LEGAL STEPS IN A TYPICAL REAL ESTATE PURCHASE

REAL ESTATE

Fredericton, New, Brunswick CANADA

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LEGAL STEPS IN A TYPICAL REAL ESTATE PURCHASE

J. SHAWN O'TOOLE
Attorney-At-Law, Barrister, Solicitor & Notary Public
346 Queen Street, Brayley House, Fredericton, New Brunswick, Canada, E3B 1B2

sotoole@nb.aibn.com
Business (506) 458-8833
Fax (506) 454-1999

1. To satisfy your concerns, you may wish to speak to a lawyer before the offer is signed.

2. Your realtor will send the agreement of purchase and sale to the lawyer of your choice.

3. The lawyer will search the title to the property you are purchasing, review the subdivision plan, and check for liens.

4. Your lawyer will find out from you how you wish your name to appear on the deed.

5. Your lawyer will prepare all purchase and mortgage documents which are required by your lender. You may require a surveyor's real property report showing where the house is situated on the lot.

6. You will need to arrange fire insurance showing the lender as first loss payee on your policy.

7. You will attend at your lawyer's office to sign legal documents and discuss the amount of funds required to complete the purchase.

8. You will also discuss with your lawyer the issue of legal fees, disbursements and taxes. When purchasing a home or lot, there are transfer taxes, registration costs, harmonized sales tax, and other disbursements which must be paid.

9. The lawyer will also check with the lender to inquire as to whether there are tax account holdbacks, interest adjustment holdbacks, processing or appraisal fees or other holdbacks which will reduce the amount of funds actually received by the lawyer from the lender.

10. The balance of cash to complete the transaction must be delivered by certified cheque to the lawyer's office before closing.

11. On closing, which is the date that the purchaser of a property takes possession, the title deeds will be registered and the balance of funds owing to the vendor will be paid to the vendor's lawyer. Any outstanding liens or mortgages will be cleared. The purchaser will then receive registered copies of all deeds and other legal documents related to the closing.

12. Actual possession of your new home if purchasing usually will not occur until the afternoon of the closing date. Moving plans should be made accordingly.

13. If you wish to discuss any of the above items or any other matter, please feel free to contact me at the above numbers.

14. Last but not least, enjoy your new home.

Contact John Coates Today

Telephone (506) 458-9250 (o) (506) 450-3761 (h)

FAX (506) 459-4603

Email johncoates@rogers.com

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	J. SHAWN O'TOOLE Attorney-At-Law, Barrister, Solicitor & Notary Public 346 Queen Street, Brayley House, Fredericton, New Brunswick, Canada, E3B 1B2
	sotoole@nb.aibn.com Business (506) 458-8833 Fax (506) 454-1999
1.	To satisfy your concerns, you may wish to speak to a lawyer before the offer is signed.
2.	Your realtor will send the agreement of purchase and sale to the lawyer of your choice.
3.	The lawyer will search the title to the property you are purchasing, review the subdivision plan, and check for liens.
4.	Your lawyer will find out from you how you wish your name to appear on the deed.
5.	Your lawyer will prepare all purchase and mortgage documents which are required by your lender. You may require a surveyor's real property report showing where the house is situated on the lot.
6.	You will need to arrange fire insurance showing the lender as first loss payee on your policy.
7.	You will attend at your lawyer's office to sign legal documents and discuss the amount of funds required to complete the purchase.
8.	You will also discuss with your lawyer the issue of legal fees, disbursements and taxes. When purchasing a home or lot, there are transfer taxes, registration costs, harmonized sales tax, and other disbursements which must be paid.
9.	The lawyer will also check with the lender to inquire as to whether there are tax account holdbacks, interest adjustment holdbacks, processing or appraisal fees or other holdbacks which will reduce the amount of funds actually received by the lawyer from the lender.
10.	The balance of cash to complete the transaction must be delivered by certified cheque to the lawyer's office before closing.
11.	On closing, which is the date that the purchaser of a property takes possession, the title deeds will be registered and the balance of funds owing to the vendor will be paid to the vendor's lawyer. Any outstanding liens or mortgages will be cleared. The purchaser will then receive registered copies of all deeds and other legal documents related to the closing.
12.	Actual possession of your new home if purchasing usually will not occur until the afternoon of the closing date. Moving plans should be made accordingly.
13.	If you wish to discuss any of the above items or any other matter, please feel free to contact me at the above numbers.
14.	Last but not least, enjoy your new home.

Telephone	(506) 458-9250 (o) (506) 450-3761 (h)
FAX	(506) 459-4603
Email	johncoates@rogers.com