Are you considering hiring a lawyer to help you with the transaction process of buying a home? Below, we’ll outline why it’s important to hire a lawyer when buying a home to review all your documents before you sign.
To Review The Purchase And Sale Agreement
The PSA is a binding legal document that outlines all the terms of the transaction, the financial requirements and all obligations of all parties involved. Many of the terms and clauses are difficult to interpret to an untrained eye. If your agent misses an important clause, this little mistake could result in a legal battle and even cost you the property altogether. It’s always wise to hire a lawyer to review the document to ensure that your interests are protected and any complex clauses are fully explained to you before you sign on the dotted line. Lawyers also carry errors and omissions insurance, so if there’s an error on their part, they are insured to cover your costs.
They Check For Any Encumbrances
Lawyers can conduct all the important searches to ensure that you’re buying a property without any encumbrances that could cost you money. In this context, an encumbrance means any existing mortgages or charges on the property. For instance, they will conduct a title search, mortgage discharge, and also check if there are any construction liens, building permit issues, easements and encroachments. If you were to purchase a home and the encumbrances were not cleared, you would be responsible for paying for them. Some issues could even prevent the purchase from happening entirely. A lawyer will ensure you are aware of any encumbrances before you complete your purchase.
They Transfer The Land
In Ontario, a lawyer is required to register the transfer of land. Once all the negotiations have been completed, the lawyers will start to prepare the closing documents that are required to transfer the land. There’s often a lot of paperwork that the buyer will need to round up to ensure the transfer of land can take place. This often includes identification, proof of homeownership insurance, mortgage documentation, and title search. A lawyer can help direct you through this process and ensure nothing is missed that could hold up the transaction.
They Are Responsible For Holding All The Money
About a week before the closing date, a lawyer will have you sign all the legal papers and pay any deposits or down payments that are required. They will also hold the money in escrow and keep all the documents necessary for the transaction until the process is complete. This ensures that no wrongdoing can occur by any other party. Then on the closing date, they will send the seller’s lawyer all the money to officially close the transaction. Only upon receipt of the money will the keys be released. This process ensures that people cannot move into the property before money is received.
They Ensure Everyone Stays Honest
Not all real estate agents and developers are 100% honest. A lawyer can ensure that you are always protected in the deal. They will advocate on your behalf and clarify that what is discussed is reflected in all the contracts and agreements. Without one, you could run the risk of the agreement being written in favour of the seller, agent, or developer.
Don’t end up with a lifetime of regrets, always hire a lawyer when you buy a property. Call us at Accord Law and one of our experienced real estate lawyers will be happy to help protect your rights in the transaction process from beginning to end.
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Privacy Policy
Accord Law Professional Corporation is a firm that specializes in Real Estate, Immigration, and Business law with offices in Toronto, Ontario. The lawyer[s] and staff at Accord Law Professional Corporation (sometimes referred to as “we”) are committed to protecting your privacy. This Privacy Policy outlines how we handle your personal information to protect your privacy.
Privacy Legislation
Since January 1, 2004, all Canadian organizations engaged in commercial activities have been required to comply with the Personal Information Protection and Electronic Documents Act (“PIPEDA”) and the Canadian Standards Association Model Code for the Protection of Personal Information incorporated by reference into PIPEDA. These obligations extend to lawyers and law firms, including Accord Law Professional Corporation.
In addition, an Act respecting the Protection of Personal Information in the Private Sector has been in force in Quebec since 1994 and sets out rules regarding the collection, use and disclosure of personal information within that province.
Lastly, as a professional services firm, we have professional and ethical obligations to keep confidential the information we receive in the context of a lawyer-client and agent-client relationship.
Personal Information
Personal information is defined in PIPEDA as information about an identifiable individual, but does not include the name, title or business address or telephone number of an employee of an organization. In other words, it does not include the information that one expects to find on a business card.
Consent to Our Collection of Personal Information
In most cases, we obtain your consent to collect, use and disclose your personal information. Usually, if you retain our firm, we assume that we have your implied consent to our collection and use of your personal information, however, at times we may ask for your express consent, either verbally or in writing. Generally, we collect your personal information directly from you at the start of or during the course of your retainer with our firm. Sometimes we may obtain information about you from other sources such as a government registry or other professionals who serve you.
