This is to confirm that SHAIKH LAW FIRM will be acting on your behalf concerning your purchase. SHAIKH LAW FIRM will be handling all enquiries and preparing documentation concerning your transaction. Please do not hesitate to contact us at any time if you have any questions as the transaction progresses. 

Several issues are mentioned below that we need to bring to your attention to understand the process. We will also need to meet in person or online before taking possession of your property to review the entire transaction, sign the documents and arrange for funds. Someone from our office will contact you to put such a meeting closer to when this date approaches.

CLOSING DATE

We have marked the Closing Date for your purchase as per the information provided to us. If this date changes or is incorrect, please advise our office immediately.

TITLE

You must know how you wish to take title to your new property. You must provide SHAIKH LAW FIRM with the full legal name or names you want on the Transfer.

Joint tenants or Tenants in Common         

There are several options as to how the title of the property may is registered. Where more than one person’s name is registered on the title, choices include “Joint Tenancy” and “Tenancy-in-Common.” 

If you choose joint tenancy, in the event of one of the joint tenants’ death, the survivor(s) will own the entire property by right of survivorship. For a married or partnered couple, this is the most convenient way to deal with a house when one of the spouses or partners dies. 

Suppose you choose tenancy-in-common, then upon the death of one co-owner. In that case, that person’s interest will pass to their beneficiary under their will or following intestacy legislation if there is no will.

MORTGAGE 

If you are obtaining Mortgage/Financing for your transaction, please review the following information. If this is a cash purchase, then you may skip this paragraph. 

 Typically, SHAIKH LAW FIRM is required to act on behalf of the lender and the purchaser. However, you should be aware that while this arrangement is more convenient for all parties, it means we represent both yours and the lender’s interest. Therefore, you must know that we may not keep confidential any information received between both of you and the lender in acting for both you and the lender. Should a conflict arise between you and the lender that cannot be resolved, we may no longer be able to act on either your behalf or the lender’s behalf.

Please note, we will charge a $450 premium for rush fees if we receive the lender’s mortgage instructions less than ONE 1 week before the closing date. As such, please ensure that you finalize your financing with your lender as soon as possible before the closing date to ensure we receive mortgage instructions in a timely fashion. The above premium will also apply if you change your mortgage information in less than a week, such as changing the lender, thereby rendering us to redraft all mortgage related documents. We will only charge additional fees OR premimum if we have to perform additional work. Alternatively, if we do not have to redraft your mortgage documents, we will not be charging you extra. 

SURVEY

If you have received a survey from the vendor, please provide us with a copy as soon as possible. Please also let us know whether you are aware of any physical changes, additions, or alterations to the property’s building(s). Without the benefit of a current survey of the property, we cannot comment on any changes, additions or alterations to the buildings, and we cannot ascertain the location of any subsequently constructed structures and possible encroachments such as fences, buildings, hedges or driveways. If you would like us to obtain an up-to-date survey for your property, please advise us as soon as possible to discuss the cost and any time constraints.

NOTE: Alternatively, we will be securing your interest by obtaining Title Insurance for the property

WHAT IS TITLE INSURANCE? WHY SHOULD YOU TAKE IT?

A policy of title insurance will insure you against losses resulting from the various covered matters the policy-including the matters that we would otherwise be giving an opinion to you-such as:

Your title being defective or unmarketable because of someone else owning an interest in your title.

1. Outstanding liens, work orders or encumbrances.
2. Realty tax arrears.

There is also coverage for many survey related matters, including encroachments (other than fences and boundary walls) and violations of municipal set back requirements. With certain exceptions, such as for post-policy date title fraud, coverage for losses applies to the extent that these matters exist as of the policy date (being the date your Transfer is registered) but that are unknown to you at that time.

