Real Estate Lawyer
When selling your home or business, you go through a series of processes which can be very tedious, especially if a qualified real estate lawyer is not involved in such an important transaction. A good and experienced real estate lawyer will ensure that every outstanding mortgage and real estate and mortgage agent commission is paid and the keys to the property delivered to the new owner. It is very important to contact a real estate lawyer to handle the sales of your property for a smooth, stress-free and swift transaction.
Real estate lawyers offer clients with comprehensive legal services, creative and practical solutions related to every real estate need. Real estate lawyers offer their services to both residential and commercial clients. They are mainly specialized in residential and commercial leases, latent defects problems, legal hypothec issues, disputes, and brokerage issues.
Definition of Real Estate Law
The practice of Real Estate Law involves every aspect of legal work contained in the sale, purchase, disposition, development and ownership of a property. During the sale or purchasing of a real estate property, a real estate lawyer or law firm prepares and negotiates the agreement for the sale and purchase of the property. The lenders and purchaser will be provided with legal services for any financings that will be required for the purchase. The real estate lawyer will also make any environmental issue known to the purchaser, provide the necessary advice and assist the purchaser with the real estate transaction in any means necessary. When a real estate property is acquired, a real estate lawyer can prepare a Co-ownership or joint venture agreement. Real estate lawyers and firms often assist owners or purchasers of land in the property development and processes associated with it. This includes negotiation and preparation of Site Plan Agreements, Development Agreements, or Subdivision Agreements with the local municipality; preparation and handling of applications for Official Plan amendments and re-zoning for the proposed development of the property to be allowed; preparation of applications and documents required to permit the ownership of condominium or other strata; and negotiating and preparing of Reciprocal Easement and Agreements of operation with neighbouring landowners. Commercial property owners usually request that real estate lawyers or a firm assists them in leasing the whole property or some portions of it. This comprises negotiating and drafting of Offers to Lease, Ground Leases and Commercial Leases. Real estate lawyers advise owners of properties on issues concerning real estate taxation that may come up in the course of the ownership of the property. Real estate lawyers and firms may be requested to provide the public authorities with the assistance in the expropriation of real estate or the expropriation proceedings instigated by public authorities with private landowners. Real estate lawyers also provide services that include litigation that might occur as a result of the ownership of the real estate. Litigation on real estate may relate to environmental litigation, boundary disputes, title or ownership issues, and issues about the use of the real estate property.
What Does a Real Estate Lawyer Do?
The general work of a real estate lawyer is to review all legal documents and issues related to real estate transactions. They also review the Agreement of Sale or Agreement of Purchase, make sure property taxes are not out-of-date, and no liens or claims are or have already been registered on file against the real estate property. Real estate lawyers also confirm the validation of property titles and calculate the land transfer tax due upon closing, and any other tax implications associated with a transaction. If litigation is needed for the sale or purchase of a property, a real estate lawyer with an experience in real estate law will assist you in the path.
Reviewing of the Status Certificate is very important when dealing with cases involving the purchase of a condo. A condo is a document showing the amount of money in the condo’s reserve fund. This amount is usually enough to take care of the needs of the condo when it comes to repairs and renovations going forward. Knowing this will enable you to know and decide if a good and fee special assessment to increase the reserves will come along the line.
Purchasing of Real Estate
When buying a home, an investment property or a business, it is important to work with an experienced and competent lawyer. This will assure you of a smooth and stress-free transaction. You will need them for the purpose of reviewing your Purchase Agreement, discussing your Title Insurance options and other legal processes you may not have the legal knowledge of.
Refinancing of Mortgage
It is important to get the best deal when you want to refinance your current mortgage or get another mortgage for the purpose of debt consolidation. Getting the best deal also means you should have some legal knowledge. To get the best deal, a qualified real estate lawyer will make sure all encumbrances are checked, look out for unknown mortgages or pending litigation notices on the property and advise you on the way forward.
Harassment claims, discrimination claims, and wrongful termination claims are very difficult to resolve, especially when left to fester. It can cost you a lot of time and money. Real estate lawyers can help you get ahead of and overcome these issues to minimize or bring the damage under control.
Protecting Your Business
Ensuring that your established or new business is built on a solid foundation and fending off frivolous and costly lawsuits are a few of the many reasons why it is important to have your business in a strong partnership with a real estate lawyer. Real estate lawyers represent real estate entities and business in a comprehensive formation, litigation and transaction matters, and serve in the capacity of a general corporate counsel. Real estate lawyers have the experience and will meet all the legal needs of your business. They also have the resources required to secure a result that will be favourable to the interests of your business.
Real estate lawyers offer general corporate counsel and handle several issues in real estate sale and purchase, small businesses and regional corporations which includes general corporate matters and regulatory compliance issues, permitting, land use and zoning, employment law issues, financing, drafting and negotiating contracts, commercial financing, app development, employment contracts and executive compensation, franchise law, company start-up and negotiating commercial property leases.
When handling an intractable legal issue, time is very crucial and costly. It is therefore important to choose a real estate lawyer with excellent experience and knowledge needed to protect your interests in real estate and commercial litigation.