Appoint an executor – the executor will be the person carrying out your wishes; they may also appoint professional trustees (who can be lawyers or professional trust companies for more onerous work of administering an estate); Has authority to file final tax return on behalf of the deceased; Usually will have authority to pay funeral [...]
Distribution of your estate will be governed by legislation: the Succession Law Reform Act: Spouse gets preferential share in the amount of the first $200,000 in value of the estate; then the residue is divided between the spouse and surviving children, as follows: If only one child, then the residue is divided 50-50 If more [...]
Joint tenants, where owners have survivorship rights when one or more other owners die. Tenants in common, where owners retain individual rights to the property, as interests are disposed of as part of their estate, and does not pass to other owners. Trustees, where title is held for the benefit of beneficiaries, etc.
The lawyer can make sure that any surprises are disclosed – for example, hidden or additional costs. What happens on closing in the event the property is used as investment property rather than as a principal residence.
Although not necessary, a survey is useful for a lawyer to determine whether there are encroachments on the land being purchased, and to help confirm that the land being conveyed is what the purchaser thinks they are buying.
Title insurance is a policy that insures that a property owner is able to have what’s called “good title”. Meaning the owner is able to convey land to someone else, because they have the proper legal ownership required.
Title Insurance is not mandatory. It usually takes the place of searches that can be conducted by a lawyer respecting: zoning compliance, building permits outstanding, tax arrears, utilities arrears, which can add up to be more costly than the Title Insurance premium. Accordingly, a lawyer often recommends title insurance to take the place of these.
Other than paying utilities and tax arrears, it can also address problems that are discovered after closing – for example, construction issues with the property that arise due to a previous owner not having the proper permits or compliance with building code when making improvements or doing renovations.