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Answered in 2 hours by:
3/1/2010
D.A.M., Lawyer
Category: Canada Law
Satisfied Customers: 2,762
Experience: Cross-Border (US/Canada) Lawyer
VerifiedTypically speaking,
A deposit on the sale is placed with the office (usually the Realtor will do that paperwork).
Once the offer is accepted a closing date will be set.
Between the acceptance date and the closing date the following things will occur:
1. Seller signs the transfer agreement and signs the deed over
2. Buyer pays seller (who in turn often pays their bank which will release their lien on the house)
3. Buyer signs mortgage paperwork for the property with their bank.
4. Buyer signs title
5. Buyer pays closing costs (unless agreed otherwise) which include title insurance, the lawyer's fees, etc.
So, in short answer to the question, the title is one of the last documents that gets changed on the closing date.
You will receive a copy of the title some weeks later after it has been registered, but the change happens on the closing.
Regards.
A deposit on the sale is placed with the office (usually the Realtor will do that paperwork).
Once the offer is accepted a closing date will be set.
Between the acceptance date and the closing date the following things will occur:
- Inspections of the property (if offer is contingent on them)
- Amendment to the offer/selling price (based on negotiations following inspections)
- Buyer gets financials in order
- Lawyer runs title search to verify that Seller has good, marketable title to transfer,
- Buyer secures (and often pre-pays) insurance
- Banks finalize paperwork
1. Seller signs the transfer agreement and signs the deed over
2. Buyer pays seller (who in turn often pays their bank which will release their lien on the house)
3. Buyer signs mortgage paperwork for the property with their bank.
4. Buyer signs title
5. Buyer pays closing costs (unless agreed otherwise) which include title insurance, the lawyer's fees, etc.
So, in short answer to the question, the title is one of the last documents that gets changed on the closing date.
You will receive a copy of the title some weeks later after it has been registered, but the change happens on the closing.
Regards.
The lawyer is typically required to do the title search and prepare transfer documents. Execution of the documents is not necessarily before a lawyer.
Regards.
D.A.M., Lawyer
Category: Canada Law
Satisfied Customers: 2,762
Experience: Cross-Border (US/Canada) Lawyer
VerifiedD.A.M. and 87 other Canada Law Specialists are ready to help you
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