When it comes to buying or selling a property in Mississauga, there are many legal considerations to keep in mind. One of the most important steps in this process is the real estate closing, which is the final stage of the transaction where ownership of the property is transferred from the seller to the buyer. While this process may seem straightforward, there are many legal complexities involved that require the expertise of a real estate closing lawyer.
At Falcon Law PC, our team of experienced real estate lawyers in Mississauga can guide you through every step of the real estate closing process. In this blog post, we’ll provide an overview of what you can expect during a real estate closing and how our lawyers can help ensure a smooth and successful transaction.
What is a Real Estate Closing?
A real estate closing, also known as a “completion” or “settlement,” is the final step in a real estate transaction. It’s the point at which the buyer and seller come together to transfer ownership of the property and complete all the necessary legal and financial transactions.
During the closing, the buyer will typically provide payment for the purchase price of the property, and the seller will transfer ownership of the property to the buyer. This involves the transfer of title, the registration of a mortgage (if applicable), and the payment of closing costs, which can include legal fees, land transfer taxes, and other expenses.
What Happens During a Real Estate Closing?
The real estate closing process involves several key steps, including:
- Review of Closing Documents: Prior to the closing, your real estate lawyer will review all the necessary documents, including the purchase agreement, title search, and mortgage documentation.
- Verification of Closing Costs: Your lawyer will calculate the total amount of closing costs and verify that they are accurate.
- Payment of Closing Costs: You will be required to provide payment for the closing costs, which may include legal fees, land transfer taxes, and other expenses.
- Transfer of Title: The seller will transfer title of the property to the buyer, and the buyer will provide payment for the purchase price of the property.
- Registration of Mortgage: If a mortgage is being obtained, it will be registered on the property.
- Payment of Real Estate Commission: The real estate agents involved in the transaction will receive their commission.
- Distribution of Funds: Any remaining funds will be distributed to the appropriate parties, such as the seller, the mortgage lender, and the real estate agents.
How Our Real Estate Lawyers Can Help
At Falcon Law PC, our team of real estate lawyers in Mississauga can help ensure that your real estate closing goes smoothly and that your rights and interests are protected throughout the transaction. We can assist with a wide range of legal services, including:
- Reviewing and preparing all necessary documents, including the purchase agreement, title search, and mortgage documentation.
- Calculating and verifying closing costs to ensure that they are accurate.
- Ensuring that all necessary legal and financial transactions are completed properly.
- Registering the mortgage on the property and ensuring that all required documentation is in order.
- Handling any disputes or issues that may arise during the closing process.
Contact Us Today
If you’re planning to buy or sell a property in Mississauga, it’s essential to have an experienced real estate lawyer on your side. At Falcon Law PC, our team of legal experts is dedicated to helping our clients achieve their goals and protect their interests. Contact us today at info@falconlawyers.ca or 1-877-892-7778 to schedule a consultation with one of our real estate lawyers.
