is something we felt strongly was needed to meet the demands of the modern consumer and compliment the ongoing digitization of the Real Estate transaction.

    Little did we know that shortly after launching, our vision would quickly become the reality by which online Real Estate closings are the norm.   The crisis caused by COVID-19 has sent the entire industry into a tailspin where new practices had to be adopted literally overnight in order to accommodate a new reality.

    In the past two weeks we’ve seen regulations change, significant support from the title insurers and a resilient industry come together and innovate in order to get current and future transactions closed.

    This is where our technology, streamlined processes, and team shine.  Preparation always meets opportunity.  We were built for a digital age.  We’ve invested in a future that turned out to be now.  It’s why we feel so prepared to serve you during these difficult times and beyond.  

    Deeded offers fully online real estate closings, making purchases, sales and refinances smooth and seamless.  

    There Are 4 Easy Steps To Get Your Deal Closed By Deeded.  

    Upload Documents

    Securely upload required documents and complete a brief online intake and ID verification process.   The entire process takes under 10 minutes.

    Attend a Video Signing

    We’ll schedule a video signing meeting at a convenient time for you (including evenings and weekends).   All you need is a computer with a webcam, an internet connection and a smartphone.   There’s no printing, scanning or couriers required.  

    Electronic Funds Transfer

    On a purchase we will ask that you direct deposit the funds into our account. On a sale we will wire the funds into your account after closing.

    Keys at the Property

    On a purchase we’ll arrange for your sellers to leave the keys in a lockbox at the property. On a sale, simply leave your keys in a lockbox at the property.

    Our Deeded Team is ready to help you get started, to obtain a quote, please click here.

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  • Reimagining The Home Closing Experience

    Reimagining The Home Closing Experience

    Reimagining the home closing experience

    A long conversation over lunch sparked what later became Deeded.  

    I had recently closed on a new home and was still shaking my head after being charged thousands in fees I did not anticipate.  My co-founder’s closing went much smoother, but his excitement of buying his first home quickly shifted into misery when he spent 4 hours in traffic going to the lawyer’s office to pick up the keys for his new home.

    After speaking with dozens of recent home buyers and sellers, we quickly learned that our home closing experiences weren't just isolated cases. The most anticipated part of every real estate transaction was being done with it, yet the closing is, by nature, the most complicated and slowest part of the proceedings. A good home closing experience was defined by consumers we spoke with as "uneventful" as opposed to the exciting, happy and memorable moment - as it should be.

    So, what do a couple of crazy entrepreneurs decide to do?  We decided to build a company can deliver the home closing experience that we wished we had. 

    We spent weeks summarizing all the feedback we heard from consumers and speaking to dozens more, including lawyers and top industry executives.  We noted and prioritized common pain points and spent a few more weeks trying to come up with solutions to each pain point.

    While it is still way early to declare victory or claim we've solved anything, we couldn’t be prouder of of the foundation we’ve built. 

    “Closing is like a black box – you never know what’s going on”

    By far, the top concern we heard from home buyers and sellers was a lack of communication and transparency during the closing process.  Many claimed the process shut them out and kept them waiting.  Consumers didn’t know if any work was being done on their deal.  They were clueless as to what is expected of them or if any issues arose during closing. 

    In some professions not hearing anything can mean good news (think your doctor, after your physical).  However, for those who are in the midst of the most significant transaction they’d ever make, not hearing is a cause for stress and anxiety.

    Today’s real estate customer has an amazing number of tools at hand to make the process easier and faster for them.  They can search for home online, compare prices or review amazing virtual tours. Outside of Real Estate, we can track our Uber, Pizza delivery or Amazon order by the minute.  Yet when it comes to closing their real estate transaction, as one of our interviewees called it, it is often a “black box”.

    Building a Transparent Home Closing Experience

    We built a technology platform that lets everyone involved in the transaction stay on top of all the steps involved and always know what’s next. 

