The purchase or sale of a home represents the biggest and most important financial decision in a lifetime for most people. It is important to have an experienced and knowledgeable team on your side to protect your interests and help the transaction go as smoothly as possible.
As soon as the contract is signed and all subjects have been removed, your realtor will arrange for the necessary documentation to be sent to our office. If obtaining a mortgage, your mortgage specialist will send the documents to our office for processing. Once received, our experienced Real Estate Team will work with you and your realtor to:
- open your file, collect any required information from you, and schedule an appointment
- assign one of our experience paralegals to oversee your transaction
- produce and handle all required documents
- file documents with the Land Titles Office
- make all required payments on your behalf
- provide you with a report detailing the transaction and enclosing important documents for your records
The Munroe & Company Difference
The primary difference between a lawyer and a notary is the amount of work they can do for you. While both can complete a straightforward transaction, only a lawyer can anticipate certain problems and handle them before they imperil the transaction.
Quick action is required if your transaction cannot or will not complete or a claim is made against the property by a third party prior to completion. As a full-service firm with experienced litigation counsel, we will take immediate steps to protect your interests and represent you in court so there is no delay when time is of the essence.
It is a common misconception that notaries are more affordable than lawyers. At the end of the day, the disbursements are the same for either. Allowing Munroe & Company to professionally manage your real estate transaction gives you the comfort of knowing that the transaction will be carried out properly and that you will be properly advised and represented if an issue arises.
An appraisal determines the fair market value of the property. Lenders will arrange for an appraisal prior to approval of your new mortgage.
All lenders require insurance to protect the mortgage property. For non-condominiums, insurance is required for building replacement costs. For condominiums, in addition to the insurance the corporation must obtain, insurance is required for all the improvements made to the unit. If you are buying or refinancing, contact your insurance broker right away to ensure that the property is properly insured starting on the completion date.
A survey certificate is mandatory for mortgages ranking in first priority except where a lender's policy of title insurance is obtained. A survey identifies the exact dimensions of the land and buildings. Title Insurance will insure the property against certain defects, fraud, and other risks.
If you are borrowing money to assist with purchasing a property or to refinance, please ask your mortgage specialist to send us mortgage instructions as soon as possible to avoid delays.
This is the process where the buyer investigates the property to identify any risks and confirms that there are no barriers, such as financing, to the buyer completing the transaction. These investigations and confirmations are called "subjects" and must be removed by the buyer before the contract becomes binding on the parties.
Frequently Asked Questions
What should I go over with my realtor?
We recommend reviewing the title to the property with your realtor to ensure that you understand the legal notations and charges. It is also important to confirm your choice of lawyer with the realtor to avoid the risk of having your file sent to two different lawyers or notaries.
Can my purchase and sale complete on the same day?
While it is possible for them to both complete on the same day, we do not recommend arranging the dates this close together. In order for your purchase to complete, we need to recieve the funds from your property sale in time for them to be processed and cleared by the financial institution. If everything goes smoothly this can be successful in most cases. However, something as simple as a courier delay or a cheque printing error could prevent us from obtaining the sale funds on time. Should this occur, we would be unable to send the funds for your purchase on time - this could result in a default on the purchase contract. Consequences of a default often include the loss of the property (the seller may be free to resell it to another buyer), and a significant monetary penalty for breaking the contract - sometimes over $50,000. If you are thinking of pursuing this option, we recommend speaking with one of our lawyers first to go over all of the details and risks first.
Can I pay out my own charges?
Clients are able to pay out their own charges (Credit Cards, Car Loans, Outstanding Taxes, etc.) if they wish to do so. Should you choose this option however it will be necessary to provide our office with timely and accurate proof of each charge having been paid out. In addition, it will become your responsibility to calculate the correct per diem (daily interest) rate applicable on each charge to ensure they are fully paid out. Our office is happy to handle payouts on your behalf as part of the transaction, but will charge a nominal fee for each when doing so.
Why are there strata fees?
Each Strata Corporation has its own fee structure for providing us with the documentation necessary to complete your purchase or sale. The documents are required, and the Strata's property management company bills for the time and resources spent generating them. Our office will pass along the exact amount of fees charged to us by each Strata, which often range from $50-150.
What should I do if I need legal advice?
Contact our office as soon as possible to arrange a personal legal consultation. If you become aware of an issue that may affect your transaction it is important to let us know immediately. It is always better if we have more time to assess and address any issues that pose a threat to your transaction.