Whether you are buying, selling, or re-financing your home, Riverside Family Law will be there to assist you. We take pride in ensuring that your transaction is handled effectively and inexpensively. You’re likely to notice our prompt and friendly staff and comfortable atmosphere.
What Exactly Does a Real Estate Lawyer Do?
In Saskatchewan, a residential real estate lawyer plays an important role in the purchase and sale of a home. The lawyer’s primary responsibility is to ensure that the transaction is conducted legally and that the rights and interests of their client are protected.
During a purchase transaction, the lawyer’s responsibilities include:
- Communication with Municipality: Your lawyer will be in contact with the municipality that the property is located in to verify the status of property taxes and ensure that there are no property tax arrears against the property.
- Reviewing the Contract of Purchase and Sale: Your lawyer will review your purchase agreement, including any contingencies or conditions, to ensure that it is legally binding and that it protects your interests.
- Conducting a Title Search: Your lawyer will conduct a title search to ensure that there are no outstanding liens or encumbrances on the property and that the seller has the legal right to sell the property.
- Communication with Lender: If you are registering a mortgage loan against the property, your lawyer will correspond with your lender to ensure that all relevant conditions are met so that funding can take place on your possession date.
- Preparation of Documents: Your lawyer will receive instructions from your mortgage lender and will prepare the documents required for funding. The specific types of documents required will depend on a number of factors, including the type of loan that you are receiving, your relationship status, and the number of individuals that will be listed as owners of the property on title. Generally, in addition to your mortgage document, your lawyer will prepare a Direction for Payment and an affidavit pursuant to Saskatchewan’s Homesteads Act.
- Correspondence with Seller’s Lawyer: Your lawyer will receive a package of documents from the Seller’s lawyer with a series of documents included. These typically include trust conditions, a form authorizing the transfer of the property, and a number of affidavits related to the value of the property and as required by Saskatchewan’s Homesteads Act.
- Reviewing the Closing Documents: Your lawyer will review the closing documents, including the mortgage and all documents provided by the Seller’s lawyer, to ensure that they are legally binding and that they protect your interests. Your lawyer will also require proof that the property is ensured as of the possession date, and that your insurance policy reflects the specific requirements of your lender.
- Execution of Documents: Your lawyer will meet with you after preparing your mortgage documents so that you may execute the documents in their presence. Your lawyer will explain the mortgage documents to you and answer any questions that you may have. During this time, your lawyer will also confirm your identity pursuant to the requirements of your lender.
- Coordinating the Closing: Your lawyer will coordinate the closing, including the transfer of funds and the transfer of the title, to ensure that everything is done correctly and in a timely manner.
- Statement of Adjustments: Your lawyer will provide you with a detailed statement of adjustments showing all monies received and disbursed on your behalf.
During a sale transaction, the lawyer’s responsibilities include:
- Communication with Municipality: Your lawyer will be in contact with the municipality that the property is located in to verify the status of property taxes and ensure that there are no property tax arrears against the property.
- Reviewing the Contract of Purchase and Sale: Your lawyer will review the contract of purchase and sale, including any contingencies or conditions, to ensure that it is legally binding and that it protects your interests.
- Reviewing the Title: Your lawyer will review the title to the property to ensure that it is clear and that there are no outstanding liens or encumbrances on the property.
- Preparation of Documents: Your lawyer will prepare the documents required to execute the transfer. These generally include an Application for Transfer, Transfer Authorization, GST Exemption Certificate, Declaration as to Possession, and Affidavit of Value. In certain cases, your lawyer may also prepare additional documents as required by the Land Titles division of Information Services Corporation (ISC).
- Reviewing the Closing Documents: Your lawyer will review the closing documents to ensure that they are legally binding and that they protect your interests.
- Execution of Documents: Your lawyer will meet with you after preparing your transfer documents so that you may execute the documents in their presence. Your lawyer will explain the transfer documents to you and answer any questions that you may have. During this time, your lawyer will also confirm your identity.
- Coordinating the Closing: Your lawyer will coordinate the closing, including the transfer of funds and the transfer of the title, to ensure that everything is done correctly and in a timely manner.
- Discharge of Previous Mortgage: Your lawyer will use funds received as the purchase price to pay out your existing mortgage (if applicable). Your lawyer will then discharge your mortgage from title after receiving confirmation from your lender that payment has been received, and after receiving a form from your lender authorizing the discharge of the mortgage.
- Payment of Excess Funds: If there are any funds remaining from your lender after your lawyer receives funds and pays the purchase price to the seller, your lawyer will provide you with these funds along with a detailed statement of adjustments showing all monies received and disbursed on your behalf.
In addition to these responsibilities, your lawyer may also advise you on other legal matters related to the transaction, such as taxes and zoning laws. They may also represent you in court if there are any legal disputes related to the transaction.
It is important to note that the above list is not exhaustive and that each transaction is unique and can have specific legal needs. It’s always a good idea to consult a residential real estate lawyer when buying or selling a home, as they can ensure that the transaction is conducted properly and legally. If you are purchasing or selling a home, our lawyers at Riverside Family Law are available to assist you every step of the way!