Aug 7, 2018
Purchasing real estate property is one the most significant investments you will ever make, and it needs to be done right by the right people.
You need a team to become a homeowner. Your team includes mortgage brokers, real estate agents, and of course, real estate lawyers. They are valuable in your home buying journey. They represent you in legal matters and focus specifically on real estate law.
Here is everything you need to know about real estate lawyers when you are buying a home.
A real estate lawyer is essential to purchase property – and all the paperwork that comes with it. Not only do they represent you in legal matters, but also take charge of several transactions (e.g. title insurance, land transfer tax, remaining down payment, etc.) and contracts (e.g. agreement of purchase and sale).
Your lawyer will make sure everything is handled according to plan. Every detail from the offer to the down payment needs to be on time and with the correct information.
Your lawyer will help you in more ways than you can imagine. Unexpected situations can happen. You don’t want to be surprised by a rise in the final purchase price or the property not being free of any liens. You can easily get stuck without the right help. Lawyers are there to protect your legal rights and financial interests.
Real estate lawyers can give you a hand before the purchase agreement. Bring them early on, and you will see results.
Do you want to read a 40-page purchase agreement? The obvious answer is no. You can easily miss something among all the legal and real estate jargon. A lawyer can do this for you. Having the right person reviewing paperwork can save you time, money and avoid those unexpected situations.
Legal representation is not free. Lawyers’ fees can be as low as $700 and as high as $2,000, but in the end, it depends on the type of transaction and their expertise. Your lawyer will also add out-of-pocket expenses (title insurance, land transfer tax, title searchers, etc.).
A good rule of thumb is to ask for an all-inconclusive quote instead of an all-inclusive quote. This way you can guarantee that all extra charges are included.
The first thing is to make sure they are licensed. Every attorney should be licensed and have a deep understanding of laws, regulations and restrictions in real estate. Try to find a lawyer with experience, especially if you want to purchase a condominium.
When talking to a possible real estate lawyer, test their translation skills. They should be able to explain the real estate transaction in simple and clear terms. After all, you need to understand what is going on.
Homicity helps you find your dream home in the perfect community. Whether you are buying, renting, or selling, you can navigate the Canadian real estate market with confidence with our expert advice, market news, and recommendations powered by AI.
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