Juan Sanchez 2016-07-29 11:00:00
Most people are aware that a real estate lawyer is needed during a property transaction, but a large portion of them have no idea what a real estate lawyer actually does. The Law Society of Upper Canada has online resources available detailing the job of a real estate lawyer. In addition, here are some of the things a real estate lawyer does, and some of the things you should consider when deciding who to use when you do buy or sell a property.
Your real estate lawyer’s job is to make sure that you only provide to the buyer the things that you promised to provide. It’s also his or her job to make sure the proper funds are received from the buyer before the deed is released. Other details your lawyer will handle include paying off any outstanding real estate commissions and mortgages, delivering the keys, and letting the municipal tax department know that the property is changing ownership.
If you are selling your property before buying another, your lawyer will have to ensure the funds from your sale are applied towards the new purchase. If you are buying before you sell, your lawyer will handle the details of the bridge loan and make sure everything is going as planned.
The most common first step when you buy a house, townhouse, or condo unit is to sign an Agreement of Sale and Purchase with the current owner. This legal document outlines the rights and obligations of each party, and is not only complicated, but binding; this means it must be treated seriously and should only be signed after you’ve had it reviewed by a real estate lawyer. A lawyer will go over it with a fine-tooth comb to ensure all thing mentioned verbally are included and will pay attention to the fine print and nuances. Failure to have a lawyer go over the agreement before you sign can mean a lot of heartache, frustration, extra expenses, and in general, a lot of avoidable stress.
It is even more important to have a lawyer go over the agreement when buying from a builder because there will be a number of provisions that have to do with the extra charges and changes to the date of closing. A lawyer will tell you how this will affect your purchase and can recommend alterations to the agreement that will protect your interests as the buyer.
The obvious reason for taking the agreement to a real estate lawyer is to find out exactly what you’re agreeing to, and to stop you from making any mistakes that will cost you more money. A lawyer will make sure you obtain a title to the property free from title defects, debts, liens, and mortgages; in short, ensuring you don’t buy someone else’s problems along with your new property. Once any corrections are introduced and the agreement is finalized, your lawyer will make sure you get everything you are entitled to according to the terms of the agreement.
As you now see, there are many very obvious reasons you should hire a real estate lawyer to help you navigate your real estate sale and/or purchase. If you are looking for a real estate agent in Pickering or the Durham region, visit Walker Head Lawyers for more information. Make your life easier and remove stress and unnecessary costs and frustrations by hiring one to handle the whole transaction.