A sale transaction begins with a real estate agent representing the seller finding a buyer who is interested in purchasing the property. Once an offer is made and accepted by the seller, the real estate agent will refer the buyer to a real estate lawyer.
Once the APS is signed, the buyer may have a number of conditions which they must meet in order for the deal to close. These conditions include obtaining financing, arranging for a home inspection, and lawyer review. Once all of the conditions have been met, the deal is said to be “firm”. At this point, the buyer is legally obligated to purchase the property and the seller is legally obligated to sell the property.
A skilled lawyer will make certain that all outstanding mortgages are paid, that real estate and mortgage agency commissions are paid, that tax department is notified of the new owner. The real estate lawyer will also assist with preparing any documents pertaining to closing along with correspondence with real estate agents, financial institutions and the buyer’s lawyer. The real estate lawyer will transfer title, and upon closing provide you with the sale proceeds. qualified lawyer is vital to making sure that your interests are protected throughout the sale process.