Why the Right Whitby Real Estate Lawyer Matters
The requirements of real estate law can be confusing and confounding. For example, which documents need to be registered and how do they get registered, why you need to have title insurance (and what is title insurance anyway), and what do the many documents that you have to sign all mean. Our Whitby Real Estate lawyers will help you understand any and all of these legal concepts—and why they matter.
When you sell, you need to understand what your legal obligations are to the people now buying from you.
Assignment—what is it? The real estate transaction called an assignment takes place when someone (the assignor) who has bought a property in a transaction that has not yet closed allows someone else (the assignee) to take over the deal, including the rights and obligations of the assignor.
It’s most common in new construction, when someone waiting for a home’s construction to be finished sells to someone willing to wait. Often, the home is a condominium bought from the developer.
M. G. Michaels & Associates residential real estate lawyers know how to work their way through the intricacies of the sales assignments and the financing, on behalf of assignors and assignees alike.
Residential mortgage closings & disbursements: When the time comes for the deal to close, your Whitby real estate lawyers at M. G. Michaels & Associates residential can make sure all the additional last-minute fees, charges, and disbursements are legitimate and paid. And we understand if and when HST is charged.
Refinancing residential mortgages: A mortgage is a contract, and when you decide you want to refinance and get a new mortgage—whether for more or for less money—we can help you determine the ‘unexpected’ costs levied by the company holding your existing mortgage. We can often arrange for a transaction to replace or revalue a mortgage to be much more fair to our client. However, we do not and cannot negotiate mortgage rates or pre-payment penalties.
Tarion: Tarion is the government supported organization that looks after warranties on new homes in the Province on Ontario. Tarion covers many of the things in a newly built house that do not meet the required standards. For example, there are cracks in your basement foundation; plaster ceilings that are flaking; plumbing leaks; or doors that will not close due to poor alignment; and so on.
The M. G. Michaels & Associates residential real estate lawyers help homeowners who need guidance in understanding their entitlements, obligations, and responsibilities.
Good title: Good title is the term describing ownership of real estate which is totally free of claims against it and therefore can be sold, transferred, or put up as security (placing a mortgage or deed of trust on the property).
M. G. Michaels & Associates residential real estate lawyers are experienced in tracing back the ownership of property, minimizing the chances that a property being bought or sold does not have good title or, more importantly, that you will not receive good title on your purchase.
Title insurance protects against future discoveries of problems about a property, some title-related and some non-title-related. It is a form of indemnity insurance for a mortgaged property that covers the loss of an interest in a property due to discovered legal defects. In addition, we coordinate with the title insurance providers to protect you against issues that may affect title in the future.
The Whitby residential real estate lawyers at M. G. Michaels & Associates can sort these problems out on your behalf and make sure your residential real estate transaction goes smoothly. Call or email us today.