Outline Of Selling A House Article
- Responsibilities to selling a home in Ontario
- Costs of selling a home
- Top reasons to why a lawyer makes selling a home easier
Are you selling a house or condo in Toronto? It can easily add up to be a very complicated process. A residential real estate lawyer will provide an expert set of eyes and work to ensure selling your home goes as smoothly as it can.
Responsibilities to selling a home in Ontario
If you’re committed to selling, you may already have some of these steps down pat already. Following these, you’ll be well on your way to your next real estate transaction. Using a real estate lawyer, they can answer questions and assist at any stage of the process:
- Pre-approval for financing a new home or condo purchase.
- Checking your mortgage and verifying whether there are any penalties.
- Determining the value of your home before putting it to market.
- Completing renovations and repairs as needed prior to selling.
- Estimating your total expenses in how much it will cost to sell.
- Calculating the estimated proceeds from selling a home.
Costs of selling a home
There’s a long list of costs which can add up quickly on real estate transactions. If you’re selling a home, you’re going to be faced with real estate commissions, home staging expenses, insurance, mortgage discharge fees, Status Certificate, pre-listing home inspection fees, and yes, legal fees. Depending on the complexity of your residential home sale, legal fees can vary accordingly.
Top reasons to why a lawyer makes selling a home easier
Property law can be vague and complex. A residential real estate lawyer has had experience interpreting these laws. They can advise on following specific laws and bylaws unique to your region. Selling a home, you always want to be in compliance with property law.
Realtors, in most cases, use templates for an Agreement of Purchase and Sale. Unfortunately, not all home sales are the same. There may be changes or additions which need to be made. There may need to be conditions added in as to what happens if a sale does not close if deficiencies are found in the home on inspection or other issues. A lawyer can help with this.
There could be significant tax responsibilities in selling a home. A real estate lawyer can advise you on what’s expected and what an appropriate response is. For example, some sellers may be required to pay tax on the profits they earn from a home sale. There may be tax provisions they are unaware of which can help save seller money on this. There may also be a way to exclude these gains in certain circumstances. Regardless, a lawyer’s there to advise you.
If you’ve never gone through the closing process for selling a home in Toronto, there’s a process to be followed. A real estate lawyer can help in completing title searches to ensure the sale of your home is valid, ensure funds are received prior to transferring the deed to the buyer, will deliver the keys to the new owner, and inform utility companies of the sale.
How a lawyer can help with selling your home
Selling a home is subject to financial responsibilities, regulations, and legal agreements. An expert real estate lawyer will ensure the property is in condition to sell, all laws and procedures are adhered to, and can answer questions about the transaction. Hiring a Toronto real estate lawyer can also draft the documentation required to sell the home, and ensure the terms of fair and favorable. For any conditions set or adjustments to the agreement which need to be made, a lawyer is there to guide you through the selling process and de-complicate the process. The result is one where you legal rights and financial interests will be protected.
The Process Of Selling A House
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 HouseTo 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.
Retainer LetterAfter 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 AddressIf 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 BuyerWell, 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 LawyerWith 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 YouAfter 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 CompletedCongratulations, 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.
Are you selling your home or condo in Toronto? An experienced residential real estate lawyer should be on your list to call. Don’t let your sale be tied up in legal or regulatory complications. Receive the assistance you deserve and protect your interests, allowing us to represent you in your real estate transaction.