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Lawyer or Notary Public – Buying a Home Step 9

You will need to hire a lawyer or notary public to transfer title into your name. And, you should contact your lawyer or notary as early as possible in the process.

Here is a basic list of services your lawyer provides:

  • Information is gathered from you, including how you plan to hold title with a spouse or partner. Most couples hold title as “joint tenants” which means that the couple jointly owns 100%, as opposed to “tenant-in-common” which means each owner owns a fixed percent.
  • Conducts a title search and obtains tax information and any additional information necessary to prepare the Statement of Adjustments. The Statement of Adjustments is a balance sheet of the transaction showing the total funds required to complete the transaction, after accounting for your deposit and mortgage proceeds.
  • Prepares closing documents including: title transfer, mortgage, property transfer tax forms and Statement of Adjustments. Your lawyer or notary will forward the seller’s closing documents to the seller’s lawyer or notary for execution. 1 to 3 days before closing is when you usually meet with your lawyer or notary to sign documents and deliver the balance of the down payment or equity.
  • Registers the transfer and mortgage documents, arranges for the seller’s lawyer or notary to pick up funds and notifies you that the purchase has completed.

> Go to Step 10

 

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