GATEWAY LAW CORPORATION

We can offer you professional legal assistance with the following:

Commercial

Contract of purchase and sale
Commercial leases
Commercial mortgages

Land Development

Land Consolidation / Subdivision / Stratification
Right-of-way agreements
Strata Agreements

Residential

Contract of purchase and sale
Mortgages
Residential tenancies
Recreational properties / cottages
Severance of joint tenancies
Transfers of property between family members

RESIDENTIAL REAL ESTATE

The typical Residential real estate transaction begins with the Contract of Purchase and Sale. The Contract of Purchase and Sale is normally prepared by the realtors, and creates a final and binding contract. The Contract of Purchase and Sale states each party’s rights and obligations and the terms that must be fulfilled before final closing.

The role of the lawyer has been diminished, because the lawyer normally does not enter into the picture until the Contract of Purchase and Sale has been signed by the parties. As the Contract of Purchase and Sale is a binding contract, the lawyer can not make change to protect the client (whether the buyer or the seller). When acting for the buyer, we sometimes try to better protect our client by preparing elaborate “Notes to Vendors Statements of Adjustments” and adding in all kinds of representations and warranties. Conversely, when acting for the seller, we will delete sections of the “Notes to Vendors Statements of Adjustments” prepared by the buyer's lawyer and delete the representations and warrantees. The buyer’s lawyers can not insist on the addition of the terms and the representations and warrantees because they amend the contract, and potentially revokes the original agreement.

The due diligence searches that lawyers perform are limited because: (a) even if a search discloses something a buyer does not like, the buyer usually has no legal option but to complete, and (b) clients do not want to incur the cost and expense of having their lawyer do extensive searches and give comprehensive legal opinions.

Sometimes other legal issues can arise which can prevent a real estate transaction from completing. For example, a matrimonial, estate or corporate issue may need to be resolved before a real estate transaction can complete. Only lawyers have the legal skills and professional qualifications to help solve these problems.

Let us protect your legal rights and help make your real estate transaction as worry free and convenient to you as possible.

Real estate buyers

Gateway Law Corporation assists clients through the real estate purchase process. This begins with the Contract of Purchase and Sale, which outlines each party’s rights and obligations and sets out the terms that must be fulfilled before the transaction is completed.

We will ensure that contract terms are fulfilled and obligations are met, and that you obtain what you are entitled to before the transaction is finalized. This includes obtaining a title to your property that is free of liens, debts, mortgages, and title defects to the extent agreed in the Contract of Purchase and Sale.

Real estate sellers

Gateway Law Corporation will make sure that you provide the buyer with only what you have agreed to provide. We will also ensure that the balance of sale proceeds are available in accordance with the “normal conveyancing practice” before title to the property is released to the buyer.

Know all the costs

Closing costs can include: Property Transfer Tax, registration fees, legal fees and costs, disbursements, title insurance or survey certificate, taxes, insurance binder and adjustments on closing for items such as property taxes, strata property management fees and expenses, utilities, etc. For many purchasers, these additional costs come as an unpleasant surprise.

We know that a real estate transaction can be pricey. We offer competitive legal fee packages for standard residential real estate transactions. We are flexible, and want to work with you to make your residential property transaction is as smooth and surprise-free as possible.

June 2011

Practice Area Real Estate - Residential & Commercial

Gateway Law Corporation has experience in acting for real estate buyers and sellers (both residential and commercial), developers and lenders in real estate transactions.