A real estate transaction isn’t just about meeting a checklist and paying for a home. It involves several intertwined complex processes. Is it a waste of money to get a lawyer for your transaction? Some may wonder.
And, no, it is not. In any legal process, the duty of an attorney is towards their client. It is also applied when buying or selling a property. When choosing a lawyer for your transactions; it is advisable to go for one who specializes in Real Estate Law, and more so, one who has experience in the same jurisdiction as the house you would like to purchase.
When is the right time to get a Real Estate attorney? Many potential homebuyers tend to seek the services of a lawyer, towards the end of the process. However, it is ideal to find an expert Real estate lawyer, earlier on, say, one from Ambwani Law.
Role of a Lawyer when Buying Property
- Help you determine costs when purchasing property
At closing, there are several costs that you may incur as part of the transaction. What better way to know about them than have an expert outline it for you? There’s the Land Transfer Tax that you have to pay.
You also have to be aware of the “hidden” costs, in a transaction. Such as paying for the installation of Hydro and water meter, landscaping charge, etc. Let the lawyer review the Agreement of Purchase or Sale, before you append your signature to the document.
If you are buying from a developer, by signing the agreement, some charges may be passed to you, e.g., HST, development charges. You need to know all these before signing.
- Title Searches and Insurance
You have found the home of your dreams, your offer is firm, and conditions met. The next step is ensuring that the property is clear and free. If you want to avoid the nightmare that homeowner may have, you will need a lawyer to conduct a Title search on the property.
He or she will check for easements, liens, outstanding charges, arrears, etc., against the property. Once done with the Title Search and given the proper advice depending on the outcome, for a property that is clear, you will need Title Insurance. It protects you and the lender in case a dispute arises over ownership of the property.
- Understanding your Mortgage
When you sign a Mortgage Commitment, you bind yourself to the terms as stipulated in the document. A lawyer will help you understand the responsibilities and implications of signing.
- Upon Closing
If your deposit doesn’t fulfill the down payment requirement, you will need to provide the lawyer with the remaining funds. He or she will see to it that it gets to the seller. Also when paying for the land transfer tax, you will give it to the lawyer who will hand it to the appropriate government office.
An ideal lawyer will help you keep your costs down in the long term. And we all want value for our money, don’t we?