What is the first key step in a typical real property transaction?

In a typical real property transaction, opening the file serves as a critical initial step because it establishes the groundwork for managing all subsequent activities. By opening a file, the lawyer creates a dedicated repository for all documents, communications, and notes related to the transaction. This organization is essential for maintaining clarity and ensuring that all pertinent information is easily accessible throughout the process.

When the file is opened, it enables the lawyer to record essential details such as client information, transaction specifics, and timelines. This step lays the foundation for effective communication and coordination among all parties involved in the transaction, including clients, agents, and other professionals. By tracking the progress of the transaction from the outset, the lawyer can also adhere to important deadlines and ensure that no crucial steps are overlooked.

Subsequent steps, such as conducting a land search, preparing trust disbursements, or verifying HST applicability, rely on the organized structure that the opened file provides. Each of these actions must be methodically documented and managed within the established framework to ensure a smooth and efficient real property transaction.