What is typically the buyer's lawyer responsible for on closing day?
Correct Answer
A) Registering the deed and ensuring clear title transfer
The buyer's lawyer handles the legal aspects of closing including conducting title searches, registering the deed, ensuring mortgage funds are properly advanced, and confirming that clear title is transferred to the buyer. These legal procedures are essential for completing the property transfer.
Why This Is the Correct Answer
The buyer's lawyer is responsible for all legal aspects of the property transfer on closing day. This includes conducting thorough title searches to verify ownership, registering the deed with the appropriate land registry office, ensuring mortgage funds are properly disbursed, and confirming that clear, marketable title is transferred to the buyer. These legal procedures are essential to complete the property purchase and protect the buyer's interests.
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In an Ontario resale offer, how long is the period for fulfilling or waiving a financing or inspection condition?
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