Why Would One Need a Real Estate Lawyer?
For most Canadians, the purchase of a home is the largest single investment that they will ever make. Not only is the purchase of a home a large investment, but oftentimes it can be an incredibly complex one. It is of the utmost importance that all documentation is in order and that financial transactions are protected. By working with a real estate lawyer who understands the intricacies of real estate sales, you can ensure that the transaction happens smoothly and without unexpected legal hassles.
Whether you are buying or selling, the money that you invest by hiring a good real estate lawyer, is money well spent.
What services does a real estate lawyer provide?
Real estate lawyers provide a number of services including but not limited to:
- Reviewing all documents. This includes the Agreement of Purchase in the case of a house, and the Status Certificate in the case of a condo.
- Ensure that property taxes are up to date.
- Ensure that there are no claims or liens against the property.
- Confirm that the title is valid.
- Calculate how much land transfer tax will be due upon closing.
When should you hire a real estate lawyer?
Many Canadians don’t hire a real estate lawyer until they are ready to sign on the dotted line. However, hiring a lawyer at the beginning of the process can provide additional legal protection that you might not get otherwise.
Your real estate lawyer can also protect you by adding specific clauses into the Purchase Agreement. For example, they may stipulate that the sale is conditional upon you getting the financing that you want – not simply on getting financing. That way if you are offered financing at 6% instead of the 3%, you can still opt out of the deal.
If you are purchasing property that has not been built yet, having a good real estate lawyer can be especially beneficial since developers’ contracts can be especially difficult to decipher.
How is the fee for a real estate lawyer determined?
It is common for people to view real estate lawyers as yet another costly expense in the long list of expenses involved in real estate transactions. The truth however, is that having a good lawyer can help avoid unnecessary expenses and headaches.
Is it possible to purchase or sell property without hiring a real estate lawyer?
While it is technically possible to buy and/or sell property without the assistance of a real estate lawyer, it is inadvisable to do so. Buying or selling property involves a significant amount of paperwork, and having a professional in your corner who understands the legalities and who can advise you can help to make the entire exchange go much more smoothly.
Contact Levy Zavet Lawyers today.