5 Reasons Why Having A Real Estate Lawyer is Important
In Ontario, a real estate lawyer is required to help represent anyone looking to purchase a home. Your real estate agent is there to ensure your rights are protected and that the terms of the agreement are adhered to, as well as a search of title is completed and that your home is registered properly and finally to sign the transfer of land.
Even though a real estate lawyer is required for the purchase of property, partnering with the right real estate lawyer is extremely important. Below we highlight five reasons why having an experienced real estate lawyer is essential:
Real Estate Contracts Require Legal Expertise
Real estate contracts are not as standardized as you may imagine, your real estate lawyer will review the agreement and highlight anything that requires your attention or that may lead to a potential issue. Your lawyer will help explain any clauses and how they can affect your transaction. Finally, real estate contracts can be negotiated and changed, with an experienced real estate lawyer by your side, it will be easy to spot items that could be changed in your favour and or negotiated. They can also help explain any clauses and how they can affect your transaction.
Little Details and Hidden Clauses Matter
A real estate lawyer understands the ins and outs of our local real estate laws and they fully understand the impact the smallest details can have on a transaction. Your real estate lawyer will ensure that no details are overlooked and will help identify and address hidden clauses that are in the contract to help you avoid any potential problems down the road.
A Large Number of Filings Are Required
Another reason why having an experienced real estate lawyer by your side is due to the large number of filings involved in real estate transactions. A real estate lawyer will help you process and file all relevant and necessary documents as quickly as possible, and efficiently. You may not realize how complicated real estate transactions can be until you begin. That is why you should start the process with an experienced real estate lawyer with you to avoid missing crucial little details.
Title Search and Investigation
Your real estate lawyer will conduct a title search to ensure there are no liens or concerns with the title of the new property. However, their research doesn’t end here. An experienced real estate lawyer knows what potential issues to look for and will look into if there are any property taxes owed, any encroachment concerns or access issues, as well as look at current and previous surveys.
Closing
On the closing date the ownership of the property is officially transferred from the seller to the buyer. This is arguably the most important step in the entire transaction, and your real estate lawyer will be there to ensure that everything on this day goes smoothly. Your lawyer will secure your mortgage funds for the transaction, ensure all final documents are signed, help you deal with closing costs, create your statement of adjustments and hand over the keys to the new property.
Your real estate lawyer doesn’t have a financial consideration in the property you are purchasing, no matter if it is a million dollar home or a ten million dollar property, your real estate lawyer is there to ensure your best interests are represented. Any real estate transaction is important, and having the right real estate lawyer by your side helps protect you financially and legally.
