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If you're a Royal LePage agent, you field a lot of tricky questions from clients at closing time, and plenty of the good ones make their way to us. We rounded up the six we get asked most and put them to our real estate lawyers, so you've got clear answers ready to share with your clients. Here they are.
Q1. What title insurance costs
Dear Ownright,
I've got a first-time buyer closing soon and title insurance came up. What should I tell them it'll cost?
— Helping My First-Timer, Brampton
Dear Agent,
Good news for your client: it's a one-time premium, not an ongoing cost, and it's small relative to the purchase price. It protects against title defects, like fraud or undisclosed liens, that a standard search might miss. The lawyer will confirm the exact number once your clients share their purchase price and lender.
— Ownright
Q2. One client on the mortgage, both on title
Dear Ownright,
My clients are a couple buying together, but only one of them is going on the mortgage. Can they both still go on title?
— Sorting Out the Paperwork, Mississauga
Dear Agent,
Not without the lender's sign-off. Lenders generally expect everyone on title to also be on the mortgage, since they're relying on all title-holders being responsible for the debt. Flag it to the lawyer early so it can be checked with the lender before closing rather than after.
— Ownright
Q3. How adjustments work
Dear Ownright,
A client keeps asking me how "adjustments" work on their closing statement. Can you break it down so I can explain it to them?
— Fielding Client Questions, Toronto
Dear Agent,
Adjustments split shared costs, like property tax or condo fees, between buyer and seller based on the closing date. Whatever the seller prepaid past closing gets credited back to them. Whatever they owe gets charged to them. The lawyer pulls the real figures (tax bill, condo statement, etc.) and lays it all out on the Statement of Adjustments so your client sees exactly what they're paying.
— Ownright
Q4. Selling an inherited property
Dear Ownright,
I'm listing a property for a client who inherited it from her mother. What paperwork will her lawyer need to sell it?
— Listing an Estate Property, Hamilton
Dear Agent,
At minimum, the lawyer will need the Certificate of Appointment of Estate Trustee (what most people call probate), the Will, and a death certificate. If there's more than one trustee named, all of them typically need to sign off. If anything about the estate is contested, loop in the lawyer as early as possible, since it changes what's needed.
— Ownright
Q5. How much notice a lawyer needs before closing
Dear Ownright,
My client wants to close fast. How much notice does their lawyer actually need before closing day?
— Racing the Calendar, Kitchener
Dear Agent,
More is always better, but two weeks is a reasonable minimum for a clean file. Title searches, mortgage instructions, and adjustments all take time to come together properly. Anything inside a week is workable but tight, and rushed files carry more risk of last-minute surprises. Worth setting that expectation with your client now.
— Ownright
Q6. Joint tenants vs. tenants in common
Dear Ownright,
I've got siblings buying a cottage together and they're asking me whether to go joint tenants or tenants in common. What's the difference so I can point them in the right direction?
— Advising Co-Buyers, Muskoka
Dear Agent,
Joint tenants own the property as a single unit. If one dies, their share passes automatically to the other (right of survivorship), no Will needed. Tenants in common each hold a distinct, not necessarily equal, share. There's no automatic survivorship, so a deceased owner's share passes through their estate instead. The right fit depends on how they want the property to pass on, so it's a good one for their lawyer to walk through with them directly.
— Ownright
Have a Royal LePage client who needs a real estate lawyer? You can start their closing with Ownright or get in touch with any questions.
Important note: This article is not legal advice. No one should act, or refrain from acting, based solely on the information in this post or any linked materials without first seeking appropriate legal or professional advice.
