Important Questions To Ask Your Real Estate Lawyer
Regardless of whether you are buying or selling a property, and no matter how many real estate transactions you have conducted in the past, there are bound to be questions regarding cost, the transaction process, and about what to do such there be a few hiccups along the way. One of the many advantages of working with a good real estate lawyer is that you have someone to provide you with advice and answer your questions.
The following are some important questions that you should absolutely be asking your real estate lawyer.
What services do you offer and how much will it cost?
Fees for basic services such as closing fees aren’t likely to be very different from one lawyer to the next, but if you require more specialized services, it is often a good idea to speak with two or three lawyers in order to determine who you feel most comfortable with and who can best meet your needs.
How many times will we need to meet each other?
For most transactions, you will only need to meet with your lawyer twice: the first time a week or so before closing to make sure everything is in order and then again, the day of or day before closing to sign the final paperwork.
How will HST affect my sale/purchase?
Buyers of new homes in Ontario must pay 13% HST on their purchase. Usually, this is included in the price and the buyer will agree to return any HST rebate to the seller. It is important to note however that if the purchaser or a permitted member of their family does not intend to live in the home as their residence, that the rebate will be disallowed.
Do I need title insurance?
Although it is not mandatory to purchase title insurance, most real estate lawyers will strongly advise you to purchase it if you are buying a home. The purpose of title insurance is to protect the homeowner against legal matters that may arise as the result of fraud, title defects, and zoning non-compliance. Title insurance will protect you for the entire time that you own the property.
What is a Statement of Adjustments?
This is an important document that itemizes all of your closing costs including tax adjustments, additional fees, and so forth. It lets you know how much is payable on closing day and breaks down every cost for you. Essentially it is a detailed receipt that helps you to understand exactly what you are paying for.
When can I move in?
People frequently assume that on closing day, they will receive a set of keys and be able to move in right away. But this isn’t always the case. So, before you hire your moving truck, this is something you will want to discuss with your real estate lawyer.
Even if your lawyer has everything ready to go, it must still be sent to the seller’s lawyer and the transfer of ownership must be registered on the title. Closing is commonly confirmed just before the end of business day, so if your closing day is on a Friday, it is possible that you won’t receive your keys until Monday. Before you can gain access to your new home both your lawyer and the seller’s lawyer must be able to confirm that the transaction is complete.
Contact Levy Zavet Lawyers today!
If you are planning on buying or selling a home, it is important to work with a real estate lawyer who can answer your questions and help you through the process. To schedule a consultation with one of our lawyers, contact us today.