Congratulations on the purchase of your new home! What’s next on your to-do list?
Well, today Laughlin Law has the post for you. They’ll go over everything a real estate lawyer can do for you. As a favour for this post, we recommend that you go take a peek at their website here:
Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
The Handling of Your Status Certificate
If you have an offer which includes special conditions, you are more than likely going to be required to make financial arrangements. As well as, having the property inspected to ensure it is sound. However, if you purchased a condominium, it will be necessary for the lawyer to inspect your Status certificate. It’s a basically a snapshot photo taken of the condo’s corporation, which includes important information about the Corporation and the condo unit itself.
While reviewing your Status Certificate, ask yourself these question:
- Is the revenue from the reserve fund adequate?
- Are there any pending lawsuits against the condominium Corp?
- Is there built up arrears in the common expenses?
- Are there any future assessments scheduled?
The lawyer will go over the paperwork with you, pointing out the essential information before you signing the initial contract. After your realtor all of the waivers with you, the deal will be firmly in place.
Now your lawyer will perform a thorough inspection of the property. To ensure that the property in question doesn’t have any arrears built up or outstanding maintenance orders on it, the lawyer may need to do a compliance search and check out the tax certificates as well. They’ll also do a review of your title to make sure that the vendor has removed specific aspects before closing the deal, like:
- Does the prior owner have an old mortgage contract which needs to be removed?
- Are there any unpaid liens that need to be paid off?
- Does the property have any easements impacting it?
The personal lender keeps a draft from your lawyer and will prepare the mortgage before closing. Sending the money for your mortgage directly to the lawyer once this has been completed. If it’s a CMHC-insured mortgage, then the payment for that, including the PST, is immediately withdrawn and the remaining balance shall go to your lawyer, which will be paid directly by the lender.
Reap the Rewards from Discounts
Now’s the time to look into special government programs and rebates in which you may qualify for. Such as, if this is the first time you’ve ever owned a home, then you could be expecting an automatic land transfer tax discount. For you to receive this discount, you can have no prior ties to any property whatsoever, including that which was acquired through a previous marriage. First time homeowners also qualify for a rebate from the province with a total of up to $2000, as well as an additional $3725 from the city if the said property is within Toronto city limits.
Making Insurance Arrangements
Upon closing the deal, your lawyer will more than likely set you up with a Title Insurance Policy, on behalf of you and your lender. Usually involving a one-time payment, which helps to protect the title against any fraudulent activities caused by a third party member, which is effective for as long as you own the property. Such as, having your identity stolen or if the previous homeowner didn’t keep up with their property taxes. Once you’ve made arrangements for an insurance policy to be taken out on the property, then proceed to send a copy to your lawyer.
You’ll want to pay a visit to the lawyer’s office to fill out the final closing documentation. Make sure to take along a draft with the remaining balance of your down payment, property transfer taxes, and any legal fees that you’ve been charged.
The lawyer’s office usually has the keys waiting for you on the initial closing day. Therefore, it’s best to wait until then before making arrangements to move in.
It is now your home – Once you and your lawyer have closed the deal, you’ll receive a closing package that contains every bit of your documentation. My general advice to all clients is to promptly open it up when the package arrives because you just might have a cheque inside for unused expenditures.
The first step to becoming a successful homeowner is changing all of the locks in your new home. Now you can sit back and enjoy it!