When you’re looking for your first home or aiming to sell your house, finding the right home or the right buyer is not always an easy task. In order to relieve some of these stresses, make sure that you partner with the right lawyer in order to protect the deal.
There are many complications that can arise in today’s turbulent real estate market. Especially when looking around the Greater Toronto Area. The GTA’s real estate markets have been a rollercoaster over the last few years; with dismal sale seasons, and high rates of purchase skewing market numbers almost constantly.
Fortunately, Hummingbird Lawyers has been serving this area for over 15 years. In that time, we aimed to build strong relationships with lending institutions, real estate agents, brokers, the city and its surrounding areas. Over the last 15 years, we met our goal. Our strong relationships ensure that your purchase or sale goes smoothly.
Below you can take a look at what transpires during a Residential Real Estate Transaction. Both infographics lay out the steps of the purchase or sale of a residential property. This includes what you need to do, and what our team of Real Estate Lawyers will do for you!
Additionally, the Real Estate Law team at Hummingbird Lawyers can meet with you, and help lay out the steps you’ll need to take moving forward. Contact the team today if you are looking to purchase or sell your home!
Purchasing Your New Home
Congratulations on buying your new home, and taking an important step in your life! At times, this milestone can be equally as overwhelming as it is exciting – especially with the negotiations and seemingly endless list of technical documents. Fortunately, Hummingbird Law can support you on your new journey! We have put together a step-by-step guide on how we can help you with purchasing your new home.
Negotiations For The Agreement Of Purchase
Hummingbird Law can sit in, and participate in, the negotiations for the Agreement of Purchase with the seller, their agent or their lawyer. This helps reduce some of the hassles for you!
After negotiations are made, or if the Agreement has already been negotiated, Hummingbird will then send you a Retainer Letter to show you what we will be doing to help support you as your move forward with the purchase of your home.
Update New Address
As things move forward, you’ll begin to see how many things will need to be changed when moving. This includes things like the closing and opening of utilities and updating driver’s license and health card information. One of our lawyers can help manage some of this stress by sharing with you a MoveSnap link. This is an online tool that can help make these changes in a few minutes.
The most important part of the transaction is the title search, without good title, you are not getting what you bargained for. Your lawyer will search the title of the property, and report whether there are any issues before you finalize. After that is done, Hummingbird will also send out a Title Requisition Letter and further prepare all closing documents and send them to the seller’s lawyer.
With the purchase of a home, there come many documents that need to be read and signed. Your lawyer will send you an email and arrange a meeting where you can come into the office and sit down to go over the details of the transaction – the title search, the closing documents, the financing documents and then sign all of the necessary paperwork. In our email, we will also include all the information that will be needed by you, and what you may have to bring in; this way there are no hidden surprises!
We Do The Work For You
Now, you have the chance to just sit back and relax while Hummingbird handles things from here on in. We will assemble all of the closing documents, attend to arrangements for delivery of all closing funds, registration of the deed and mortgage, obtain the keys and call you when we close!
Purchase Transaction Completed
Congratulations! You have successfully become the proud owner of your new home! Here at Hummingbird, we pride ourselves in delivering exceptional services. We will deliver you a copy of the Registered Deed – its proof of ownership and then send you a post-closing report, along with copies of all of the documents you signed and we will also report to your lender, if applicable.
Selling Your Home
There are plenty of complicated and technical aspects that go into selling your home. One of the more daunting aspects are the negotiations that will happen between yourself and your buyer. Fortunately, Hummingbird Lawyers has put together a step-by-step guide on how we can support you through the sale of your home!
Negotiations Of Selling The House
To help you with some of the stresses and hassle of selling your home, Hummingbird Law can participate in negotiations for you. This can help relieve the stress from one of the most overwhelming steps in the selling process. We can make sure you are not making any promises under the contract that you cannot deliver; such as up-to-date surveys, if you don’t have one.
After negotiations have been made, your lawyer will send you a Retainer Letter. Within this letter will be the details of how we will be assisting you as you move forward with the sale of your home.
Update Your New Address
If you’re selling your home, that means you’re obviously moving. As things roll forward, you’ll begin to see how many things will need to be changed. This includes things like the closing and opening of utilities and updating driver’s license and health card information. Hummingbird Lawyers can help manage some of this stress by sharing with you a MoveSnap link. This is an online tool that can help make these changes in a few minutes.
You Have A Buyer
Well, it’s official! You now have a buyer for your home. Your lawyer will formally receive a Title Requisition letter, obtain current mortgage information and prepare all closing documents for you so that you can enjoy a smooth sale. Once we receive this letter, we will contact you for various pieces of information, such as a property tax bill, copy of your current mortgage statement and hot water tank rental agreement (if it is going to be assumed).
Meet With The Lawyer
With a buyer ready, there are many documents that need to be finalized. In order to do that, Hummingbird Law will send you an email to arrange an appointment at the office. This email will also contain any information regarding what you will need to bring, and an outline of what you’ll be signing. Please be prepared to bring your key to the house, valid government-issued photo identification and a void cheque, if you wish your sale money to be direct deposited into your bank account.
We Do The Work For You
After the documents are signed, you can sit back and relax. Hummingbird Lawyers can take over from here. The next steps are to assemble all closing documents, deliver them with the keys, obtain closing funds, prepare cheque to pay off the mortgage, real estate commissions, property taxes (if necessary) and release the deed for registration.
Selling Transaction Completed
Congratulations, you have now smoothly and successfully sold your home! Hummingbird Law always takes pride in our ability to deliver exceptional services – and assistance – to every client. To finally wrap things up, we will deliver you a post-closing report. This report lays out the details of the transaction and will also include personal copies of all closing documents so that you have a record of your transaction.
Contact Hummingbird Lawyers and let us help you in selling your home.