- Joined
- Feb 4, 2008
- Messages
- 114
I'm still having uncertainties with the role of the sellers lawyer in an Agreement for Sale deal. They don't have much if anything to do on closing day. Yes the seller "should" get independent legal advice(or a waiver saying they decline). Is having a lawyer an actual legal requirement in Ontario? My lawyer has answered this question a little obtusely in my opinion. I am getting a bit of the impression he only really knows how to do traditional deals which "typically" have another lawyer that he works with on the closing day. This seller didn't want or have the funds for a lawyer and was quite adamant that she didn't want that hassle and expense. It was a straightforde debt assumption deal. I had to tell her it's legally required...but wonder about it.
On a related question....how are people handling the logistics of the other lawyer. Ron Legrand is adamant that you never leave a compelted contract. I never understood that one. So in the case of Ontario, if there is a legal obligation for both buyer and seller to have their own lawyer, the sellers lawyer will want a completed contract to review won't he, and not just the template to review...so he can represent them in the sale/closing? So if I leave a completed contract with the seller, signed by me, I fear the lawyer may srart striking out or appending to it...and the churn/negotiations starts, wreaking havoc with closing the sale cleanly as the seller has already accepted the deal verbally. I think that might be why Ron advised against giving them a completed one. What are people doing?
I'll take any education I can on this as it's proved to be a little challenge a couple of times.
John Soucie
On a related question....how are people handling the logistics of the other lawyer. Ron Legrand is adamant that you never leave a compelted contract. I never understood that one. So in the case of Ontario, if there is a legal obligation for both buyer and seller to have their own lawyer, the sellers lawyer will want a completed contract to review won't he, and not just the template to review...so he can represent them in the sale/closing? So if I leave a completed contract with the seller, signed by me, I fear the lawyer may srart striking out or appending to it...and the churn/negotiations starts, wreaking havoc with closing the sale cleanly as the seller has already accepted the deal verbally. I think that might be why Ron advised against giving them a completed one. What are people doing?
I'll take any education I can on this as it's proved to be a little challenge a couple of times.
John Soucie