Why you should choose your real-estate lawyer wisely?
Be it investing in your home or buying a house as an investment, there are certain key factors one has to prepare him/ her for. Be it choosing a good realtor who is definitely not asking you to offer a huge amount without proper inspection, just to raise money for his/her pocket or choosing your mortgage agent who can rip you off by lending you to mercy of B-lenders or choosing the perfect Real-Estate lawyer, the process is overwhelming for anyone. Lets talk about the latter in detail.
A real-estate lawyer works to protect the interest of its client, be it buyer or seller, by helping to ensure that the process has followed all the necessary steps, adhere with the law and the transaction is completed well. There are many aspects a real estate lawyer look into on the clients behalf to ensure the process ends up smoothly.
One such aspect is looking in to Agreement of sale or purchase.
Here the real-estate lawyer reviews a pile of legal documents to check the details of negotiations involved, irrevocable deadlines, completion date, title search and matters related to harmonized sales tax.
However, this is not the end, like any other buying selling, there are many other issues that may arise during the closing. these issues could be title issues, if you are a seller your real-estate lawyer handles any potential title issue that may occur, Here the lawyer prepares the deed t your home and assists you in negotiating the terms and conditions with the buying party. Having a professional by your side while making such a huge sale or investment, is required for peace of mind and for a smooth finish as many other complications may arise on the way.
A lawyer also assists the client in getting title insurance (if required) to protect you better. This insurance covers for any title issues that may arise during the process which bards the seller from having a clear ownership of the selling property, any title fraud, any discrepancy or gap that arose from the last owner’s, public record/ survey errors, any structural issue that is needed to be removed from neighboring home or any other issue that could withhold the possibility to sell or lease.
These lawyers are also responsible for the purchasing side make sure there is no claim listed against the house the buyer is buying, they check if the property taxes are up to date and the buyer has the correct title upon closing. Other roles include calculating the land tax due (if any), making the correct mortgage documents, and exchange of the legal documents and keys with the selling party’s lawyer and closing the transaction while ensuring all financial and legal conditions are met.
With all these important points to work on, that could help you finish the sale or purchase without much complications; choose the right lawyer (who knows when and what is to be done, without confusing you and help you close without any further issues, that may arise in the near future.) to assist you.
All the best for your search.
Real Estate Toronto | Real Estate Brampton | Real Estate Mississauga | Real estate Oakville | Real estate Scarborough