Why are lawyers required when you buy real estate? It is not a legal requirement to use a lawyer, but it will save you a lot of time and frustration and make the sale much smoother. Lawyers specializing in real estate will be well worth the cost. For their fee, they will:

Search the property's title to ensure there are no existing mortgages or liens registered against it;

Search the City Zoning Department to make sure the property complies with zoning;

Search gas, water and hydro records to determine whether there are any appears or work orders attached;

Determines if property taxes are paid;

Prepares the land transfer tax affidavit;

On closing day, goes to the Registry Office to register the deed and mortgage.

In addition to their fee, you are responsible for the lawyers "disbursements". These include fees the lawyer paid on your behalf, plus any long distance calls, photocopies, etc. Other closing costs include your share of the property taxes, and leftover heating oil, if applicable. The Statements of Adjustments will itemize all amounts.

Home  •  Agents Corner  •  Buyers & Sellers  •  Real Estate Library  •  HelpFULL Links  •  Contact Us

Toll free: 1-866-BUY-IREX (1-866-289-4739)
Sales: sales@irex.ca

© 2000 - 2003 iREx Corp. All rights reserved. Designated trademarks and brands are the property of their respective owners. Use of this real estate web site constitutes acceptance of the Terms of Use, which contain important information about the limits of our responsibility for the accuracy of information you obtain from links featured in this site, your Privacy, and the use of trademarks. Click on "Terms of Use" to read them, print them for your records, or download them. Privacy Policy.