Selling a property is a significant financial and legal transaction. At Close My Home, our residential sale lawyers in Ontario make sure the entire sale process is handled efficiently, legally, and with minimal stress.
Our team reviews the agreement of purchase and sale (APS) to ensure all terms are clear and favorable to you. We’ll highlight any potential red flags, negotiate clauses if needed, and ensure the agreement is legally sound before you sign.
We conduct a thorough title search and review your property’s legal status to confirm there are no outstanding issues, liens, or encumbrances. This helps avoid last-minute surprises that could delay the closing or reduce your sale price.
Once all terms are agreed upon, we prepare the final documents and handle the legal transfer of ownership. From registering the sale to ensuring the funds are properly disbursed, we manage everything to make sure the transaction closes smoothly.
Every private mortgage lender requires a strategic legal partner. Our firm is here to offer specialized legal services to navigate the intricacies of private mortgage transactions. From drafting airtight lender agreements to prudently ensuring compliance with terms on your behalf, we focus on protecting your financial interests as transactions are conducted with precision and transparency.
When it comes to private mortgages, securing legal representation is paramount and we are here to act as your trusted advocate throughout the lending journey. Whether you are a homeowner seeking alternative financing or a property investor exploring private mortgage options, our tailored legal services are designed to provide clarity and confidence. Our experienced team will help you navigate the legal complexities of private mortgages and guide you through a secure lending process aligning with your individual circumstances.
To ensure a smooth home sale process in Ontario, having your paperwork ready is essential. This is a brief summary of the closing documents for real estate that we will require:
Government-Issued ID: Two pieces of valid identification for all registered owners.
Existing Deed/Transfer: A copy of the document showing how you currently hold title.
Mortgage Information: Your most recent statement or account number, so we can arrange the payout.
Property Tax Bill: Your most recent annual bill and proof of the latest payment.
Keys and Remotes: All entry keys, garage openers, and codes to be handed over on closing.
To get the best offer, work with our reputable real estate agent who can help you price your property correctly and market it effectively.
Contact UsThis article is provided for informational purposes only and cannot be relied upon. Contact us today to schedule a consultation with our expert legal team.
You’ll need the Agreement of Purchase and Sale, proof of ownership (property title), mortgage discharge documents (if applicable), and the statement of adjustments. We’ll walk you through the full process of gathering documents.
During closing, we prepare the final documents, ensure the property title is transferred, confirm that any outstanding financial obligations are settled, and arrange for the funds to be disbursed. We handle the entire legal side to ensure a seamless closing.
Fees can include legal fees, commission fees for real estate agents, home inspection fees, and any outstanding property taxes or utility bills. We provide upfront pricing for our legal services so there are no surprises at closing.
To get the best offer, work with a reputable real estate agent who can help you price your property correctly and market it effectively. A good agent and our legal team ensure that the legal process is smooth and efficient when you find the right buyer.
Unless your Agreement of Purchase and Sale contains a specific clause that states that appliances and fixtures will be in good working order on closing then the obligation of the vendor is to ensure only that these items are in the same condition on closing as they were when your first viewed the home. In other words, if there is a washer and dryer on the premises that do not work at the time you first inspected the house then, in the absence of the good working order clause in your offer, there is no obligation on the vendor to repair these appliances before closing. Needless to say, you should make sure that your Real Estate Agent includes such a clause, for your protection, in your Agreement of Purchase and Sale. Make a note of the colour, make and model of the appliances at the time that you negotiate the Agreement of Purchase and Sale. While it does not happen on a regular basis, it is not unheard of for the seller to replace a new appliance with an old one in the time between the making of the contract and the completion of the sale. The best protection is for the Agreement of Purchase and Sale to actually contain the colour and make of each of the appliances that are to be left behind by the seller.
Wills and Powers of Attorney are important documents that are complimentary to each other. It is appropriate for most adults to have both a Will and a Power of Attorney. A Power of Attorney is a document whereby an adult person names another person as his or her representative for specific legal purposes. In most cases, the Power of Attorney is restricted to being exercisable only in the event of incapacity of the person giving the Power of Attorney (the Donor). Accordingly if the Donor is incapacitated by illness or accident then the Attorney can step into the Donor shoes and make decisions that the Donor is unable to make. These decisions can relate to matters such as the ownership and management of real estate, the arranging of mortgages, the management of bank accounts and the handling of investments. On the other hand if a person is incapacitated and does not have a Power of Attorney then things become complicated. The person who believes that he or she is the rightful person to make decisions can apply through a complicated and expensive process to be appointed as a representative of the incapacitated individual. Even worse, the decisions can be made by the Public Trustee’s Office, a branch of the Ontario Civil Service. All-in-all arranging for the making of a Power of Attorney is a prudent course for any adult in Ontario owing assets. A Power of Attorney is valid only while the Donor is alive. Once a person has passed away then the document that deals with the deceased person’s estate is the Will.
In Ontario, your lender will require that you take out a title insurance policy. You will pay for the policy once, and it will be good for as long as you own your home. It would also protect you from mortgage fraud.
