Working Group on Lawyers and Real Estate’s documents for the purchase of a condominium
The Working Group on Lawyers and Real Estate has established a sub-committee to consider the work undertaken in the purchase of a condominium.
The Subcommittee is working on various documents to assist real estate lawyers and their purchasers in a resale condominium transaction and intend to consult with and obtain a broad range of comments and suggestions from Ontario lawyers.
They have released for review the first document, a Master Chart of items to be addressed. The Master Chart is meant to bring to purchasers’ mind the items of concern and whether or not their lawyer will deal with it. For this reason, you will find each item has been marked as being Standard or Optional. The lawyer is required to address all Standard items as part of his/her regular retainer but Optional items will only be dealt with at the request of the client, which a lawyer may or may not accept, indicating any impact on the fees quoted. The Subcommittee intended to identify all matters which a lawyer should minimally deal with. It is expected that lawyers can modify the chart they will provide to their clients to include more items, if they so desire to establish that as their usual retainer. Your comments and suggestions are important to truly make this an Ontario-wide document which will be embraced by all.