Frequently Asked Questions - Real Estates Lawyers

Frequent Asked Questions

1) This is the first time I am buying a real estate property and have a lot of questions about how all of this will work. Does your firm often deal with first time home-buyers and work with their needs and questions?

We work with first-time home buyers just as much as we work with seasoned buyers or investors. We’ve handled hundreds of real estate transactions and have worked with clients from all walks of life. We know that this is likely the single the biggest transaction you have made and want it to go as smoothly as possible. We put ourselves in your shoes in providing guidance and information from initial contact so that you understand the process and your role within it.

2) Will I know my closing costs at the time of retaining your law firm so I may budget?

Absolutely. Long gone are the days where individuals may be left wondering how many hours are spent on the legal transaction and what the billable on a residential real estate deal would be. Real estate transactions are generally predictable in terms of what may be involved and we will give you a very fair and reasonable estimate so that you can budget ahead of time.

3) What are closing costs?

Depending on the type of transaction, closings costs may consist of various items such as legal fees for the law firm, disbursements (searches, admin fees, and other expenses), government registration costs, land transfer tax and HST. We will need the answers to a few simple questions in order to provide you with a prompt estimate.

QUESTIONS FOR BUYING: If you are Buying Real Estate, this is what we need to know in order to give you a quote:

What is the closing date?
What is the purchase price?
Which bank or lender will be used for the purchase?
Where is the property located?
Are the parties going on title first-time home-buyers ?

QUESTIONS ON SALE: On the other hand, if you are Selling Real Estate, we would require:

What is the closing date?
What is the sale price?
How many mortgages or loans are registered on title to the property and need to be paid out?

QUESTIONS FOR REFINANCING: If you are refinancing with the same or new bank/lender, we would require:

What is the target closing date?
Name and details of the current registered lender/bank and the new lender/bank
Are there debts being paid out? If so, we need details of the name

Feel free to send answers to these questions here or provide them over the phone. If we need more information, we will contact you directly.

4) Where exactly are you located?

Head office – 7 DUKE STREET WEST # 201 Kitchener, ON N2H 6N7
Satellite office – 73 Water Street North # 300 Cambridge, ON N1R 3B1

5) Due to work constraints, it is hard for me/us to take time off during business hours. Do you offer after-hours or weekend appointments?

We work with our clients to ensure they receive the most convenient service. Please notify us ahead of time and we will work with you to coordinate a signing that serves all parties at a mutually convenient time. You can also contact us by email: info@vrslaw.ca or call us at 519.224.3082

6) What other services do you offer other than real estate?

We offer services that we consider ancillary to the real estate practice. Meeting a lawyer to buy or sell a property is a great time to consider completing the critical task of preparing your wills and power of attorneys. Most Canadians know the importance of these documents but neglect to complete the same and as a result they not only put their family’s inheritance in jeopardy but also fail to appoint who will care for their minor children in the unfortunate scenario that a parent passes away. We provide a small reduction in legal fees for our real estate clients in hopes that you complete this ever so important task around the same time as we handle your real estate transaction.

We also help clients buy/sell commercial real estate as well as assist with business law and corporate matters. In addition, we provide notary services

7) I have had a great deal of difficulty with law firms where phone calls were not returned and contact with the lawyer was minimal at best. I only felt like a number and I want to avoid such an experience.

It is unfortunate that some individuals may have to experience such limited service. After all, you should have access to the individual you are paying for – the lawyer. At our office, your file is assigned and worked on by both the Real Estate lawyer and the law clerk. Our practice is more hands-on and we strive to be accessible to our clients and there for them to answer their questions and guide them through their transaction.

FAQs