People who embark on real estate transactions often ask if they will need a real estate lawyer to get them to closing. Those on the buyer side generally wonder if they can avoid the cost of hiring a legal expert by just relying on their realtor. Even though every state in Canada has its own unique requirements, below are some of the universal reasons why it is important to have a real estate lawyer to guide you through the transaction process for a successful and cost effective outcome.
You are buying out of town
When you are buying a home or commercial property out of town and you’re not familiar with the local customs and regulations in that city, the process can be overwhelming. When you find the house of your dreams, a real estate lawyer can help you to negotiate and execute the contract, assist you in finding a suitable mortgage and also help you to close the mortgage. During the transaction process, real estate lawyers carefully prepare and go through all the necessary paperwork and documentation to avoid errors that might cause you to incur additional legal costs or potentially result in the loss of your deposit if litigation should occur.
The real property you are purchasing is in a Flood, Hurricane, or Tornado Zone
If the home you are purchasing is located in an area of flood, hurricane or tornado zone, your real estate lawyer will assist you through the terms of the supplementary homeowners insurance required. It is easy to overlook an important point or information when purchasing a home or commercial property because of the daunting number of documents you need to sign. These transactions demand carefulness and focus. For instance, some cities may require you purchase supplementary homeowners insurance like flood insurance. It is best to hire a real estate lawyer to assist you and help you avoid any confusion that can possibly reduce your chances of qualifying for a mortgage.
The Bank owns the land
Although purchasing a bank-owned real estate property is very good and can get you a great deal, the contract negotiations involved in the process can be complex and a bit lengthy. It is crucial to get an experienced real estate lawyer during these negotiations and to make sure the house of your dreams is competitively priced. Also, real estate properties owned by banks are typically sold as they are; with any defect and expensive repairs. As such, working with a qualified real estate lawyer will be great since he/she can assist you in investigating the bank’s price and the costs of repairs.
Exterior improvements have been made on the property
If you are purchasing a home that has improvements such as a garage, fence, an outdoor shed or a pool, it is advisable to have a real estate lawyer conduct a survey and review the deed. Conducting a survey on the property will ensure all improvements have been properly built and in accordance to code. It will also ensure that you are not encroaching on your neighbour’s property. If you move into your new home without conducting a survey and later realize that you are encroaching on your neighbour’s property, or need put up a structure that is not up to code, you may incur additional expenses.
Knowing the challenges involved in real estate transactions, it is best to have a real estate lawyer on your side to help you through the entire process. This will take the stress off your shoulder and relief you of most responsibilities.
What Are The Duties of Real Estate Lawyers?
The primary role of a real estate lawyer is to prepare and review documents, negotiate terms and conditions and process the title transfers. As part of their job description, they assist clients with legal issues associated with commercial and residential real estate, private property ownership, commercial leasing, and issues associated with tenants and neighbours. Real estate lawyers are responsible for all the legal aspects of matters concerning real estate including purchases of properties, land developments, and transfer of assets. They meet up with their clients to discuss matters arising and progress being made in regards to their transactions and also ensures that the documents are in line with the current property laws and regulations.
Real estate lawyers in Newmarket offer legal advice on how to manage properties, agreements and restrictions on real estate, zoning violations, value estimates and property taxes. Real estate disputes like injuries, trespassing and infringement are areas of specialties of real estate lawyers. They also define boundaries and help resolve disputes. Real estate lawyers represent their clients in court, file for appeals, participate in trials and draft legal pleadings and documents. They can bargain and negotiate for their clients and assist them in reaching settlement agreements. They assist their clients in dealing with the legal aspect of property rental and defend the rights of landlords, tenants, renters, and property owners.
Real estate lawyers have excellent communication skills; verbal and written, strong negotiating skills and a broad business law foundation. They have great expertise and experience in the matters of real estate. Their aim is to work hard for the transactions they handle to go smooth and successful. Other areas include remarkable decision-making skills, good organisational skills for handling documents and multiple cases, good time management skills, excellent interpersonal relationship skills and above all, good problem-solving skills.
So whether you want to purchase or sell a residential or commercial property or you are looking for a place to rent, good real estate lawyers make the process easier and more comfortable for you. Always note that the success of your real estate transactions lies on the advice and services of an expert and focused real estate lawyer. They are committed to their clients and will provide the best professional service based on their experience, expertise, skills and knowledge. Real estate lawyers will always put their clients first in what they do. Their priority is to make sure their clients are satisfied with their work so anytime you want to buy or sell a property, contact them.