Buying a home in Ontario involves a legal process that, in practice, requires a real estate lawyer. Only lawyers licensed by the Law Society of Ontario can register a land transfer in the province’s electronic registration system. Here is what your lawyer actually does for you as a buyer.
Reviewing Your Purchase Agreement
Before you sign, your lawyer reviews the Agreement of Purchase and Sale. They check the conditions, the closing date, the deposit terms, and any clauses that could put you at risk. If something needs to change, they work with your realtor to address it.
Running the Title Search
Your lawyer searches the property’s title to confirm the seller has the legal right to sell and that the property is clear of liens, charges, or other claims. Under Law Society of Ontario rules, reviewing the title search is work only a lawyer can do; it cannot be handed off to a non-lawyer.
Handling the Money
On closing, your lawyer receives your funds and your lender’s mortgage funds into their trust account, pays the seller’s lawyer, settles the statement of adjustments, and disburses every dollar according to the closing documents.
Calculating and Remitting Land Transfer Tax
Your lawyer calculates the Ontario land transfer tax payable on your purchase and remits it when the transfer is registered. If you are a qualifying first-time buyer, your lawyer can also claim the provincial refund of up to $4,000 at registration.
Registering the Transfer
Your lawyer electronically registers the transfer of ownership and your new mortgage through Teraview, Ontario’s electronic land registration system. Registration fees and land transfer tax are withdrawn electronically on the day of registration. After closing, you receive a final reporting package confirming the property is registered in your name.
A good real estate lawyer does more than process paperwork. They protect your deposit, catch title problems only a lawyer is permitted to assess, and keep your closing on schedule. If you are buying real estate in Brampton, contact us for a free quote.
