Who Is Involved in Purchase
Realtor
Ensures arrangements are in place for funds to be available for closing.
Ensures all legal requirements of the transaction are fulfilled – Compliance Letter that no outstanding liens or work orders are in effect; Tax Department’s release that property taxes are up to date, determines that the current or proposed occupancy usage conforms to local by-laws, etc.
Coordinates with lenders the setup of legal documents for any mortgage security.
Ensures that all mortgage terms and conditions are met, and that title is clear in order to make undertakings to lender(s). May obtain title insurance on the buyer’s behalf if there is any issue surrounding title that may cause a claim or work order of some kind in the future.
Arranges with you the signing of legal documents and submission of remaining funds not provided by the Mortgage Lender(s).
Coordinates closing of the purchase transaction with the lawyer(s) for the seller of the property and the lawyer(s) for the lender(s). Your lawyer is in most cases appointed to act on the lender’s behalf.
Lawyer
Ensures arrangements are in place for funds to be available for closing.
Ensures all legal requirements of the transaction are fulfilled – Compliance Letter that no outstanding liens or work orders are in effect; Tax Department’s release that property taxes are up to date, determines that the current or proposed occupancy usage conforms to local by-laws, etc.
Coordinates with lenders the setup of legal documents for any mortgage security.
Ensures that all mortgage terms and conditions are met, and that title is clear in order to make undertakings to lender(s). May obtain title insurance on the buyer’s behalf if there is any issue surrounding title that may cause a claim or work order of some kind in the future.
Arranges with you the signing of legal documents and submission of remaining funds not provided by the Mortgage Lender(s).
Coordinates closing of the purchase transaction with the lawyer(s) for the seller of the property and the lawyer(s) for the lender(s). Your lawyer is in most cases appointed to act on the lender’s behalf.
Mortgage Lender
Arranges for the funding of a real estate purchase which conforms to their lending criteria. These have been set in conformance with their legally regulated role.
Arranges for an Appraiser to inspect and evaluate your property.
Communicates with you and your lawyer to ensure that the value and all their lending criteria and specific conditions for the loan have met to an acceptable degree before providing funds.
Appraiser
A legally accredited valuator who inspects, and issues a report to the party who engages them which, with certain conditions:
- certifies for legal purposes that the price paid by a purchaser reflects the true market value of the property.
- ascertains on behalf of the lender that the property value supports the mortgage amount requested.
- provides a purchaser a second opinion relative to their Realtor’s assertion as to the value of the market property (to be) purchased.
Home Inspector
An individual, not requiring Provincial licensing in most cases, who inspects a property on behalf of a purchaser (usually as a condition of a purchase agreement), to:
- identify the soundness of the structure and any improvements.
- note any specific deficiencies and their impact on the value of the property.
- indicate the approximate cost to correct any identified deficiencies.
Their final product is referred to as a Home Inspection Report