Friday, December 31, 2010

Attorney's Role

Buying a home, your lawyer should:
  • Help you understand the purchase contract, including how you will take title on the property.
  • Check that there are no covenants, easements, liens, etc. registered against the property that will impede your use of it.
  • Prepare and register all the legal documents.
  • Clarify the terms of the mortgage and work with your bank, if necessary, to modify them.
  • Scrutinize the adjustments, including taxes owing and utilities costs paid, prior to the transaction closing.
  • Attend the closing and review all the papers you will be required to sign.
  • Arrange title insurance protection to protect you from losses due to title defects.
  • Ensure you receive a valid registered ownership subject only to the liabilities you have accepted.