Use of Personal Information at Accord Law Professional Corporation
We use your personal information to provide legal advice and services to you, to issue invoices and to maintain our database of clients. In addition, if you apply for a position with Accord Law Professional Corporation, we will use your personal information to assess your candidacy. Lastly, we may use your contact information (name, e-mail and postal address) so that we may communicate with you about recent developments in the law, keep you abreast of Accord Law Professional Corporation news and invite you to our firm events.
Withdrawal of Consent
You may withdraw your consent to our collection, use and disclosure of your personal information at any time, subject to legal and/or contractual restrictions and upon reasonable notice. Your withdrawal of consent to our collection, use and disclosure of your personal information may impact our ability to represent you and provide you with legal advice.
You can ask us not to send you marketing communications by following the opt-out instructions in each communication or you may let us know by contacting us at info@accordlaw.ca.
Disclosure of Personal Information
Generally, we do not disclose your personal information to third parties without your consent unless permitted or required by applicable laws or court orders. The following are some examples where we may disclose your personal information: such disclosure is necessary to collect fees or disbursements; we contract with a third party to provide us with certain services such as archival file storage or insurance. (In such cases, we will use contractual or other means to ensure the third party service provider is bound by obligations regarding privacy which are consistent with this policy); or we engage expert witnesses or other law firms on your behalf.
Accuracy of Your Information
It is important that the information that we have on file be accurate and up-to-date. If, during the course of the retainer, any of your information changes, please inform us so that we can make any necessary changes. We may also ask you from time to time whether your personal information is up-to-date.
Safeguards
Accord Law Professional Corporation uses various safeguards to ensure that your personal information is protected against loss, theft, misuse, unauthorized access, disclosure, copying or alteration. These include: security of our physical premises; our professional obligations; security software and firewalls to prevent unauthorized computer access or “hacking”; and internal passwords that restrict access to our electronic files.
Access to your Personal Information
You have a right to challenge the accuracy and completeness of your personal information and to have it amended, as appropriate. You also have a right to request access to your personal information and receive an accounting of how that information has been used and disclosed, subject to certain exceptions prescribed by law. For example, if the requested information would reveal personal information about another individual, your request for access may be limited or denied. If your request for access is denied, Accord Law Professional Corporation will notify you in writing of the reason for the denial.
To request access or to amend your personal information, please contact the lawyer with whom you normally correspond or write to our Privacy Contact at the address below. Accord Law Professional Corporation will respond within thirty (30) days of receipt of your written request.
Challenging Compliance
Accord Law Professional Corporation will respond to inquiries about its policies and practices relating to its handling of your personal information. Inquiries should be directed to Accord Law Professional Corporation’s Privacy Contact using the contact information below. Accord Law Professional Corporation will investigate all complaints and will respond within 30 days of receipt of a written inquiry. If the complaint is found to be justified, Accord Law Professional Corporation will take appropriate measures to resolve it, including, if necessary, amending this Policy and its procedures.
Website Privacy
Like most other commercial websites, we may monitor traffic patterns, site usage and related site information to optimize your visit to our website.
We do not use cookies or any electronic means to collect personal information from you or your computer; however, our website server will automatically collect IP addresses. We may view the IP log from time to time, for example, to maintain the security of our website. We do not link the IP addresses to other personally identifiable information.
Privacy Contacts
If you have any questions or complaints about this Policy or the handling of your personal information, if you wish to withdraw your consent to our use of your personal information, or to request access to or update any information we have on file, please contact the lawyer with whom you are dealing, or contact:
Commission d’accès à l’information du Québec
480 St. Laurent
Suite 501
Montreal, Quebec
H2Y 3Y7
Telephone: 514.873.4196
Toll Free: 1.888.528.7741
Changes to this Privacy Policy
We may change this Privacy Policy from time to time. Any changes will be posted on our website at accordlaw.ca and will be made available upon request through your contact at Accord Law Professional Corporation. Please check from time to time to ensure you are aware of our current policy.
