A Basic Course on Residential Real Estate Transactions – 7 Day Series

SPONSORED BY: TitlePLUS  

This is a seven day series that set out the step-by-step process of preparing and completing a Residential Real Estate Transaction from start to finish.

April 14, 2022 – Agreement of Purchase and Sale

1. Review sections of the agreement
2. Discuss differences between Ontario Real Estate Board (or Toronto Real Estate Board) form and form of agreement of purchase and sale for a new home prepared by a builder
3. Diarize closing, requisition dates, condition dates

April 21, 2022 – Next Steps after review of Agreement – What you need from Client?

1. Sample checklist acting for vendor / purchaser
2. Speaking to lawyer re title insurance
3. Is there a survey for the property?
4. Ask the purchaser how he/she is taking title
5. Discuss property insurance coverage with purchaser
6. Condos vs other homes – additional searches and considerations
7. Mortgage details / request Discharge Statement
8. Request your title search and any off-title searches required

April 28, 2022 – Title Search Requisitions and Responses

1. When acting for the purchaser, make sure to send the requisition letter to the vendor’s counsel on or before the requisition date
2. Vendor’s counsel has a responsibility to respond to requisitions in a timely manner
3. Which requisitions request removal of an actual encumbrance from and which ones are title clean-up requisitions – do they all need to be dealt with?

May 5, 2022 – Document Preparation

1. Vendor vs Purchaser differences – who typically prepares which documents
2. Doc Preparation Programs
3. Document Registration Agreement
4. Mortgage for the Purchase including any identification requirements
5. Statement of Adjustments for vendor

May 12, 2022 – Preparing for Closing

1. Set up appointment for clients to sign docs
2. Review of documents and all financial aspects of transaction
3. Provide mortgagee with documents needed for mortgage funds to be available on closing

May 19, 2022 – Closing the Deal

1. How to get everything done on purchaser/vendor side
2. How to deal with problems – timing, financing, escrow, sub-search – what happens if one party cannot or will not close

May 26, 2022 – Post-Closing and Reporting

1. Follow up on any undertakings – keep diarizing until you receive confirmation that all items on undertakings have been completed
2. Report to client
3. Report to mortgagee

Presented by: Lisa Matchim, ILCO Certified Expert in Real Estate Law | Stikeman Elliott LLP