real estate closing-process
The process of buying or selling real estate is an enormous undertaking. There is usually a substantial amount of money involved. After all, real-estate prices have historically increased. And, despite bubbles and dips, prices usually bounce back, which means that real-estate transactions become increasingly lucrative.
Add to that the significance real-estate transactions usually have, for both consumers and businesses, and it’s easy to understand how complicated they can get. Indeed, not only can real-estate law be broken down into many specialties, so too can the real-estate buying and selling process.
A special area of law
One example of this is the real-estate closing. It constitutes a specialized area of real-estate law — one which we practice here at the Hosseini Law Firm — in which the finalization of a real-estate purchase or sale involves a number of steps before the transaction is completed.
It’s not only the duty of a real-estate lawyer to ensure that these proper steps are taken when a real-estate closing occurs, it can also help the buyer and seller to familiarize themselves with some of these steps — just to get an idea of how complicated it can get, and why a good real-estate lawyer can come in handy, too.
First, a lawyer engaging in the real-estate closing process should engage in an informative interview with the client. Are there any powers of attorney involved? Is there more than one seller, or buyer? Is the client a Canadian resident? The client should have the proper identification for ensuring a real-estate transaction. Borrowers and lenders can also be a part of the real-estate closing process, and a real-estate lawyer should obtain consent to act on behalf of all parties involved.
Information and documents
Gathering information, especially through title searches, is also a part of the closing process. Such a search should ensure that a title doesn’t come with encumbrances or other barriers to the marketability of a property.
Many documents are required in closing a real-estate deal. These should be prepared as early as possible in order to ensure completion of sale/purchase by the closing date. Any request for changes can subsequently be made before closing, too.
Certain documents in a real-estate closing need to be prepared for the purchase, while others for the buyer. A real-estate lawyer should know how to differentiate between the two sets of documents. In addition, and before closing, documents from the buyer should be reviewed by the seller, and vice versa. This helps avoid complications down the road.
If you need a professional advice on family law, or if you’re thinking of divorce, please phone us here at Hosseini Law Firm (HLF) for a 15 minute free consultation: 416-628-4635, or please use the contact form provided on this page. Thank you.
