When buying or selling real estate in Ontario, you will require the services of a lawyer to represent your interests in the transaction. Here we provide some of the questions which may arise during the course of your real estate transaction.

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When do I see a lawyer?

Generally, as soon as you are about to enter, or have entered, into a legal binding contract. Remember that an Agreement of Purchase and Sale, once signed by all parties, cannot be altered without the mutual consent of all parties.

What does my lawyer do?

Your lawyer is there to explain the terms of the Agreement of Purchase and Sale to you, and to make sure you fulfill all of your contractual obligations.

If you are a purchaser, he or she will perform the various searches against the property so that, upon closing, you will have good and marketable title to the lands. Your lawyer may discuss obtaining title insurance as part of this process. You will also be made aware of any encumbrances, rights of way and/or restrictions applicable to your property.

What is the "Survey"?

In a typical residential real estate transaction, the purchaser, as part of the search of title, will require an up-to-date "building location survey" of the lands.

This survey shows the boundary lines of the lands, plots the location of any buildings and other permanent structures within the property, and reveals any encroachments upon the property.

It will also assist in determining compliance with zoning requirements, etc.

What is Title Insurance?

As the name implies, title insurance is simply a policy of insurance on the title to a piece of real estate.

Premiums are paid at the time of purchase. These are one-time premiums. They cover the purchaser's entire period of ownership.

Title insurance provides broader coverage than a lawyer's certificate of title.

You should discuss the pros and cons of title insurance with your lawyer immediately after your purchase is unconditional.

What will it cost?

The budget shown below will assist you in determining the cost associated with your transaction. These items must be discussed with your lawyer early in the transaction so that you will have all the funds in place for closing.

What is the "Closing"?

This is the time when legal title is transferred to the purchaser in exchange for delivery of the required funds to the vendor.

You should discuss the requirements and timing of this critical step with your lawyer well ahead of time. You will want to know when to bring your money to the lawyer, what has to be signed, when you will get the keys, etc.

What do I receive after closing?

If you are a purchaser, you will receive from your lawyer a written title opinion and report enclosing all title documents, which will include the Deed of Land. If title insurance was arranged, you will receive the certificate and policy from the insurer. These should be kept in safekeeping for future reference.

If you are a vendor, your lawyer must give you a written account of money received and disbursed as well as a synopsis of the transaction.

Budget ( Purchase )

Budget ( Sale )

To calculate Land Transfer Tax: