Mortgages

Real Estate Lawyer

Quick Definition

A legal professional who manages title transfer, mortgage registration, and closing procedures.

Full Explanation

A real estate lawyer (or notary in Quebec) is a licensed legal professional who handles the legal aspects of buying, selling, or refinancing property in Canada. Their services include title search and insurance, preparing and reviewing closing documents, registering the mortgage with the provincial land registry, calculating and adjusting closing costs (taxes, utility adjustments), and holding and disbursing closing funds. Legal fees in Canada typically range from $1,500–$2,500 for a purchase transaction. Using a real estate lawyer is not optional when obtaining a mortgage — lenders require legal representation for the transaction.

Related Terms

Closing Costs

Fees and expenses paid at the completion of a real estate transaction, typically 1.5–4% of purchase price.

Title Insurance

Insurance protecting against defects in a property's title or ownership history.

Mortgage

A secured loan used to purchase real estate, with the property as collateral.

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