Questions For Your Lawyer: Purchasing

Questions:

1. What information and documentation does the lawyer need from you?

2. When do you arrange your initial preliminary interview with the lawyer and then, when do you sign the necessary documents for closing?

3. Who contacts the property tax, water, hydro, gas and hot water tank rental and when?

4. Who arranges the final utility meter readings and who pays the final accounts for utilities?

5. What are you costs and how are they broken down?

6. Who pays out the mortgage and registers the mortgage discharge papers?

7. Who pays the Real Estate Commission to the Real Estate Agent?

8. How are the funds/money handled on the day of closing?

9. When do you have to turn over the keys and who do you give them to?

10. When do you have to move out of the house/what time on the day of closing?

11. What items can you remove and take from the house and what items have to stay?

12. How are property taxes adjusted on closing?

13. Do you have to give the purchaser a survey or pay ofr a survey or provide Title Insurance?

14. Are there other fees that are paid when you sell your home – such as a mortgage discharge fee?

15. Explain the amounts paid to the mortgage company – discharge fee, prepayment penalty, accrued interest and other possible costs or penalties – such as repayment of cash back incentive.

DISBURSEMENTS AND CLOSING COSTS (Sale)

Disbursements: Register Discharge of Mortgage, LSUC Transaction Levy, Miscellaneous, approximate total $200 to $300

Legal Fees: Lambton County Real Estate Lawyers Suggested Fee Schedule and Practice Guidelines Information

 

Provide By Francis De Sena Law Office

 

Updated July 2016

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