Conducting title searches, obtaining title insurance and finally registering a home or real property in your name is not an easy task. That is why the work of a real estate lawyer is very important. They know and understand the processes involved in a real estate transaction, and will make it easier and smoother. Before the closing day, real estate lawyers will develop the Statement of Adjustments and assist you through the financial transaction. Every assistance you need regarding your real estate transaction can successfully be done by a Toronto real estate lawyer without any legal issues. Contact them today for all your residential and commercial real estate needs.

When purchasing a home, a real estate lawyer can also help you with:

1. Drawing up and reviewing the mortgage and legal documents
2. The calculation of the land transfer tax due at closing
3. Ensuring that there is no claim against the property
4. The exchange of the legal documents with the seller’s lawyer
5. Getting the keys to the property at closing

How Much Does It Cost To Hire A Real Estate Lawyer And How Much Does The Legal Fees Cost?

So, what is the cost of the legal fees associated with selling and purchasing a home or real estate property? It depends on the type of property and how complex the transaction is, and your real estate lawyer’s expertise. There is a general base fee but it varies depending on the type of real property and the registration fee. The services of a real estate lawyer in Toronto could cost between $700 and $2,000. During the mortgage process, some may charge a flat fee while others may charge per hour for their services. If you want your real estate lawyer to register the mortgage on your behalf, it may cost you between $300 and $800. Since there are additional contracts to be drawn and extra work to be done when selling a home, hiring a real estate lawyer will go at a higher cost in this scenario. You might see this as a waste or an extra expense but having a professional handle all the legal processes involved in your real estate transaction will save you time and money. They are experts and will give you all the legal advice needed for a smooth and successful real estate deal.

How to find a Real Estate Lawyer in Toronto

Hiring the right real estate lawyer is very important and as easy as working with one. Below are some features to look out for when hiring a real estate lawyer:

1. Make sure they are specialised in real estate
2. Shop around and online for competitive fees
3. Search online for their reviews (Type: Toronto lawyer reviews) and recommendations.
4. Inquire about the experience they have with similar properties and situations.
5. They ought to be familiar with the area

Your real estate lawyer plays a vital role in a significantly portion of the real estate transaction. Feel free to ask them about the experiences they have with other clients and their references as well. Your real estate lawyer should have the necessary skills to solve problems that will arise and also prevent problems from occurring. He/she should also be equipped with modern technologies that allow them to handle quick transactions. Any delay that will be made in closing the deal will cost you so much time and money! Hiring a real estate lawyer in Toronto is worth the time and fees. You are assured of your peace of mind right from the beginning to the end of the process. Also, any additional stress associated with the planning of such important milestone will be eliminated.

Real estate lawyers in Toronto also help in other areas of:

1. Residential Properties

Residential properties can be grouped into two categories- City property and rural property.  City properties include the whole lot on a subdivision plan and do not require an abutting land search. On few occasions however, these searches must be conducted since the transaction may be null and void in the case of failure to do so.

2. Commercial Properties

With commercial properties, your real estate lawyer ought to be sure that the zoning permits the use of that property. Also, when you purchase or sell a commercial property, a HST provision must be made which is that the HST is above and over the purchase price. When you fail to do so, the vendor will believe that he will receive a certain amount of money for his property when in actual fact, 13% of that amount will be remitted to the CRA.

Assuming there is or was a gas filling station in the area or close to where you want to purchase the property; you should consider conducting an environmental assessment. The environmental assessment comes in two phases:

1. Phase 1- this phase has to do with a research by an individual with specialties in environmental assessment who will assess the type of soil and its use to the subject property in the past years. If some properties in the area in the past ring the bell of an environmental concern, the environmental consultant will recommend the commencement of phase two assessment.
2. Phase 2- in this phase, parts of the subject property is drilled for analysis. This analysis involves checking if there are environmental issues concerning the property and how they can be addressed if there actually are.

 

3. Rural properties – residential or commercial

If the subject property is a rural property, you have to be mindful about the septic system and well. You have to check and ensure that the water is not contaminated with e-coli from the laboratory. You must also take samples of the water to the laboratory for analysis on its mineral content and heavy metals. You want to know if any heavy metals such as arsenic and copper are present in the water. Note that the water may be free from e-coli but may have very high concentrations of copper and arsenic. In this instance, you will need a special filtration system to prevent the negative effect of those metals in the water. If you have a well, be sure to verify how long the volume of the water will serve you and the entire household. With all these processes, real estate lawyers in Toronto are ready to see you through for a smooth transaction and problem free home.