Purchase Guide:
1. We must formally be retained as your lawyers to represent you on your purchase transaction. This is done by first speaking to one of our lawyers and entering into a Retainer Agreement which is an Agreement to hire us as your lawyers or confirmation from us that we act on your transaction. Ensure you have the correct lawyer of record for your real estate transaction. Al-Rahim B. Gangani and Al-Mehtaab Gangani are the two Partners who practice Real Estate Law at the firm.
After we are retained on your transaction:
2. Provide us with a copy of the Agreement of Purchase and Sale. Provide your lawyers contact details to any third parties assisting with the transaction (realtors, agents, bankers etc.)
3. Provide us with two (2) pieces of Ontario or Canadian Identification (no health card). Ensure these IDs are not expired. We prefer that you provide a valid driver’s licence and passport.
The following are acceptable forms of identification:
a) Driver's License
b) Canadian Passport
c) Birth Certificate
d) Credit Card
e) Permanent Resident Cards and
f) Social Insurance Number
We will require front and back of each identification provided (you may take a picture on your smartphone).
-You may be asked to complete remote ID verification through Treefort or other ID verifier.
4. Sign all documents to formalize mortgage and provide your lawyers contact information to your mortgage broker or banker. Make sure we receive the mortgage instructions at least 5 business days prior to closing to avoid rush charges ($250-500) **There are normally some additional expenses (property tax adjustment, brokerage fees, pst on CHMC insurance fees) – make sure you ask your bank/mortgage broker about these charges.
5. Notify utility companies you are buying property and arrange for the utilities and services to be put in your name on the date of closing i.e. hydro, water, gas, Bell, Rogers to name a few.
You must also assume rental contracts (Hot Water Tank etc.) if this is what is negotiated in your Agreement. You may ask your realtors to confirm the utility providers or google search for them.
Links/Numbers for Utilities: https://ganganilaw.com/utilities
6. Arrange for property insurance or content insurance for condominiums - please email us a copy prior to closing **The policy must state guaranteed replacement coverage for the full insurable value *Important Note: If you are obtaining a mortgage, the policy must have the Lender’s name and address listed on the policy as a first loss payee exactly as we advise you.
7. Our office will reach out to you once we finalize the closing documents and receive all the final adjustments from the Seller’s lawyer and your bank.
Usually about 3-5 days prior to closing, we will set up a meeting with you to sign the closing documents and collect any payments.
At your in person appointment, you will wire or bring in the final closing funds by certified funds payable to “Gangani Law Professional Corporation, in Trust” and provide us with the proof of wire, proof of home insurance, and original identification at the meeting. If you have any questions regarding funding. We will never ask you fund anyone other than our law office.
We are thankful you have chosen to retain us as your lawyers!
Please do not hesitate to contact us with any questions about the closing process by email or at 416-299-0050