    Closing a Real Estate transaction involves collaboration between several professionals – each with an important role to play.  Through each step, the client and professionals helping them (such as their Realtor, mortgage broker or lender)  receive real-time notifications and can even log into a personalized portal to see details that are relevant to their role in the deal.

    Everyone involved in the deal knows the exact progress (in real-time) and there's never a question as to what's next. With every step intuitively laid out for clients, their stress levels subside and they feel engaged in the closing process.

    Our goal is that you’ll never feel like your transaction is in a "black box".  Instead, an open and transparent experience engages the home buyer or seller and guides them throughout the entire process.

    The Deeded dashboard keeps everyone in the deal up-to-date.

    “I saw the bill and was just speechless”

    We know that buying or selling a home is an expensive proposition.  In fact, according to a CBC article, Real estate commissions, land transfer taxes, legal costs and fees for inspecting and surveying homes make up almost two per cent of Canada's economy. Fees can add up to tens of thousands of a home owner's hard-earned dollars. 

    Now imagine walking into a Starbucks, ordering your drink, and when you get to the cash register, they tell you it’s going to be $200.  I know that sounds absurd, but without understanding exactly what you’re on the hook for in terms of legal fees and disbursements, you’re just asking to be shocked!  

    Numerous buyers and sellers we spoke with experienced some degree of “sticker shock” when they finally saw their legal bills at closing.  While many firms and the Law Society of Ontario have made strides to standardize the way prices are advertised for Real Estate closings, consumers still find pricing confusing.

    Since an everyday homebuyer is unaccustomed to the ins and outs of real estate purchases, consumers often don’t know what they need included in their legal services. Extra fees can easily add up at closing, leaving consumers surprised and sometimes shocked.

    Pricing You Can Understand and Anticipate

    We felt that consumers deserve transparency and understand what they are going to pay for closing their deal. 

    We published our pricing calculator on our website.  It tells you exactly what will be included in your fees and what to anticipate as charges. 

    We also know not every deal will require the same amount of time (and hence costs), so we committed to letting consumers know of any anticipated additional costs the moment we know.   

    “I’m self-employed.  Taking a day off work means no income for the day”

    Almost every Real Estate transaction ends with a signing appointment.  This is the time where you will meet with your real estate lawyer and sign the required documents to make your purchase, sale or refinance transaction official.

    Between work, family, travel and hobbies, we all lead busy lives.   We heard many examples where buyers and their spouse needed to take time off work and commute to the lawyer’s office during business hours to sign their deal.  One couple had travelled 150km each way to meet with their lawyer.  The ordeal took an entire day and cost them thousands in lost wages.

    Our at-home signing is a standard part of our service.  This means you can sign when you want and where you want, including evenings and weekends.

    Virtual Home Closing Experience

    Just as entire industries are being transformed by the next generation of services that are built around the convenience of consumers (think Uber Eats, Amazon or Instacart), we felt that no consumer in this day and age should ever have to be inconvenienced to close their Real Estate transaction.

    Technology and new legislation have recently made it possible to close a transaction over video conferencing. It isn't only simple and convenient, but our technology also makes it paperless and secure. All you need is access to a device with a webcam and a high-speed internet connection. There's no printing, scanning and couriering of documents (and hence no costs of these add-on expenses either - we pass those savings to our clients)

    At Deeded, virtual signing is a standard part of our service.  This means you can sign when you want and where you want, including evenings and weekends.

    “I left a voicemail, and another one 2 hours later… crickets!”

    One of the Realtors we spoke with described how their client, a first-time buyer nearly ended up in the hospital right before closing.  They had received news of a delay from their bank and were trying to reach their lawyer…for two days!  As the stress levels rose, the health of the client got the worst of them to the point their could not easily breath.

    Without any ill intent, their lawyer and his staff were so busy that they didn’t have time to check voicemails and return calls.

    The Chef Never Picks Up the Phone, The Host(ess) Does

    We know and appreciate that things can get very busy.  There’s a reason why when you call a restaurant, the chef doesn’t pick up the phone – the host or hostess does.

