Purchasing a Home in Manitoba
F. Taiwo Law Office is here to help you handle the closing of your real estate transaction at an affordable fee.
We are a Winnipeg-based law firm, we are conversant with the terrain and can help you avoid some errors. Hiring us will help you reduce risk and conclude the process in a seamless manner.
WHERE SHOULD YOU START FROM?
If you are financing your purchase through a mortgage, the first thing you want to do is to speak to a financial institution or a mortgage broker for the mortgage amount you are qualified for. The mortgage amount you are approved for will help you decide on the amount of property you can purchase.
Search for a home of your choice or contact a realtor to help search for the home of your choice
Once you have found a home, you will make an offer and once your offer is accepted, you will be given a purchase agreement or a building contract to review and sign. Provide your lawyer’s details to your realtor or vendor at this point to enable the realtor or vendor to send the agreement or contract to your lawyer.
Provide your Bank or mortgage broker with your lawyer’s contact details to enable the lender to send mortgage instructions for the closing of the transaction to your lawyer;
WHAT TO EXPECT FROM US
Once we get your offer from your realtor, we will open a file, call you, and set up a virtual meeting to advise you about the process and allow you to ask questions.
We will prepare your estimated closing costs based on the statement of adjustments received from the Vendor’s lawyer and the mortgage instructions from the bank where you are getting a mortgage. The estimated closing costs will let you know your closing cost.
We will conduct the necessary searches and keep the reports.
We will prepare the documents you are required to sign and call you in to sign. We will also ask you to bring a bank draft for your closing cost. We will usually ask you to come and sign as well as provide your bank draft at least a week before your closing date.
We will advise you on how to get the keys and the time to get your keys on the closing date. We may provide the keys or ask you to meet with the builder or your realtor.
After closing, we will register the transfer and mortgage at the land titles and provide you with a copy of your title and an interim report.
We will follow up with the Vendor’s lawyer to ensure the Vendor’s financial institution discharges the mortgage on the title prior to the registration of your title.
Once we get a new and final title which may take some time, we will provide you with a copy of the title and final report.
WHAT WILL IT COST YOU TO CLOSE THIS REAL ESTATE TRANSACTION?
- Legal Fees
Legal fees form part of your closing cost, and it is definitely not one of the larger parts. Our legal fee is between $700 and $1200. We will provide you with an estimated closing cost where we break down in detail all the costs that make up your closing cost.
- Additional Costs
These are costs such as Land Transfer Tax, Registrations Fees, Title Insurance, Title Searches, Disbursements, and other costs that may be incurred on your behalf.
We have the policy to reconcile our account after completion to ensure that monies received from you are well accounted for where we discover that we have some of your funds left in the account we will refund your money.
WHAT YOU SHOULD DO AFTER TAKING POSSESSION OF YOUR HOME
- Do a walk-through with your realtor to be sure all the appliances are working
- Take pictures of your hydro and water meter readings for your record.
- Set up your water account
- Set up your hydro account
- Enjoy your new home
Disclaimer
This article is presented for informational purposes only. The content does not constitute legal advice or solicitation nor does it create a solicitor-client relationship. The opinions stated are exclusively the writers’ and should not be attributed to any other party, including F.Taiwo Law Office or its clients. The writers make no assurances regarding the accuracy or adequacy of the information in this article.
If you are seeking legal advice, please contact Funmi Taiwo at ft@ftaiwolaw.ca. We would be pleased to provide you with our assistance on any issues raised in this article.
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