A real estate lawyer is the one who empowers you with all the information available at their disposal to ensure your real estate transactions are conducted with 100% transparency. These professionals specialize in property law transaction and perform a wide range of tasks to ensure that you avoid even small mistakes when dealing with Canadian Real Estate law, as it can lead to financial losses.
Hiring a real estate lawyer becomes the most important thing when it comes to initiating the real estate purchase or sale. These events are often laced with many emotions, leaving room for errors or the overlooking of important facts. These can be entirely avoided by hiring an experienced professional, especially if you are looking to buy a house in Canada. With recent measures included in the Canada’s 2024 Federal budget, it is evident that the housing sector will undergo through drastic improvement in the coming years. Therefore, now is an excellent time for those looking to buy a home or sell their real estate assets.
So, what exactly does a real estate lawyer do? Let’s dive in!
What a Real Estate Lawyer Does for Sellers?
It can be an exciting time for someone who wants to sell their property, but the process is often burdened by the labyrinth of legal complexities. A Real estate lawyer will assist you in the process by:
- Reviewing and Negotiating the Purchase Agreement: Your lawyer will examine the Agreement of Purchase and Sale (APS) to ensure it reflects the agreed terms, including closing date, inclusions, exclusions, and any negotiable issues.
- Title Search and Insurance: A lawyer will verify the property’s title and conduct a title search to identify any liens, easements, or encumbrances that could affect the sale.
- Disclosures: Canadian law requires sellers to disclose specific details about the property’s condition, like structural issues or environmental hazards. Your lawyer will help you understand and fulfil these disclosure obligations.
- Severance Applications (Optional): If you need to sever a portion of your property, your lawyer will guide you through the application process and ensure compliance with local zoning regulations.
- Completion and Closing: Leading up to closing, your lawyer will handle tasks like collecting outstanding taxes and utility bills, and ensure all paperwork is in order. During closing, they will represent your interests and facilitate the transfer of ownership.
What a Real Estate Lawyer Does for Buyers
In general, Real Estates investments yield more than they cost, which highlights the importance of hiring a lawyer during the buying process. Whether you are buying Condo’s, freehold, commercial, land, or residential homes, if you want to receive a fair, legal contract then you need an experienced real estate lawyer. They can help you in the following tasks:
- Reviewing and Negotiating the APS & Title search: Similarly, as done for the seller, your lawyer will examine the APS, explaining its terms and conditions in detail and conduct a title search to ensure the property title is clear with no hidden issues.
- Financing: If you require mortgage financing, a lawyer can review the mortgage documents and explain the terms and implications. They can also liaise with your lender to ensure a smooth closing process.
- Property Inspections: While not a lawyer’s direct responsibility, they can advise on the importance of property inspections and recommend qualified inspectors. Understanding the property’s condition allows you to potentially renegotiate the price or include repairs as a condition of purchase.
- Reviewing Status Certificates (Condominiums): If you’re buying a condominium unit, your lawyer will review the condominium’s status certificate to ensure the building is financially healthy and there are no upcoming special assessments that could impact your finances.
What a Real Estate Lawyer Does at Closing?
Other than proving to be a great resource during buying and selling, lawyers also ensure that all money and asset transfers are managed in a transparent and lawful manner. Here’s how they make the closing process seamless:
- Reviewing Closing Documents: Your lawyer is responsible for reviewing all the closing documents, including the Statement of Adjustments, which outlines closing costs like taxes, adjustments for prepaid utilities, and realtor fees.
- Mortgage Discharge (if applicable): If you have an existing mortgage, your lawyer handles the discharge with your lender, ensuring the property title is transferred free and clear.
- Funds Disbursement: Your lawyer will overlook the sale proceeds and see that they are distributed correctly, paying off any outstanding debts on the property and transferring the remaining funds to you after all closing costs are settled.
- Registration of Title: Finally, your lawyer takes care of registering the transfer of ownership with the provincial land registry office, officially making the buyer the new legal owner.
What can Nanda & Associate Lawyers can do for you?
We can provide you with all the services listed above and more. Visit our website to learn about our offerings in detail and book a no obligation consultation call at 905-405-0199 today!
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