    Our dedicated home closing advisors serve as the front line for clients and industry professionals.   Their job is to proactively reach out to clients, respond to any inquiries, and most importantly, be the critical conduit that can escalate matters to the lawyers and staff. 

    We also know that deals rarely get done during business hours. Offers are often negotiated on evenings and weekend and questions can arise at any time. That's why we've made our team available on evenings and weekends and they are reachable by phone, text or email.

    At Deeded, we are on a mission to build a seamless, transparent and human closing experience.  However, we feel like we are just scratching the surface.

    For us, everything starts from the experience we’d like to achieve for our clients – the same experience we wished we had when we closed our last home.

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  • 7 Questions to Ask a Real Estate Lawyer When Buying

    7 Questions to Ask a Real Estate Lawyer When Buying

    If you just firmed up your purchase or sale (Congrats!), you’ll likely need to choose a Real Estate lawyer to facilitate your closing. No matter which lawyer you choose, asking the right having the questions to ask a real estate lawyer before deciding who is going to handle your transaction can make, or break, the entire experience. 

    Here are some questions to ask a real estate lawyer considering them to represent you when buying or selling a house or condo:

    How Long Have You Been Practicing?

    Before hiring a real estate lawyer, it can be crucial to find out how much experience they have in the industry handling residential real estate transactions.  

    A good question to ask is how many transactions they have closed in the course of their practice.

    Although, it is not always necessary to find a seasoned professional with decades of legal work on their resume, finding a fairly experienced lawyer is extremely valuable.  Like any specialists, Real Estate lawyers who exclusively practice in Real Estate are more likely to have a wealth of knowledge and experience that will help with your transaction in comparison to someone who may be practicing in other legal disciplines. 

    What Do Your Closing Feed Include?

    Upon closing, the last thing you want is to be surprised at additional/unexpected closing costs. In addition to legal fees, there can be additional closing costs such as for title insurance, land transfer tax, disbursements and government fees. 

    While sometimes circumstances may lead to additional charges, make sure you know what your lawyer will charge you for legal fees and what they expect to charge on top of legal fees.  

    Things can get confusing as some lawyers may offer fixed fees which combine legal fees, disbursements and other charges into one overall bill, while some may advertise or quote their legal fees and will add additional fees and disbursements.  It is therefore important to ask and understand what an estimated final bill will look like, after legal fees, disbursements and government charges.

    While buying a home has most people strapped for cash as expenses can rack up quickly, the lowest price lawyer isn’t always the best choice.   What may look initially as saving a few hundred bucks can easily turn into thousands in potential additional costs if parts of the transaction aren’t done right.  Make sure to hire a professional who you feel comfortable with.

    Deeded offers transparent pricing so that you know exactly what is included in your legal fees and what to expect in terms of additional fees or disbursements.

    What Should I expect In Terms of Process?

    Buying or selling a home is a major transaction.  It is important to understand the closing process, especially when your lawyer’s office will be in contact, what information or documents they might need from you, and when you should expect to get updates on the progress of your transaction.

    Since every lawyer works in a slightly different manner, it is important to clarify and understand your role in the process in order to ensure a smooth closing.

    What is My Title Insurance Premium?

    Most purchase, sale and refinancing real estate transactions will include a title insurance policy in order to protect you and your lender from an array of issues that can occur after closing.  

    Title insurance costs vary depending on the price, location and type of property you are purchasing or refinancing and can range from a few hundred dollars to a few thousand,  so knowing what to budget in additional costs can save you from surprises down the road.  

    Our calculator estimates your title insurance premiums, but rates can vary greatly so please check with your lawyer to ensure you are getting the most accurate premiums for your transaction.

    How Much Land Transfer Tax Will I Pay?

    Land transfer tax applies if you’re purchasing a property.  The amount of taxes paid can be significant and vary depending on the price of your property, what municipality it is located in, and whether you’re eligible for rebates such as a first-time buyer rebate.   

    Land transfer taxes can be the most significant part of your closing costs, so it is important to know what to expect up-front.   

