The Role of the Lawyer
- To investigate matters of title to the land described in the agreement of purchase and sale; to inform and advise you in connection with searches and enquiries;
- To provide you with a “title opinion” or alternatively to arrange for a policy of title insurance;
- To complete the closing of the transaction according to the terms of the agreement of purchase and sale and your instructions.
- To prepare and register the mortgage and to report to the mortgagee according to the mortgagee’s instructions.
The Role of Other Professionals
A lawyer is only one of several professionals available to you in completing your real estate purchase. Depending on the circumstances, you may decide to retain a surveyor, environmental consultant, and a home inspector. In addition, you will need to seek the advice of an insurance broker.
The “Product” of the Lawyer’s Searches and Advice:
“Title Opinion” or
After the successful completion of your purchase, we will provide you with either a solicitor’s title opinion, or a policy of title insurance. These are alternative methods of providing you with assurance about the title to the property that you are purchasing. We recommend that a title insurance policy be issued for all real estate transactions because in our view it provides better protection than a “title opinion”. The cost is small in terms of the protection granted, and is offset by the savings in expenses that will be incurred if a “title opinion” is obtained.