In Ontario’s complex real estate landscape, a successful closing often hinges on meticulous legal oversight. One such case involved a home purchase where only one spouse was on the title, presenting unique challenges.
My client, John, was buying a home with his wife, Sarah, but only John was to be listed on the title due to Sarah’s credit issues. This situation required careful navigation to ensure Sarah’s legal rights and interests were protected despite not being on the title.
First, we drafted a comprehensive cohabitation agreement outlining the financial contributions and property rights of both parties. This agreement ensured Sarah’s equity and future interest in the property were legally recognized.
During the closing process, we also addressed the lender’s concerns about the single-title arrangement. Detailed documentation was provided to clarify Sarah’s exclusion from the mortgage and title, all while ensuring the lender’s requirements were fully met.
The final step involved thorough communication and clear explanations to both John and Sarah, ensuring they understood the legal implications and protections in place. This transparency helped alleviate any concerns about the future ownership and division of the property.
The transaction closed smoothly, with both spouses’ interests safeguarded. This case exemplifies the vital role a real estate lawyer plays in facilitating complex transactions and protecting client interests, even in unique circumstances.