Also, the benefits of a title insurance policy include:

• acceptance by most lenders of a title insurance policy instead of an up to date survey (which is often required by a lender), therefore, saving you the cost of obtaining a new survey should you not need one for yourself;
• coverage for loss or damage arising from many forms of title fraud;
• a no-fault claims process such that you do not have to demonstrate negligence to make a claim; and
• coverage for legal fees related to defending your interest in the title for matters covered under the policy.

As with all insurance products, title insurance does not cover defects that you are aware of before the closing of the transaction (such as adverse circumstances disclosed in a home inspection report or seller property information statement) or which you may have agreed to in your Agreement of Purchase and Sale. All policies are subject to exclusions and exceptions, including but not necessarily limited to environmental matters and native land claims.

You will sign an Acknowledgment confirming how you have chosen to insure your title and ensuring my right to disclose relevant information to the title insurer about your transaction to obtain a title insurance policy.

INTENDED USE AND CHARACTERISTICS OF PROPERTY

Please advise us as soon as possible if your property plans include uses other than owner-occupied residential (e.g. rental property) and/or if you plan on making any additions and/or substantial renovations.

If your property is to be tenanted on closing or if your Agreement of Purchase and Sale provides for multi-unit use, you may be assuming prior obligations of the landlord to the tenants. Subject to the agreement’s limitations, purchasers usually protect themselves by relying on warranties from the vendors and acknowledgments from the tenants. If your agreement provides for such documentation, we will ensure that we obtain the same from the vendors’ solicitor on closing. If your agreement does not so provide, we will not be making any further inquiries, and you may want to consider making your own inquiries directly with the tenants in this regard.

Please also advise as to whether the property is located on a waterfront, highway, ravine, escarpment, or is subject to or near any hydro installations. This information may affect the scope of the enquiries we may need to make on your behalf.

FIRE INSURANCE

Prior to closing, you must arrange for fire insurance to be placed on the property as of the closing date. If you are obtaining a mortgage, the lender must also be noted as a loss payee on the policy, and you will want to ensure that the policy provides for “guaranteed replacement cost” as this is a requirement of most lenders. Your insurance agent will need to provide us with a Binder Letter or Certificate of Insurance showing that the insurance is in place. Please make the necessary arrangements for this no later than two (2) days before closing.

KEYS

We will receive the keys to your property on closing day, but it may also be convenient for you to arrange to obtain them from the vendors or your real estate agent directly. We cannot release the keys to you until all the appropriate documents are registered with the local Land Registry Office. We CANNOT GUARANTEE WHEN THIS WILL OCCUR. 

While We assure you that we will do what we can to ensure your purchase transaction’s timely closing, it is not uncommon for the keys to not become available until close to 5:00 pm on your closing date. 

Please ensure that you make the appropriate MOVING ARRANGEMENTS to account for your keys’ delivery at that time of day. It is common for several transactions to close, but the keys are released on the following day. Therefore we strongly advise you to ensure you have made MOVING ARRANGEMENTS FOR THE FOLLOWING DAY!

KEYS PICK UP LOCATION

All Keys are picked up from our Head Office located at 218 Export Blvd, Unit 105, Mississauga, Ontario, L5S 0A7.

If you cannot arrange for a Pick from our Head Office, Please advise us a week before closing, thereby enabling our office to make arrangements.

SIGNING & APPOINTMENT

We need to meet in person or online shortly before your closing date to review your file and to have you sign documents. We will need to meet with each person whose name will appear on the Transfer. If any person whose name will appear on the Transfer will not be available at that time, please advise us as soon as possible as alternative arrangements may have to be made. The Purpose of the Meeting is to verify Original Ids and review all the documents with the Client.

IDENTIFICATION

At our meeting, we will require each person, as noted above, to bring two pieces of identification, one of which must be Canadian/Federal or Provincial government-issued photo identification such as a driver’s license or passport. Unfortunately, a health card is not acceptable identification. If you have any questions about a proper form of identification or do not have Canadian/Federal or Provincial photo identification, please contact us as soon as possible.