Real
Estate
A considerable portion of our practice is focused
on real estate transactions: both residential and commercial.
Residential Real Estate
COWAN & TAYLOR PROFESSIONAL
CORPRORATION has handled hundreds of residential real estate transactions
of satisfied and returning
clients: both condominium and house transactions.
The typical real estate purchase will include:
- Signing of
the Agreement of Purchase and Sale for your new home
- Obtaining
financing for your purchase
- Retaining
a lawyer to handle your transaction
- Initial consultation
with your lawyer to outline the legal process
- Commencement
of legal enquiries concerning your new property
- Requisition
date (generally two or three weeks before final closing) on which
title research and other enquiries
are complete and vendor’s
solicitor is requested to correct any deficiencies
- Documentation
period in which all paperwork is prepared for signature
by the purchaser and the vendor
- Provision
of dollar amount necessary to complete the transaction approximately
one to two days before
the closing date
- Attendance
at the law office to execute the documents and provide closing
funds
- Day of closing
transfer of documentation and funds
- Provision
of keys for new home and pick-up at law office
- Final report
to follow in a number of weeks when all documentation has been
received
Condominium Purchases
There are a number of considerations when purchasing a condominium.
Some of the following are items that differ from a house purchase:
- When purchasing
the condominium, you are paying for the possession of your unit
and often a parking spot(s), with the potential exclusive
use by you of some other building features such as balconies
and storage lockers and utilization of common elements such as
hallways,
workout spas and garages by all building owners
- There is
actually no land attributable to the condominium transaction
which you can indicate is what you are purchasing other than
the
commonly owned underlying tract of land which is attributable
to the entire condominium corporation
- There are
generally a set of rules and regulations concerning such matters
as minimum
prescribed floor coverings, window
coverings and
pets
- Condominiums
can take many forms: from your basic apartment in a high-rise
building, lofts in a converted building
to semi-detached
town homes
- The law firm
should examine the constituting documentation and provide advice
to the client concerning the
nature
of purchasing condominium.
Particular attention should be soon-to-be constructed
buildings and probable interim closing (a process
whereby the client
takes possession
of the unit but does not obtain title until sometime
later.)
- Final closing – transfer of title
and generally, the commencement of the client’s
ability to resell the unit.
These are just a few of the points to be discussed with your lawyer
when purchasing a condominium.
Commercial Real Estate
COWAN & TAYLOR PROFESSIONAL
CORPRORATION handles larger commercial transactions on a frequent
basis. The typical commercial real estate
transaction can be standard but never simple. With larger and more
expensive buildings, more complex vendors and particularly lenders,
as well as much more complex due diligence, the purchase or sale
of a commercial building is a unique proposition. This law office
is entirely equipped to provide legal services for such demands.
