Real Estate Law FAQs: Navigating Your Property Transaction with Confidence
Buying or selling property is a massive financial milestone, but navigating the GTA’s competitive market can feel overwhelming. From reviewing complex OREA agreements to finalizing titles and closing funds, having the right legal expert in your corner is essential. To help you navigate the process seamlessly, we have compiled answers to the most frequently asked questions about real estate lawyers in and around Toronto—giving you the clarity you need to protect your investment from contract to closing.
Frequently Asked Questions
When should I contact a real estate lawyer?
Ideally, before signing an agreement of purchase and sale. A lawyer can review contractual terms and identify concerns about financing, title, closing dates, conditions and other obligations.
Although many purchasers and sellers contact their lawyer after signing the agreement, obtaining advice earlier can reduce the risk of agreeing to unfavourable terms.
What does a real estate lawyer do on closing?
A real estate lawyer generally investigates title, reviews registered interests and outstanding encumbrances, prepares or reviews closing documents, addresses lender instructions, arranges for required funds and completes the electronic registration of the transfer and mortgage where applicable.
For sellers, the lawyer also deals with existing mortgages and other obligations that must be discharged and accounts for the sale proceeds.
How much does a real estate lawyer cost in Ontario?
The cost depends on the type and complexity of the transaction.
Purchasers should budget for legal fees, applicable HST, disbursements, title insurance premiums, land registration fees, land transfer tax and closing adjustments.
Sellers generally pay legal fees and disbursements and may incur mortgage discharge expenses, lender penalties or other closing obligations.
You should request a written explanation of the estimated fees and disbursements before retaining a lawyer.
Can a lawyer assist with a private mortgage?
Yes. A lawyer can assist with preparing and registering mortgage security, reviewing title, advising on mortgage priority, preparing mortgage documentation and addressing applicable lender and borrower obligations.
Private lenders should obtain legal advice before advancing funds, particularly where existing mortgages or other charges are registered against the property.