The real estate market is one of the most lucrative industries in the world today. It has tremendous economic benefits. With real estate, you can never go wrong because it’s an investment that brings long-term returns.
Â
As a homebuyer, there are several key qualities to look for when looking for real estate lawyers. First of all, you need to know about the services a real estate lawyer offers before hiring one.
Take a look at eight things a real estate agent can help you with:
Clarity
Hiring a lawyer to evaluate all documents and aid in negotiations from the start of your real estate transaction will ensure the highest level of transparency and comfort. As most Canadians are unaware of real estate laws, they can rely on their legal representative to explain any confusing clauses and ensure their needs are conveyed, represented, and documented.
Savings
Hiring an estate lawyer is less expensive than filing a real estate case yourself without knowing all the legalities. An estate lawyer will protect your investment by carefully reading all legal papers, negotiating on your behalf, and handling all the paperwork.
Reviewing Legal Documents
It’s important to get all your real estate documents, including the purchase agreement, reviewed by a real estate lawyer. If there’s anything wrong with the agreement, your lawyer should be able to point it out. Make sure you don’t sign anything before your lawyer has reviewed it.
Arrange for Title Insurance
Title insurance is a policy that protects residential landowners against losses linked to title and ownership of the property. In Canada, title insurance is not required. Your real estate lawyer can arrange your title insurance.
- Title insurance is crucial. It helps to cover:
- Unknown title defects
- Any liens against the property
- Encroachment issues
- Title frauds
- Other title-related issues
Ensure You Have a Valid Title
A legitimate title is required to own real estate property. When you close the deal, your real estate lawyer ensures that you have a clear title so no one else can claim the property. Your lawyer will complete this process, which is also known as a title transfer.
Taxes are Up to Date
Your real estate lawyer determines if the seller has paid all prior property taxes before you buy the property. You’ll have to pay the property taxes once the property is yours. It’s, therefore, crucial to ensure that the seller has paid all the taxes before you buy it.
Beware of Scams
Some property sellers might use fictitious identities to deceive property buyers, only to steal the closing amount. A certified real estate lawyer can protect you from all the fraudsters with their skill and knowledge about the state laws.
Are you thinking about buying or selling your home in Canada? Even if you get the best realtor for your deal, you can’t ignore the services of a civil litigation lawyer. At Nanda and Associate Lawyers Professional Corporation, we have the best corporate lawyers and civil litigation lawyers in Canada. Get in touch with us today.
Â
Disclaimer: This article is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.
