What Are the Steps of a Real Estate Transaction?

A real estate transaction is the process that takes place when a seller is selling their property, and a buyer is ready to purchase it. During this process, the rights of a property are transferred from one person to another. A real estate transaction requires the help of a lawyer to go through it properly. If you want to know more about this process, Gujral Law Professional Corporation serving clients in Mississauga, Ontario, has prepared essential information about real estate transactions and their steps:

Real Estate Transactions in Mississauga ON Area

The Steps of a Real Estate Transaction

  • The purchase agreement / contracts. The transaction begins with a purchase contract known as an agreement between a seller and a buyer.
  • The offer. It should include the price and stipulations that allow parties to back out of the contract in specific situations.
  • Counter-offer and acceptance. The purchase contract may not be accepted immediately. If there is something in the agreement that a seller disagrees with, they can provide a counteroffer.
  • Earnest money deposit. A certain amount is deposited into an escrow/trust  account of either brokerage or lawyer. If specific provisions prevent the transaction from being completed, money is returned to the buyer. It is a crucial step of a real estate transaction, and the help of a lawyer here is beneficial.
  • Obtaining financing. This step involves the mortgage approval process that may take usually between 30 and 90 days.
  • Review of Mortgage Instructions/ document. Few days before the closing, the purchaser’s lawyer receives the document containing the mortgage details. It has to be reviewed by a lawyer and if there is any problem with the document, a mortgage company will need to change it or amend it.
  • Closing. It is the final step of a real estate transaction.

Gujral Law Professional Corporation in Mississauga, Ontario – Get the Legal Help That You Need

If you are buying or selling a property and need legal advice on property disputes, Gujral Law Professional Corporation is ready to help. Mr. Tarunjeet Gujral has years of experience and specializes in different legal questions, including real estate transactions. If you have any questions or are ready to schedule an appointment, feel free to contact us at (647) 957-8077.

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Gujral Law Office Mr. Tarunjeet Gujral

Best Lawyer in Mississauga

Having completed his Bachelor of Laws degree in 1994, Mr. Tarunjeet Gujral has years and years of experience in the many areas of civil law. He is open to clients from all backgrounds and to make them feel at home and comfortable, he speaks Hindi and Punjabi in addition to English. He understands the gravity of a client reaching him and seeking his assistance and assures that your confidentiality will be protected. His areas of expertise include civil matters, tenancy issues, contractual issues, commercial issues, mediation and arbitration, real estate closing and sale and purchase of businesses.

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