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REAL ESTATE/BUSINESS TRANSFER
REAL ESTATE/BUSINESS TRANSFER
Real Estate Purchase and Sale
Buying a home or condo is very exciting but can also be a stressful process; After all, it is most likely one of the largest financial decisions that we make in our lives. After you have chosen to buy a new home or sell your old one, you have to sign many relevant legal documents to transfer the title of the property. But no matter if you are a first time home buyer or buying a recreation home or are a seasoned real estate investor, Juris Notary can tailor our services to meet your legal needs.
Also, we here at the Juris Notary will keep up with the changing real estate law and ensure that all the required documents and procedures are followed to provide a smooth and clean end to your real estate transaction.
Once all your documents are ready, our staff will contact you to come in for signing at our office with a friendly atmosphere. We will fully explain the process and answer any question that you may have.
Also, we here at the Juris Notary will keep up with the changing real estate law and ensure that all the required documents and procedures are followed to provide a smooth and clean end to your real estate transaction.
Once all your documents are ready, our staff will contact you to come in for signing at our office with a friendly atmosphere. We will fully explain the process and answer any question that you may have.
In order to complete a real estate transaction, we will require the following documents (not an exhaustive list):
- A copy of the Contract of Purchase and Sale
- Full legal names, occupations and contact information for all of the buyers involved
- Contact information for your realtor, lender, mortgage broker, and insurance agent (if applicable, contact information for the strata management company)
- If applicable, a surveyor’s certificate
- Your two pieces of identification, including a government-issued photo ID
Some of the steps involved include the following:
- To review the fully executed Contract of Purchase and Sale you or your realtor have provided to us;
- To search title to the property including common property of strata units;
- To discuss the charges and encumbrances on title, pull copies of the relevant charges and to review a copy of the Plan or Strata Plan as filed in the Land Title Office;
- To obtain and review property tax information for the property;
- To prepare your conveyance and mortgage documents as well as all ancillary documentation to complete the transaction;
- To meet with you to execute your documents;
- To tender documents to the seller’s legal representative on appropriate undertakings;
- To receive and disburse trust funds in accordance with the statement of adjustments;
- To attend to registration of the Form A Transfer, and Form B Mortgage and supporting documents at the appropriate Land Title Office;
- To provide your mortgage Lender with the documents to confirm they hold a valid financial charge on title.
- To ensure the seller’s mortgage is fully discharged and you hold a good and marketable title.
Identification Requirements
- As part of the law, we are required to confirm and keep a record of the identity of every individual on whose behalf we conduct a financial transaction. In order to comply with these obligations, we will review original identity documents and keep copies for a minimum of ten years. When you come in for your appointment, we will require that you bring in two pieces of valid government-issued identification. These include at least one piece of government issued picture identification such as your Provincial Driver’s License, Passport, or other government issued identification; such as a permanent resident card.
Please contact us to learn how we can help you simplify your next real estate transaction.
Private Purchase and Sale Agreements (Contract)
You may be buying or selling a property to a family member or a close friend without a realtor involved. Juris Notary can draft up a standard purchase and sale contract for you to ensure that there is a written agreement and also deal with completing the legal transfer of the property.
Mortgage Refinancing
Mortgage refinancing involves borrowing money against the current value of your home. Due to current real estate market, many owners may have large equity built up in their homes due to paying off a mortgage or increase in the value of their homes. A mortgage refinancing or line of credit could allow you to leverage the equity in your home to access funds for your next investments, renovations or other financial needs. Other common situation is if your mortgage term is over and would like to switch to another lender, this would require the old mortgage to be taken off of your home and the new one to be put on.
At the Juris Notary, we can help you with the complicated requirements of different lenders to ensure that your money is funded to you efficiently and conveniently. Please contact us through our various ways and we would be happy to give you more details about mortgage refinancing.
Business Purchase and Transfers
a. Purchase or sale of Business Agreement
A Purchase of Business Agreement or Sale of Business Agreement is used when an individual or corporation acquires or sells assets or shares from a company. It specifies everything related to the purchase, including price, payment plan, warranties, and more.
We here at the Juris Notary can help you navigate through the legal side of your business transfer so you can focus on the success of the business.
Here are some of crucial areas of the transfer that will be addressed in a business transfer:
A Purchase of Business Agreement or Sale of Business Agreement is used when an individual or corporation acquires or sells assets or shares from a company. It specifies everything related to the purchase, including price, payment plan, warranties, and more.
We here at the Juris Notary can help you navigate through the legal side of your business transfer so you can focus on the success of the business.
Here are some of crucial areas of the transfer that will be addressed in a business transfer:
b. Assets vs. Shares
Assets are the tangible and intangible property of a business that can be assigned a monetary value, such as client lists, contracts, office furniture, files, inventory, etc.
Shares are portions of ownership in a business that are divided among people and entitle them to profits in the company.
c. Payment Terms
In your payment schedule, you will need to address the following for both the sale of shares and assets:
- Closing Date: the day payment is made and assets and/or shares are transferred.
- Deposit: the deposit is the amount of money put towards the price of assets or shares.
- Payment Options: the payment itself is how the buyer intends to pay the seller. For example, it can be made in a lump sum or on a set scheduled
d. Warranties in a Purchase of Business Agreement
A warranty is a guarantee made by one party to another. You may choose how long each party is bound by the promises.
Each warranty serves a different purpose:
- Non-Competition: this clause ensures the seller does not compete with the purchaser for a set time period after the close of the purchase.
- Non-Solicitation: this prevents the seller from hiring former employees away from the buyer.
- Confidentiality Clause: this clause is intended to prevent the disclosure of proprietary information to outside parties.
- Statement of Environmental Compliance: this statement removes liability from a purchaser by declaring the buyer is in no breach of any environmental laws.
If needed, you can include additional warranties within your purchase agreement.
e. Condition Precedent
The term “Conditions Precedent” means that certain obligations must be met prior to closing the purchase deal. There are standard conditions that both parties must complete before executing the Purchase of Business Agreement, which include confirming representations and warranties, as well as a series of other tasks in advance of the contract’s closing date.