Real estate closings in Ontario can be complex transactions, and there are several common problems that buyers can avoid with proper planning and due diligence. Some of the most common issues that buyers should be aware of when closing a real estate transaction in Ontario include:
- Title defects: Before closing on a property, it is important to conduct a title search to identify any liens, encumbrances, or other defects that may affect the property’s ownership. If any issues are identified, the buyer may need to negotiate with the seller to resolve them before closing.
- Hidden costs: Buyers should be aware of all of the costs associated with the transaction, including legal fees, land transfer taxes, and other closing costs. Failing to account for these costs can lead to unexpected expenses and delays.
- Mortgage issues: Buyers should ensure that they have obtained a mortgage pre-approval and that they have met all of the lender’s requirements. Failure to secure financing can cause the deal to fall through.
- Home inspections: A thorough home inspection can identify any issues with the property, such as structural problems or code violations. If any issues are identified, the buyer may need to negotiate with the seller to resolve them before closing.
- Closing delays: Closings can be delayed due to various factors, including issues with the lender or title company, missing documents, or problems with the property itself. Buyers should ensure that they have allowed enough time for the transaction to close and that all necessary documents are in order.
To avoid these and other problems, buyers should work closely with their real estate lawyer and other professionals involved in the transaction to ensure that they have a clear understanding of the process and that all necessary steps are taken to complete the transaction successfully. If you have any questions, please contact us at info@falconlawyers.ca or 1-877-892-7778.
