It is crucial to have the right lawyer assist with the transaction given the drastic changes occurring in the Canadian market for the average home. The right attorney is required by both the buyer and the seller to make sure that every “i” is dotted and every “t” is crossed. Basically, the lawyer will scrutinize all relevant legal documents and matters, especially the Agreement of Purchase and Sale. The experienced real estate lawyers near me will:
- Check to see whether the property’s taxes are current and if any liens or claims have been filed or registered against it.
- Verify whether the property title is valid. Verify whether the property title is valid.
- Determine other tax implications and the amount of land transfer tax that will be required at closure.
- Make sure the property has a clear title before transferring ownership.
- Set up title insurance.
- Create the mortgage documentation.
- Exchange legal docs.
- Hand over the keys, and
- Register the property transfer with the provincial land register office.
Even though hiring a lawyer may seem like an extra expense in the midst of paying closing costs for any real estate transaction, their expertise will eventually benefit the deal in the long run. Real estate lawyers’ efforts will help you avoid any future legal troubles as well as additional costs. Moreover, any transfer of property not involving close family members requires the services of two lawyers.
Choose Law Firm That Specializes in More Areas of Law
It’s crucial to feel comfortable with your chosen real estate lawyers near me. You should be assured that someone is always available to address your doubts. You should also consider hiring a lawyer or law firm that specializes in more areas of law. In this way, you may be sure that if there is a problem with your closing or a family law or estate matter, your chosen attorney or law firm is qualified to handle problems that frequently emerge in connection with a real estate closing.
Real Estate Agents Cannot Provide Legal Services.
It is strongly advised that you bring a lawyer with you while transacting real estate so that you are not dependent on the estate agent’s legal advice. Some real estate brokers lack the necessary legal training. Additionally, a real estate lawyer will be able to include some special clauses and create a sale-purchase agreement that is highly personalized and for which you cannot rely on an agent.
The Nutshell
Before running into any such issue, you should contact real estate lawyers near me, so they can provide you with prompt support and remedies. For instance, you are accountable for what you bought, if you already acquired the home, and discovered some unpaid taxes. The action in the court will include the attorney’s payment of court costs and related expenses. If you had a lawyer on board from the beginning, you would not experience this sort of problem. Obviously, hiring a lawyer is an expensive affair, but doing it this way will save you a lot of money.