IS IT NECESSARY TO HIRE A REAL ESTATE LAWYER FOR YOUR REAL ESTATE DEAL?
Have you ever thought of why you need a real estate lawyer to assist you in closing a residential or commercial real estate transaction? People who usually buy real properties often try to eliminate the cost of hiring the best real estate lawyer by relying only on a real estate agent to carryout the transaction process from beginning to the closing. However, this is not the best way to go since there are many legal aspects of a real estate deal that the agent cannot do. To be able to acquire the house or commercial property of your dreams without any hassle, you need to hire a real estate lawyer to guide and handle the legal processes, paperwork and documentation on your behalf. There are some necessary requirements you ought to meet for a successful and stress-free real estate transaction. But these requirements differ in every state in Canada. The following are reasons why it is appropriate to have a real estate lawyer assist you through your real estate transaction.
You are interested in buying a residential or industrial property in a city or town you are unfamiliar with
The process involved in buying a property in a city or town you are not familiar with its local customs and regulations can be complex and time consuming. But with the help of a real estate lawyer, you can be assured of a smooth and stress-free process. When you are sure of the residential or commercial property you want to purchase, your real estate lawyer will help you to negotiate and execute the contract and also acquire a good mortgage and handle the paperwork and documentation of the legal process for the closing of the transaction. During the transaction process, an error can occur and cost you so much time and money. To avoid these errors, it is best to have your real estate lawyer by your side to see to it that it doesn’t occur and that you don’t incur additional legal fees should litigation occur.
The property you plan on buying is located in an area prone to natural disasters such as Tornado, Flood or Hurricane.
Supplementary homeowners insurance is required when buying a property located in an area prone to natural disasters. With the help of a real estate lawyer, you will be assisted through the terms and conditions of the supplementary homeowners insurance. There are so many paperwork and documentation to be done and signed during such real estate deals so you need a very experienced and skilled lawyer to help you so you don’t overlook any important point or information. Sometimes, you will be required to purchase a supplementary homeowners insurance like tornado insurance. With the help of your real estate lawyer, you will be prevented from any confusion that might prevent you from qualifying for a mortgage.
The land is Bank owned
Buying a property owned by a bank is very good and relieving but it comes with long and complicated contract negotiations. You can easily get a great deal and with the help of your experienced real estate lawyer, you can relax while he/she assists you through the contract negotiations, paperwork and documentation and make sure the property in question is competitively priced. Like all other residential and commercial properties, properties owned by the Bank can have defects that can be very costly to repair. It is therefore advisable to have your real estate lawyer assist you through the investigation on the price of the property quoted by the Bank and the total cost of repairs.
The property has Exterior Improvements
If you are buying a residential or industrial property that has gone through some renovations such as a pool, an outdoor shed, a garage, garden, or a fence, it is important for your real estate lawyer to conduct a survey on the improvements and also review the deed. The survey will ensure that the renovations or improvements are well built in accordance to code. This will also ensure that none of the renovations are encroaching onto the property nearby. Failure to survey the property will attract extra expenses when you realise you are encroaching the near by property or need to do some renovations that are not up to code. Generally, the processes involved in real estate transactions are not simple, considering all the legal procedures involved. It is best to have a real estate lawyer working in your interests from the beginning to the close of the deal.
What Are The Duties Of The Real Estate Lawyer?
The duty of a real estate lawyer is to:
- Prepare and review the agreements of purchase and sale
- Negotiate the terms and conditions
- Handle the title transfer
- Close the transaction
- Hand over the keys to the property to the buyer.
Real estate lawyers assist their clients with legal matters related to:
- Private property ownership
- Landlord and tenants
- Tenants and neighbours
- Commercial leasing
Real estate lawyers Markham are responsible for making sure that real estate issues are properly handled. They also handle transfer of assets and sales and purchases of properties. They prepare the paperwork and documentation for the transactions and ensure they are in accordance with the regulations and the state property laws. They also keep their clients informed of every step they take and the progress of the deal. Real estate lawyers also offer legal advice including value estimates, real estate restrictions and agreements, property taxes, zoning violations, property management and many more.
Real Estate lawyers Etobicoke handle disputes like infringement, trespassing and injuries, and resolve them in the best possible way. They also define boundaries and file appeals, draft documents and legal pleadings, represent their clients in court and participate in hearings and trials. On behalf of their clients, real estate lawyers negotiate, bargain and assist them in arriving at an agreement of settlement. They also defend property owner’s rights, landlords, renters and tenants rights and handle the legal procedures in renting a property.
Not every real estate lawyer on the marker is good and skilled. When you are searching for a real estate lawyer to handle your transaction, look for one who can speak and write perfectly well, has good communication and interpersonal relationship, has good negotiating abilities and has a broad business law foundation. Your real estate lawyer should have an excellent ability to focus and handle matters concerning real estate, prepare, organize and handle several cases, must be able to make good decisions, friendly, and possess the right skills to solve problems.
It is easier to sell or buy a residential or industrial property, or rent a place or an apartment with a real estate lawyer by your side. They make the process flexible and less stressful for you. They work hard to get you the best deal and ensure the process goes smoothly from the beginning till you receive the keys to the property at closing. When you entrust your transaction into the hands of your real estate lawyer, he /she will advise and defend your interest. This also takes the stress off your shoulder. Note that it is their duty to give you the best service based on their skills, knowledge and experience in their field. They always work with your needs and interests as their priority, making sure the objective of the transaction is attained. Contact them as soon as you are ready to sell or buy a residential or industrial property. They are the best!