Does Every Home Purchase and Sale in Ontario Require a Lawyer? Posted onJuly 2, 2019October 30, 2024/ Devry Smith Frank LLP Parties to a real estate Agreement of Purchase and Sale occasionally ask whether they actually need a lawyer to close the deal. The answer to that question is a resounding yes. Historically, closing a real estate transaction in Ontario would involve lawyers attending at a Land Registry Office (LRO) to conduct title searches. On the day of completion, lawyers from both parties would meet at the LRO to exchange documents and keys and register the transfer. Today, with electronic registration, everything from title searches to transfers of land are completed with specialized software. Only lawyers and law firms can gain access to this software, and the switch to electronic registration does not remove the requirement that a lawyer must sign the transfer of land. When choosing a lawyer to help you complete your real estate transaction, it is important to find a lawyer experienced with real estate. Experienced real estate lawyers will understand where complications with home sales tend to arise, and will make sure that their clients’ interests are protected. Having an experienced real estate lawyer review an Agreement of Purchase and sale before it becomes firm is also a good idea, as a lawyer will often catch potential issues that a layperson will miss. In a standard resale agreement you should consider including a clause that the agreement is subject to your lawyer’s review, and for a pre-construction condo you should have your lawyer review the contract within the statutory ten-day cooling off period. Devry Smith Frank LLP has a dedicated real estate department, combining years of experience in real estate law to ensure that your next real estate deal goes smoothly. For further information or assistance please contact our real estate department by calling 416-449-1400 or by emailing info@devrylaw.ca. “This article is intended to inform. Its content does not constitute legal advice and should not be relied upon by readers as such. If you require legal assistance, please see a lawyer. Each case is unique and a lawyer with good training and sound judgment can provide you with advice tailored to your specific situation and needs.” Related Posts Posted onSeptember 27, 2019August 14, 2024/ Devry Smith Frank LLP I’m Interested in Purchasing My First Property. What Are Some of The Common Reasons Real Estate Deals Fall Through? The process of buying your first home can be both an exciting and overwhelming experience. Often, it is the largest investment a person will make in their lifetime and a transaction that can come with a lot of legal and financial risk. With that being said, with good communication, meticulousness and compliance with the process, [...] Read more Posted onAugust 2, 2019October 2, 2024/ Christopher W. Statham What Happens When a Party to a Real Estate Transaction Fails to Close? The Agreement of Purchase and Sale (APS) has been signed and any conditions waived or fulfilled. All that remains is for the closing itself to take place. What happens when a party to a firm APS fails to close the deal? This may happen, for example, if the buyers find out that they are unable [...] Read more Posted onJuly 9, 2019October 2, 2024/ Devry Smith Frank LLP The House I Recently Purchased Was Used to Manufacture Illegal Substances: What Now? You’ve just signed an agreement of purchase and sale, and you’ve discovered that drugs were illegally manufactured on the property years before the seller bought it. Can you get your deposit back? A recent Ontario Court of Appeal decision dealing with an “Illegal Substances Clause” in an Agreement of Purchase and Sale (“APS”) says: ‘it [...] Read more
