What does a real estate lawyer actually do for the fee?
Searches title and clears defects, executes searches against the property and the parties, takes your lender's instructions, calculates and remits land transfer tax, prepares the statement of adjustments, and registers the transfer and the mortgage.
The visible part is an hour of signing. The work is everything before it.
They search title for liens, mortgages to be discharged, easements, and whether the seller can actually convey. They order searches for outstanding work orders, unpaid taxes and utility arrears, and executions against the sellers. Anything wrong must be raised as a requisition by the date set in the agreement.
They review your lender's instructions, which routinely require documents nobody mentioned, calculate the land transfer tax including any first-time buyer rebate, prepare the statement of adjustments, receive and hold your funds and the mortgage advance in trust, and register electronically on closing day.
They are also the person who tells you, at 4pm the day before closing, that there is a problem. Which is a reason not to hire on price alone.
Next questions
Do I need a real estate lawyer in Ontario?
Yes. Only a lawyer can register a transfer of land in Ontario. Notaries and title companies cannot close a residential purchase here.
Ontario
What is a statement of adjustments?
Your lawyer's final accounting of the transaction: purchase price, credit for your deposit, the mortgage advance, adjustments for anything the seller prepaid, and the exact balance you must deliver. Read every line before you sign it.
Ontario
Do I need a survey of the property?
Usually not, because title insurance covers most of what a survey would reveal at a fraction of the cost. You need one when you are planning to build, or when there is a real boundary question.
Ontario