Residential Real Estate: Purchase
Buying a house is exciting! Whether you’re a First Time Home Buyer, purchasing an investment property, or maybe finally buying your dream home, all buyers have one thing in common: they want to ensure they get proper ownership of their new property. This is what Dabros Law Professional Corporation does for you! Our job is to ensure that you receive proper title (ownership) of your new home. We take the worry out of purchasing a new home and make sure that your financial investment is not placed in jeopardy and you receive exactly what you agreed to.
Residential Real Estate: Sale
Selling a property is just as exciting as buying. This is where you get to cash in all of the equity you have gained over the years of owning your property. The renovations and countless upgrades that you have done throughtout your ownership will help to increase the value of your home and in-turn increase the proceeds you will receive when you sell. We know what you care about most: ensuring that you receive the proceeds of the sale of your property accurately and in a timely fashion. We make sure that the transaction is done properly and that it closes based on the conditions of your sale.
Residential Real Estate: Refinance
A mortgage is a big responsibility and a lot of folks decide to get a mortgage to finance their purchase of property. Often after the first term of the mortgage, people think about refinancing as new priorities or challenges arise in their life. Of course, you may always refinance your mortgage prior to the end of the first term of the mortgage but this will be accompanied by fees from the Lender. Lenders in the City of Ottawa will also want to make sure that the mortgage and property have been properly vetted and cleared by an Ottawa Real Estate lawyer to ensure that no encumbrances or other legal obstacles exist.
Preparing to Close the Deal
What YOU need to do:
• Provide us with a copy of the Agreement of Purchase and Sale;
• Arrange mortgage financing and have the lender send us instructions;
• Contact your insurance broker for your home insurance at least two (2) weeks before the scheduled closing date;
• Contact your Telephone and/or Cable company for setup/cancellation;
• Contact utilities companies to make changes to your account. We will notify your municipal taxes and water of the ownership change, however, you may need to provide other information to them. Here is a list of common utility companies and their phone numbers:
City of Ottawa – Water & Tax – 613.580.2444
Hydro One – 1.888.664.9376
Hydro Ottawa – 613.738.6400
Enbridge Gas – 1.877.362.7434
**N.B. Title Insurance does not cover any outstanding final utility bills that the vendor does not pay. Title insurance covers arrears up to the final billing only. Should you receive an unpaid bill reflecting the final meter reading, this is beyond our initial mandate concerning the completion of your transaction.
• Contact water heater company for setup/cancellation
• Well and/or septic – Wewill require a water potability certificate and/or septic certificate for your lender unless otherwise agreed upon.
What WE do:
• Review the Agreement of Purchase and Sale;
• Perform a Title Search;
• Arrange for Title Insurance;
• Prepare the closing documents including mortgage documents; notifying municipality, hydro & gas companies of change of ownership;
• Meet with you to sign documents required for closing (both virtually or in-person);
• Send you a reporting letter closing your file.
We will meet with you a few days prior to closing to have all of the documents signed. We will ask you to bring two pieces of identification, at least one photo ID (like a Passport, Permanent residence Card, Drivers License etc.) and the second piece of ID can be a credit card, birth certificate etc.
We will also require a certified cheque or bank draft payable to “Dabros Law in Trust” in the amount that we advise to you of prior to closing. This amount covers the costs associated with your transaction including: Land Transfer Tax, registrations of Transfer and mortgage, legal fees and disbursements, wire fees etc. Thereafter, once the deal has closed we will send you a reporting letter advising you of the close of your deal and provide you with your requirsite documents.
How do I get the process started?
All you need to do is send us your Agreement of Purchase and Sale (APS). You can send this to us by email to: firstname.lastname@example.org or send it by fax: 613-714-9101. We will then send you a letter with a questionnaire asking for information and details about your real estate transaction. You can always call us at: 613-714-9100 with any questions you have or to schedule an appointment.
I signed an agreement with a mortgage lender, how do I get their instructions to you?
Typically, the lender will send the instructions directly to us. In any case, provide your mortgage lender with our contact details including our email, fax and phone number. All of this information can be found on the “Contact Us” page.
Do I need home insurance?
Yes! If you are relying on a mortgage to purchase your property you will be required to obtain insurance prior to the closing of the transaction. The Lender will not provide funds for closing if you do not obtain this before closing. Your insurance broker will provide an insurance “Booklet” or “Binder”. Instructions will be provided as to what information will be required.
What are disbursements and what should I expect to pay in legal fees?
We offer flat rate legal fees that applies to a typical residential single-family dwelling on city services, being vacant on closing with one first mortgage and no other encumbrances or liens on title. We will advise you if your transaction will require additional work and any associated fees with this work. “Disbursements” are out-of-pocket expenses paid by your lawyer on your behalf to facilitate the real estate transaction. The Law Society of Ontario outlines Rules which lawyer must comply with in regards to disbursements. Typical disbursements in a Real Estate transaction include: Land Transfer Tax, HST, off-title searches, title insurance, land title registration fees, fees charged by various Municipal, Provincial or Federal Governments, status certificate, etc.
What is the First time Home buyer tax credit?
The First-Time Home Buyer’s Tax Credit is a $5,000 non-refundable tax credit. The general rule to qualify for the First-time home buyer tax rebate is that the property you are purchasing is your first property that you own. This is inclusive of owning property not only in Ontario, or other parts of Canada but anywhere in the world.
When do I receive the Deed to my new home?
We will register you as the new owner and close the transaction on your behalf. You will receive a reporting letter from us outlining that the transaction has closed and enclose your mortgage documents and your official Deed (also known as a “Transfer”).
Get started today!
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251 Laurier Avenue West
Ottawa, ON K1P 5J6