What Does a Real Estate Lawyer do at Closing?
21 Jan 2021 Legal Services
Buying a home can often be a stressful process. Choosing to hire a reputable real estate lawyer like the ones from Linley Welwood to help with closing on a new property can make the process as stress free as possible. Understanding what a real estate lawyer does at closing will help you ensure that you are hiring the right lawyer for the job.
Find out why you need a lawyer when buying a home.
What Does the Buyer’s Lawyer do at Closing?
In British Columbia, the buyer’s lawyer will do most of the work needed to close on a property, such as preparing all of the legal documents and paying the commissions due to both real estate agents on the behalf of the seller. If you are buying a property, your real estate lawyer will provide a range of services, including:
- Reviewing the instruction letter and contract.
- Ordering a copy of the title and determining if there are any charges remaining on the title. If there are charges remaining on the title, the lawyer will contact you to advise you on how to proceed.
- Reviewing the instruction letter from the bank or lender.
- Preparing the conveyancing documents (Form A and Form B), mortgage documents (Property Transfer Tax Form, Residency Certificate, Buyer’s Statement of Adjustments, Seller’s Statement of Adjustments, and GST Certificate), and any other necessary documents.
- Forwarding all necessary documents to the seller’s lawyer to be signed by the seller.
- Advising you on insurance requirements and on when the bank draft will be required by.
- Reviewing the entire transaction with you on signing day (usually a week before the closing date).
- Ensuring that the bank draft is received on time and that it is for the correct amount.
- Registering the appropriate forms with the Land Title Registry Agents a few days before closing.
- Requesting mortgage funds from the bank or lender for the closing date.
- Confirming that everything is registered on the closing date and informing you, the real estate agents, and the seller’s lawyer that everything has been registered.
- Providing you with a copy of all of the relevant documents.
- Reporting to the lender that the transaction has been completed and providing the lender with a copy of all relevant documents.
- Paying the balance of commission to the real estate agents.
- Ordering a State of Title Certificate once the seller’s mortgage has been removed from the title.
- Providing a final reporting letter when the State of Title insurance has been received from the Land Title Office.
If you would like to learn more about what a real estate lawyer does at closing, or if you are interested in their real estate legal services, please contact Linley Welwood at 604-850-6640 or by filling out a contact form on their website.