Toronto Real Estate Lawyers Providing Experienced Title & Status Certificate Review Services
Purchasing a new residential or commercial property is an exciting venture. However, there are a number of issues to be mindful of in order to avoid costly issues down the road. A key step in purchasing any property is to complete a full due diligence review of the property’s title to ensure there are no encumbrances or other issues that may pose a problem in the future. In the case of a condominium purchase, a review of the status certificate will reveal any issues that could have a financial impact for new owners. Securing a lawyer with experience in knowing what to look for in advance of a closing is crucial to resolving any issues prior to closing.
The real estate lawyers at GLG LLP have considerable experience in all aspects of real estate transactions, including litigation, should it become necessary. They understand what can go wrong with a property and the significant impact it can have on a purchaser, even several years closing.
Title Searches & Review
When purchasing a new property, there are several potential issues to be aware of that can affect title to the property. The lawyers at GLG LLP will carefully review all documentation and conduct a number of searches to ensure that title is transferred free of encumbrances and correct any issues before closing. Examples of potential issues on title include:
- Private mortgages
- Certificates of pending litigation registered against the property
- Any expired easements or restrictive covenants
- Boundary issues
- Director’s Orders
In addition, a new owner should be made aware of any legitimate encumbrances that will affect the property going forward, such as restrictive covenants as to the use of the property, zoning issues, or existing easements.
Condominiums & Status Certificate Reviews
Every time a person buys a condominium property, the condominium corporation is required to provide a current status certificate. The status certificate sets out the corporation’s budget, common expenses, any ongoing legal proceedings, insurance status, upcoming major repairs or maintenance issues, and the corporation’s reserve fund. This reserve fund is funded through common expense payments and is to be used in the event of major expenses relating to common areas of the condominium. For example, if the parking structure or balconies require major renovations, the reserve fund is utilized to cover the expense. However, if the reserve fund is insufficient, this could translate large expenses and increased common expense fees for unit owners.
When reviewing a status certificate, a skilled lawyer will flag any potential issues that could result in a significant increase in common expenses or any other unpleasant surprises in the future.
The lawyers at GLG LLP have advised numerous commercial and residential real estate clients on any potential pitfalls relating to their pending real estate purchase. They will complete a full review of all relevant documents and searches affecting your purchase and ensure you are fully informed before closing. Further, they will work to correct any issues that can be dealt with prior to the transfer of title.
Real Estate Lawyers for Status Certificate and Title Reviews in Markham, York, Mississauga, and Etobicoke
GLG LLP provides first-rate legal skills on par with the biggest firms in Toronto, at more reasonable rates, and cultivates lasting relationships with clients. GLG LLP offers a small-firm client experience with large firm services, including a full due diligence review of your pending real estate transaction. To schedule a consultation to discuss a residential real estate matter, fill out the online form or call 416-272-7557.