Author: every_dnlawfi

Property taxes are payable to the municipality and are based on the value of the property that is being taxed. Lawyers ensure that the property taxes have been paid prior to transfer so that the buyer does not acquire a home that is owing tax arrears. This helps to ensure that there are no surprises after the transaction closes.

Most real estate purchases require mortgage financing. Mortgage documents form a binding contract between the lender (usually a bank) and the borrower. These agreements should be reviewed by your lawyer as part of the real estate transaction.

The role of a lawyer is just as great in the refinancing process. Our lawyers can assist you with both the initial financing of your purchase and any refinancing. Our aim is to ensure that your rights are protected.

We are also available to help if you are unable to make your mortgage payments and the bank acts to enforce the mortgage. Deol & Nagpal Law Firm LLP can assist you in finding solutions and responding to any legal action.

The decision of whether to purchase a house or a condominium depends on a number of factors – the location, the buyer’s needs, and the buyer’s financial capabilities. Either purchase involves specific considerations that your lawyer must consider.

When buying a house, lawyers must ensure good title to the land and they must help to organize and document any necessary financing.

A lawyer will also ensure that your agreement of purchase and sale protects you as much as possible from additional charges on closing. There will always be some additional charges on closing, but a tightly drafted agreement can help to ensure that there are no surprises. The fees paid to a lawyer when you are buying or selling a home can save you additional expense and disappointment.

In the case of a condominium, there are specific issues that a lawyer can assist with. The lawyer will review the status certificate of the building to ensure that the assets in the condo accord in value with the agreement of sale or purchase. When purchasing a condo, you must be satisfied with the unit itself, the common elements in the condo building and the assets and management of the condo building.

Additional aspects such as parking, interim occupancy for new owners, municipal authority for occupancy, condominium declaration and the transfer process of the title all require the work of an experienced lawyer to finalize the transactions.