What is the role of a lawyer in a real estate transaction?

Buying a house is one of the most significant investments you will ever make in your life. You are not just buying a house where you will live but a place you and your family will call home for years to come. This is a stressful decision, and you need a sense of security from an expert in real estate law.

Even in complex commercial deals, a real estate lawyer with a proven track record is essential. In addition, there are always minor technicalities with the potential of significant impacts that only professionals can clarify. In any case, having a real estate lawyer will be in your best interest.

What does a real estate lawyer do?

If you’re buying, you should contact a real estate lawyer when you’re ready to sign the Offer of Purchase so they can carefully review your offer with you. After that, your lawyer’s role is to do the following:

• Title search.
• Obtain title insurance.
• Register the home in your name.
• Draft a Statement of Adjustments.
• Assist you with the financial procedures on closing day.

If you are selling, your real estate lawyer will complete a new title search to ensure there are no flaws. They will also create the buyer’s deed, calculate any closing costs you must pay, and prepare a Statement of Adjustments on your behalf. Finally, they will organize the financial transactions on closing day and hand you a check for the balance after paying off your mortgage, real estate agent’s fees, legal fees, and other expenses.

Why do I need a real estate lawyer?

Commonly, finalizing title searches requires the real estate lawyers’ presence at the Land Registry Office (LRO). Both parties’ lawyers would meet at the LRO on the day of completion to exchange documents, keys and record the transfer. Law firms now have access to software that can perform electronic registrations and do everything online, from title searches to land transfers.

Eradicate contractual issues 

Suppose your Agreement of Sale or Purchase involves some out-of-the-ordinary complicated elements. In that case, a professional real estate lawyer can ensure that your contract covers all the intricacies of your situation, and they can assist you if any concerns may arise.

Negotiating a fair deal

If you want to make sure all your bases are covered, having a real estate lawyer on your side can be advantageous. With an excellent legal practitioner, you can feel assured that someone will be looking out for your best interests and will help you navigate complex scenarios. Moreover, they will facilitate fair negotiation terms and develop practical solutions for both parties if there are any complications.

When do I contact a real estate lawyer?

You should contact your real estate lawyer as soon as you are ready to sign the Agreement of Purchase or Sale. The consequences of breaching an agreement can be reasonably expensive, therefore, it’s wise to review your contract with an expert before cementing any deals. Finally, and most importantly, your lawyer will be able to explain the legalities to you in layman’s terms, preventing any potential for miscommunication.

If you have started your home buying or selling process but have yet to engage a lawyer, contact a member of our team. We will look forward to being a part of your home buying experience. 

Read More: The Difference Between a Real Estate Agent and a Real Estate Lawyer