Real Estate Law
Ontario
BOUTIQUE VAUGHAN FAMILY LAW FIRM
Maio Law is located in Vaughan Ontario at the corner of Keele and Rutherford. Maio Law services clients with Real Estate Purchase, Sales, Refinances, and Private Mortgages.
Located at: 9131 Keele Street, Vaughan, Ontario, L4K 0G7
When should you Call a Real Estate Lawyer?
Whether you are buying or selling with a Real Estate Agent, or with Property Guys, it is recommended to contact a Real Estate Lawyer as soon as you’re ready to sign an Offer to Purchase. These documents can be technical and serious legal consequences can arise should conditions be broken.
I'm Selling A Home
- Executed Contract of Purchase and Sale;
- Existing Transfer/Deed – Ownership documents;
- Details on any Existing Mortgage, Line of Credit or other Encumbrances (Mortgage Reference Number and Company);
- Current year’s Realty Tax Bill and how much you have paid;
- Any survey in your possession;
- Forwarding Address;
You will either be required to attend our office prior to the scheduled closing date to review and sign the required legal documents necessary for closing. Or this will all be facilitated online via a share screen program. Usually this is done two days prior to the scheduled closing date. At this time you will be required to provide two pieces of identification, one being a valid photo ID (not a health card), as well as a set of keys to the residence, if not arranged through the Reatlors.
Typically the net sale proceeds are available by certified cheque payable only to the registered owners of the property. These funds are usually available on the next business day following your sale. If two or more people are selling a property and separate cheques are required, we will require written direction confirming how the net sale proceeds are to be payable. In such situations, it may be advisable that each party obtains independent legal advice prior to directing our law office on how the funds are to be divided.
Should a Purchaser’s deposit, which is being held by a realtor in trust, be in excess of the realtor’s commission and applicable H.S.T., the excess funds will be refunded to you directly by the realtor after the transaction is complete. Our office will provide the realtor notice that the sale has been completed.
We suggest informing your insurance agent about the anticipated sale but not making any arrangements to cancel the Fire Insurance Policy until after you have confirmed with our office that the Sale has been completed.
You are to contact the utilities companies and arrange a final meter reading. You will be responsible for such accounts up to the date of closing. If your water bill is a flat rate fee payable every 6 months, please notify our office so that proper adjustments can be made. Should your property be heated by oil, please inform our office so appropriate steps can be taken prior to closing.
Any payments falling due prior to the closing date will be your responsibility. Adjustments can be made to factor in overpayment of any fees made. It is your responsibility to cancel any pre-authorized payments or cheques that have been scheduled after the closing date of your property.
I'm Buying A Home
You have been shopping the real estate market to find your perfect home and you’ve made an offer and the Seller has accepted it. NOW, what do you do?
Provide my office with the Agreement of Purchase and Sale as soon as possible. If you used a real estate agent, you can direct him/her to email it or fax it to our office.
Likely prior to making any offer you will have met with a mortgage agent and determined the price range within your budget. You likely have already satisfied any outstanding conditions or lender requirements, if you are unsure, please confirm with your mortgage agent. You will then want to provide our law office contact information to your mortgage agent so that the necessary instructions can be sent to our office by the lender. Once the required instructions are received our office will be in a position to prepare the required mortgage closing documents.
Purchasers of a house will be required to provide our law office with an Insurance Binder/Policy prior to the closing of your purchase. You will want to provide our law office contact information to your Insurance Agent and request that they provide our office with the required documents. If you are purchasing a condominium, it is necessary for the unit owner to obtain content insurance for the individual unit and as well for public liability. The condominium corporation will have separate insurance in place for the building and common areas.
At the time of closing you will likely be required to pay Land Transfer Tax on the amount of the purchase price. The total Land Transfer Tax payable can be calculated below. First time home buyers are entitled to a rebate. Land Transfer Tax payable is in addition to the purchase price and will be required on closing.
Prior to the scheduled closing date, the lawyer for the Seller will provide our office with a Statement of Adjustments. The purpose of this is to credit the Seller or in some cases the Purchaser, for any items prepaid by the Seller beyond the closing date. Such items can include: Property Tax; Fuel Oil; Hydro; Water; Condominium Fees. Upon closing, our office will provide the local tax department with a Notice of Change of Ownership for property tax purposes.
You will be required to provide my office with a Certified Cheque or Bank Draft. My office will provide you with the required closing funds that will be due upon closing. Funds will be made payable to our office in Trust.
You will be notified when all the required closing documents are ready for your signing. If there is more than one individual going on title, both individuals must attend to sign the required documents. Two pieces of identification will be required at the time of signing, one being a valid photo card (excluding health card). Should you require on-site signing at a particular location, please inform our office ahead of time so appropriate arrangements can be made.
It is your responsibility to contact the utilities companies and set up the necessary accounts or provide the necessary information to effect any transfers.
Why Choose Maio Law
OUR APPROACH TO a RESOLUTION
1
COMMUNICATION & GOALS
Effective communication is the key to resolving any dispute and it starts at your initial meeting with Maio Law as we discuss the reasons for contacting us, the nature of your dispute and your desired goals and outcomes.
2
PLANNING & STRATEGY
During the Planning & Strategy phase, Maio Law will review your case and discuss various options and methods of resolution to effectively accomplish your desired outcomes according to your budget and timeline.
3
EXECUTION & OUTCOMES
This phase is where the plan and strategy are put into action. During the execution phase, your plan and strategy will adapt to meet the changing environment to reach your desired outcome and goals.
Schedule a Consultation with Maio Law
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