    Our land transfer tax calculator can estimate what you’ll be expected to pay, but it is important to verify any details with your lawyer and see if you’re eligible for any rebates.

    Are There Tax Implications For My Transaction?

    While your Real Estate lawyer likely doesn’t provide tax advice, your real estate transaction may trigger tax implications such as HST payable on a new construction home or an investment property, all the way to income taxes or capital gains taxes in certain cases.  There are also situations where you may be eligible for certain tax rebates to offset taxes payable.

    Nobody likes to be slapped with an unexpected tax bill or even worse, a re-assessment, so understanding what your transaction may trigger may be a question you’d want to ask your real estate lawyer or accountant.

    When and Where Will The Signing Take Place?

    Signing typically refers to having a meeting with your lawyer to sign the requirement documents for your Real Estate transaction.  Signing typically takes place a few days prior to closing and may involve all registered owners (whether you’re buying or selling), attending the signing appointment.

    Because life gets busy with work, travel and the occasional vacation, it is important to know when and where you're signing will take place.  If you won’t be in town or have other commitments that prevent you and other registered owners from attending a signing appointment (usually during business hours), your closing may be delayed.

    Deeded offers at-home signing appointments as part of our service.  This means we come to your home at a convenient time (including evenings and weekends) so you don’t have to take time off work or travel to a lawyer’s office to attend your signing appointment.

    In summary, choosing your Real Estate lawyer with care and asking the right questions up-front can prepare you for a smoother home closing, reducing surprises, and get you into your home faster.

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  • Mortgage Refinancing – What is it and What’s The Process?

    Mortgage Refinancing – What is it and What’s The Process?

    Mortgage refinancing is the process of paying off an existing loan and replacing it with a new loan with different terms than your original mortgage.

    There are many reasons why home owners choose to refinance a mortgage. The most popular reasons being converting from a variable rate mortgage to a fixed rate one (or vice-versa in some cases), consolidating debt from higher interest loans or credit cards or accessing some of the equity in the home to finance larger purchases such as renovations, a new vehicle, or a down payment on an investment property. 

    Refinancing is often confused for having a second mortgage, but in reality, the two are very different.  A second mortgage is in addition to your first and does not replace it as a refinancing would.  Mortgage refinancing gives the borrower new money that can be used to pay off the original mortgage, ideally with better terms.

    Should I Refinance?

    The decision on whether or not to refinance should be based on your financial goals. For example, if you’re looking to improve your monthly cash flow, take advantage of lower interest rates to reduce your payment or consolidate debt, refinancing may be a viable option.

    Unfortunately, every situation is unique so consulting with a mortgage professional who can calculate potential costs, penalties and legal fees for your refinance is always a smart decision before proceeding.

    I’ve Decided To Go Ahead, What’s The Process To Refinance?

    If you decide to take advantage of refinancing, your mortgage professional or current lender will need to process an application, similar to the one you did when you first got your mortgage.

    This means you'll need to be prepared with documents, paperwork, and an appraisal that supports your application.   

    1. 1. Depending on your credit and other variables, your mortgage professional will likely ask for proof of income, such as pay stubs, T4 slips and employment letters.  
    2. 2. You will likely need to have an appraisal done on your property to determine the current value and thus what you’ll be able to borrow.  Your mortgage professional can order an appraisal on your behalf, but you may be on the hook for costs of the appraisal
    3. 3. You’ll need to hire a lawyer to put together required documentation, title insurance and arrange for signing the new mortgage documents.  

    Deeded can help with your mortgage refinancing and make closing your refinancing a breeze.

    How Can Deeded Help?

    When it comes to refinancing your mortgage, our team at Deeded makes the process as easy as possible so you can "close" and access your money quicker.    

    Our team helps you understand your obligations, can expedite the process and help you navigate the legal documents that needs to be signed before funds are released to you. 

    With Deeded you’ll never need to leave your home to close your mortgage refinancing deal. We’ll come to your home and office, making it convenient and stress-free.

    We also made our fees for refinancing your mortgage clear and transparent so we can avoid surprises at closing and leave more money in your pocket.

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