In my first post, I gave an overview about what real estate lawyers do. Today, I wanted to expand on another point: preparation of documents.
In order to properly do the transfer, you will have to sign numerous documents authorizing your lawyer to register the transfer, your bank to advance the money or a certification of ownership if you are selling, among many other things. On a purchase, you will sign an acknowledgement regarding title, a title direction, an acknowledgement regarding title restrictions (if there are any) and a title insurance application (if you are getting title insurance – more on that in a later post), and you will review a statement of adjustments and a closing funds summary. On a mortgage, you will sign a funds direction, an affidavit regarding use of the property, an acknowledgement of the standard charge terms of the mortgage, a conflict acknowledgement, a closing funds summary and any other document your lender sends over. On a sale, you will review a statement of adjustments and a closing funds summary, and you will sign a vendor’s declaration. On all three, you will sign an acknowledgement regarding the draft transfer or mortgage.
Once you have signed everything, copies will get sent to the other parties (vendor, purchaser or lender). You will receive your copies when you receive your real estate report after closing.
Whoever talked about the paperless office clearly did not have real estate lawyers in mind!
