Real estate lawyers, Mississauga
Your Home is More than Just a Place!

Technically, you can move into the house on the closing day itself if you have completed all the payments and pending formalities. Once the transaction and the legal paperwork are finished on the closing day, you are the legal owner of the property. However, in rare cases, there can be some delay from the current tenant to vacate the premises. It is best to coordinate with the seller on when you can move into the home. At Nanda and Associate Lawyers, our Mississauga real estate lawyers can help you with the facilitation of all the formalities on the closing day.

Yes, it is crucial to have the services of reliable Mississauga real estate lawyers assisting you throughout your real estate transaction. In fact, in Ontario, registering the title transfer in the Land Registry System must be done through solicitors. Whether you are buying, selling, or refinancing a property, a real estate transaction involves many inherent risks. For example, if due to some unforeseen circumstances, you failed to close the deal, the other party can sue you for damages. It is also important to get the Agreement of Purchase and Sale drafted and reviewed by an experienced real estate lawyer. He will ensure that the clauses in the agreement are fair to both parties and do not put your financial interests at risk.

A Mississauga real estate lawyer will help you with all the legal aspects involving the sale, purchase, or refinancing of your property. He will ensure that all the terms and conditions that the parties agreed to are put in writing in the Agreement of Purchase and Sale. Any verbal assurances or offers not mentioned in the Agreement are often not legally enforceable. Your lawyer will also explain the implications of each clause in the agreement and negotiate on your behalf to get the best terms possible. They will do proper due diligence and title search to ensure that there are no unforeseen pitfalls in the transaction. At Nanda and Associate Lawyers, our real estate team can help you ensure that the terms of the Agreement are fair and reasonable and do not hurt your financial interests.

As far as the real estate seller is concerned, on the closing day, if the buyer has completed the formalities, then he must complete the transfer of ownership and possession of the property to the buyer. Typically, the buyer will transfer the agreed amount to the seller’s lawyer before the closing time. Then, real estate lawyers representing both parties will review all the documentation and ensure that everything is in order and duly signed. The seller will sign over the deed of the property to the buyer, thus legally transferring the ownership to him. This will be registered at the Land Registry Office as well through the lawyer. The seller will also vacate the premises, handing over possession to the new legal owner. Our Mississauga real estate lawyers can assist you with all such legal formalities on the closing day.

As a general rule, the seller pays for all the metered utilities, such as water, gas, and electricity, on the closing day. It is the responsibility of the seller to accurately record the final meter readings to settle the payments up to that date. The buyer will be responsible for all the payments from the adjustment date onwards. However, the buyer will also have to reimburse the seller for any prepaid utilities beyond this date. It is best to discuss these things beforehand and include these arrangements in writing in the Agreement of Purchase and Sale.

The adjustment date in a real estate transaction refers to the final date for the calculation of dues and transferring the payment responsibility from the seller to the buyer. These payments include property taxes, utility bills, maintenance fees, and damage deposits. These have to be prorated and adjusted between the seller and the buyer. This generally involves a reimbursement payment from the buyer to the seller for any prepaid expenses on the property. On the adjustment date, the buyer will become responsible for all further payments on the property.

A real estate agent takes care of various responsibilities, such as price negotiations, showing the property to potential buyers, and all the necessary paperwork. In exchange for their services, you have to pay a certain percentage of the sales price as their commission when the sale is finalized. If you want to save the costs associated with the sales commissions, you will have to take care of these responsibilities on your own. If you have the time to arrange the showings to potential buyers and the skills to negotiate the best sales price for your home, this option is worth considering.