Purchase And Sale Of Real Estate
Realtors perform a valuable role in the purchase and sale of real estate. Realtors have expertise in marketing properties. They also perform many other valuable functions. Their primary functions can be divided into three categories.
Realtors provide expertise, feedback and information to both buyers and sellers regarding the property itself. The seller’s realtor will provide valuable advice on what can be done to enhance the property to make it attractive to buyers. The realtor for the buyer can either directly, or with the assistance of experts such as building inspectors, identify for potential buyers the strengths and potential weaknesses of a prospective property.
Realtors have been trained in and have considerable experience in the process of negotiating an acceptable deal for both sides. Reaching a consensus regarding price is just one aspect of the negotiating process. Negotiating a number of other details such as completion dates or a process for any necessary repairs can ensure a smooth closing.
Realtors provide valuable assistance in navigating the entire real estate transaction. For example, they will ensure the seller orders an RPR well in advance of closing and they will provide valuable advice on issues such as insurance and utilities.
As lawyers, we do not provide the services of realtors. For that reason, we strongly encourage the use of realtors and will refer potential clients to a realtor for their advice and assistance before agreeing to act on a real estate matter. In certain circumstances, such as a transfer between family members or business partners, we will act where no realtor is involved.
Timeline
- Obtain real estate instructions
- Obtain mortgage instructions
- Open our file and conducts preliminary searches including title search & property tax search
- Prepare mortgage and purchase documents
- Contact you via e-mail to provide you with information required for closing and calculation of cash required to complete (cash-to-close)
- Schedule a meeting with you to sign all documents. This meeting typically occurs 4 to 6 business days prior to closing.
- Submit documents to Land Titles for registration
- Requisition mortgage money
- Pay the cash-to-close to the seller’s lawyer
- Obtain key release
- Provide a preliminary report to you and your mortgage lender
- Provide a final report to you and your mortgage lender