Whether you are BUYING or SELLING, you will need a lawyer to register the transfer of property with the provincial land registry office.
In addition, you need them for the following tasks:
*They will review the Contract of Purchase and Sale to make sure it protects you
*They will review the Title to make sure there are no claims against the property such as a Builder's lien for unpaid bills or pending litigation by someone who claims rights to the property
*They ensure the property taxes are up to date and the Property Transfer Tax is paid
*They draw up the mortgage documents
*They exchange legal documents with the other party to the sale
For a similar price, you can hire a Notary to carry out the same duties. The difference is that the notary cannot represent you in court if needed.
**Once you have an accepted offer, we ask for the name and contact information of your chosen lawyer or notary. We then send all required documents to them on your behalf, and they in turn contact you to book an appopintment prior to Completion. This appointment is for you to sign documents pertaining to the transfer of title, mortgage documents and the statement of adjustments (money in, money out).
Let me know if you have any questions about this part of the real estate experience!
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