House under $400,000 = $251.00
Condo under $400,000 = $189.00
More information is available from Stewart Title Guaranty Company at www.stewart.ca
In short, the answer is yes. Even if you are purchasing a condominium apartment or townhouse you should have insurance. Please see Guideline of Insurance for Condominium Units.
Before listing, ensure that all your documents are ready, clean up your property for showings, and consider consulting with a real estate agent for advice on pricing. Our team ensures that the legal side is in order before you officially begin the sale process.
The timeline varies but generally takes 30 to 90 days after the Agreement of Purchase and Sale is signed, depending on the conditions and your buyer’s situation.
While it’s not mandatory, it’s highly recommended. A lawyer ensures that your Agreement of Purchase and Sale is legally sound, helps you avoid costly mistakes, and ensures the closing process is handled correctly.
If you are purchasing a new home then an inspection under the Ontario New Home Warranty Plan is mandatory. If you are purchasing a re-sale home then any right to a final inspection should be contained in your Agreement of Purchase and Sale. In other words, when negotiating for the purchase of the house or condominium you should insert a clause into the Agreement of Purchase and Sale whereby you are entitled to an inspection 24 hours or 48 hours before the closing date. If you do not so provide then getting into your purchased premises before closing for an inspection can be problematic.
A mortgage is either “open” or “closed” An “open” mortgage is one that allows the property owner to sell or refinance and pay off the mortgage without paying a penalty to the financial institution. If your mortgage is maturing, you may, on the maturity date, payoff the mortgage without payment of a penalty. Most mortgages are “closed” mortgages. If your mortgage is a “closed” mortgage then it is very important for you or your agent to obtain mortgage verification from your mortgage company. This mortgage verification will set out the amount of the anticipated penalty or, at the very least; the method of calculation the mortgage company will use to determine the penalty. As a rule of thumb, when paying off a “closed” mortgage the property owner must pay a penalty equal to no less than three (3) months interest on the principal balance owing at closing at the interest rate provided for in the mortgage. Be careful, in some cases the penalty can greatly exceed 3 months interest! Remember, there are no hard and fast rules setting out the way in which penalties are calculated. The penalty on any particular mortgage is determined by the language of that mortgage. Sometimes the language can be very technical. It is ALWAYS a good idea to communicate with your lender.
Your lender will automatically apply an administration fee or processing fee for the preparation of the discharge and for a government registration fee when the mortgage is discharged.
In most house resale transactions the only adjustment will be for property taxes and, in the case of a condominium apartment or townhouse, the monthly maintenance fees (also known as common expenses). Essentially, an adjustment is repayment to the seller for any amounts that the seller has paid relating to the period after closing. For instance if the closing takes place on April 15th and property taxes have been paid in advance by the seller to June 30th then the seller would be entitled to an adjustment in the seller’s favour of approximately 2.5 months taxes. Similarly, if the home being sold is a condominium apartment or townhouse, the maintenance fees are always payable on the 1st of the month. Accordingly, the seller would be entitled to reimbursement of approximately one-half a month’s maintenance fee. As a matter of law, the day of closing is the responsibility of the purchaser and not the vendor. Accordingly, in the example above the vendor would be responsible for payment of expenses for 14 days in April (from April 1st, to April 14th), and the purchaser would be responsible for 16 days (from and including April 15th to April 30th).
Other adjustable items include:
On all real estate transactions I write to the utility companies to advise of the change of ownership. It is important that my clients when selling call the utility companies to confirm that they are, in fact, moving, to arrange for the final meter readings to be taken and to provide the utility companies with a forwarding address so that the final bill can be sent to the seller at the seller’s new address. Purchasers must also call the utility companies. In order for utility accounts to be set us some utility companies require a deposit from new customers. The utility companies will also ask:
for personal information in order to set up the utility accounts;
if the purchaser wishes to go on an equal monthly payment plan or if the purchaser will pay the accounts in accordance with bills produced from meter readings;
if the purchasers want to pay by preauthorized debit, or if they will send cheques?
These are decisions that I cannot make for my clients.
It is my understanding that:
if you are a first time home buyer or if you have not owned a home in the last five (5) years; and
if the home will be your principal place of residence in Canada; and
if the funds have been on deposit in your R.R.S.P. for at least 90 days,
then a purchaser can borrow up to a maximum of $20,000.00 from his or her R.R.S.P (i.e. a husband and wife could borrow a total of $40,000.00) and that these funds may be applied towards the purchase of a home. After an initial grace period of two full calendar years (plus the balance of the year in which the withdrawal occurred) you are required to pay back the funds borrowed over a period of 15 years by depositing, on a yearly basis, a minimum of 1/15th of the amount withdrawn back into your R.R.S.P. If you do not make a payment of a minimum of 1/15th of the amount withdrawn in any given year then the amount will be included in your taxable income for that year and will be subject to payment of applicable income tax.
Please note that government policies are subject to change. Accordingly, the above is a guideline only. You must speak with your branch of the bank or with Revenue Canada in order to obtain the most accurate and up-to-date information.
