Real Estate Lawyer Eli Jakubovic – Interviewed by Realtor Jon Katz

Real Estate Lawyer Eli Jakubovic – Interviewed by Realtor Jon Katz


Today I’m here with lawyer Eli Jakubovic
who has over 10 years experience in the residential real estate field, thank you
for being with us here today Eli. It’s a pleasure Jon. So most people
don’t understand the process after their home has been sold or a buyer has
purchased their home and it needs to be closed at the lawyer’s office, now can
you walk us through those steps once let’s start with our sellers, once
they’ve sold their home firm and has been sent over to you
what are those next steps to get it closed? Well sure Jon that’s a great
question and we’ll try to demystify this whole process, now if I’m acting for a
seller the most important thing my seller wants is to get paid. Prior to
that happening though there’s a number of items that have to occur such as
insuring that what you have agreed to sell is free and clear so we have to
make sure title is cleaned up and we’ll receive what’s called a requisition
letter from the lawyer acting for the buyer, we’ll take a look at that
requisition letter and will clear up title to the best of our ability. Any
items on title, for example your mortgage, they got to be paid out. We’ll write to
the bank get a payout statement to make sure that we know and understand exactly
what fees are coming out prior to closing. On the closing date or just
prior you’ll come to my office sign some documents and then on the day of closing
you’ll come to my office to pick up a nice certified check. Well that’s very
helpful I’m sure they’ll appreciate that. Now let’s talk about our buyers, now
they purchased their home they want to know how do they close that home and
make sure that it is now theirs. Well that’s another great question and
it’s a little bit different when you’re acting for a purchaser, what we’ll do as
the lawyer the first thing we’ll do is search title. We want to make sure that
what you’re buying is free and clear. we’ll search title and we’ll arrange for
that requisition letter to be sent to the other lawyer to have all those items
such as liens encumbrances or restrictive covenants removed prior to
the closing date that’s quite important if you’re buying something not to have
anything attached to it with no baggage. The second thing we’ll do is we’ll
ensure that the land transfer tax is properly calculated and any rebate is
applied, you’ll need to know as a purchaser how much money you need to
come up up with prior to closing. As the lawyer for the purchaser we also act for
the bank advancing the mortgage funds, we’ll take
care of all that paperwork have the funds deliver to our office and plenty
of time to send to the other lawyer on the closing date
once the all that occurs you come to my office to pick up the keys. That’s very
helpful, now if you need to reach me for any of your real estate needs you can
call me at 905-522-3300 if you need to
reach Eli for any of your personal lawyer needs you can call him at 905-523-1442. Thank you for listening and I hope this
helped. Thank you Jon

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