Real Estate Law – Residential

Residential (Newly Built from builder, Resale Home, & Condominiums)

Purchasing real estate may have all sorts of officials involved in the lucrative process. however, one of the most important people perhaps would be the lawyer that makes sure an individual’s legal rights are always protected. Whether an individual is purchasing a resale home, newly built home, or condominium, we can aid clients every step of the way. When purchasing condominiums, along with reviewing status certificates for condominiums, we will make sure to walk clients through the two types of closing: occupancy, and final closing.

At Awan Law, our specialized lawyers make sure to review the contracts, mortgage documents, and the ‘Agreement of Purchase and Sale’ to make sure that every part of these documents is in agreement with the terms of the client.

We will ensure that all of the transactions of the purchase of property go smoothly. We will ensure that there is no ambiguity in the purchase and the title, handle the paperwork on time and efficiently, provide a detailed account of all the transactions taking place, and send final reports to the client and the bank. Thus, our lawyers can make the procedure of purchasing a home smoother and hassle-free.

The selling of real estate is likely the largest financial obligation for an individual. It is important to have competent legal counsel that can greatly reduce stress and ease the transition. At Awan Law, we can guide you through reviewing contracts, existing mortgages, and the ‘Agreement of Purchase and Sale’. All proceedings will be done through transparency, making sure the client understands all the particulars in each and every step of the way.

Our clients will also handle requisition letters from the seller’s lawyer, the necessary paperwork, and receive all required funds from the purchaser’s lawyer in a timely fashion. We will make sure that the disbursement of funds is accurate and transparent while helping remove any ambiguity in the client’s mind or in any of the paperwork.

At Awan Law, our lawyers can help answer questions about titles, purchase contracts, and insurance. Moreover, as our real estate lawyers are knowledgeable in the rules and regulations of real estate transactions, we guide clients in helping them understand contracts, leases, appraisals, and other legal processes involved in selling a home.

Mortgage refinancing is the process of paying off an existing loan and replacing it with a new loan with different terms than the original mortgage. The reasons to refinance a home can be to obtain a lower interest rate or shorter the term of their mortgage. It is important to understand that home mortgages and refinancing do have legal and fiscal implications that may affect the client in the long run. As a new mortgage must be registered when an individual refinances, a lawyer must be present. In most cases, the lawyer will be representing the client and the bank and guiding both parties in the best manner possible, this is where our specialized lawyers will come in.

When an individual may decide to refinance their mortgage, the current mortgage company must be contacted to understand their requirements for refinancing. Certain lenders may have particular requirements and conditions that need to be met before a mortgage can be adjusted. The individual then determines whether they want to refinance with the same lender or explore other lenders and their specific interest rates. While refinancing may have many benefits, it is crucial to have a lawyer guide you in the process of protecting the client from any legal issues.

We believe that it is a crucial step as part of the purchase process to seek independent legal advice before you sign along the dotted line. Our team at Awan Law is more than happy to thoroughly check the agreement prepared by a real estate agent and, if required, actually prepare the agreement for you, to ensure that you have the best possible terms to protect your interests. Independent Legal Advice (ILA) is an objective evaluation of a client’s agreement of purchase and sale or other communications a realtor, a private buyer or seller may have had with them. Certain situations arise where one is required to obtain an ILA before closing a deal, these include:

-Sharing a real estate lawyer or realtor
-A spouse or common-law partner who wants to leave an individual of the property title
-Mortgage refinancing instructions remove the individual from the property title
-A cohabitation agreement has been signed before a property is bought or acquired as a couple.

Real estate attorneys review agreements of purchase and sale and offer legal opinions on whether dual agency arrangements or mortgage loan agreements are compromising in any way. Independent Legal Advice can be a necessary and a wise investment if the situation warrants it.

Unpleasant legal situations may be inevitable. Apart from offering legal advice on property disputes, property management, restrictions, etc., our real estate
lawyers may also represent you in real estate litigation. Independent Legal Representation (ILR) takes place when a lawyer has no conflict of interest regarding the matter that is taking place. Certain transactions between the lawyer and the client require an ILR in which case lawyers cannot enter into any transaction with the client unless the client themselves have an outside independent lawyer who acts as that client’s legal representative.

If a party is unable to close a home due to unforeseeable circumstances during purchase transactions, they may use the option to assign their rights to another party. This can be done based on the party’s initial agreement which should be reviewed by a lawyer to guide and assist the individual(s) to see whether it is applicable or not and under what circumstances. At Awan Law, we can assist you in better understanding your obligations and liabilities with regard to initial agreements and assignments of purchase transactions. Reach out to Awan Law to learn more about how assignment works and if it’s suitable for you.