10 Reasons Why You Need A Real Estate Lawyer

 Buying or selling of a house is a major expenditure that requires lots of millions of dollars. When dealing with such investments it is important that your interest is protected. Real property investment is a quite a complicated and complex process that an investor shouldn’t be willing to make without some sort of protection of interest. No wonder there are various real estate laws that spells out how a real property deal should be closed. More so, in some countries like Canada and some others the presence of a real estate lawyer is required before any real estate transaction is closed. Great you made your way to this journal as we seek to learn more about real estate lawyers and how they can be of help to us.

Who are real estate lawyers?

Real estate lawyers are lawyers who have special training to guide people through the legal aspects of selling or buying a home. Real estate lawyers in Canada Toronto are full pack expertise lawyers who provide excellent real estate legal services. They ensure that their clients are very confident about all their property investment decisions they have to make. They also offer legal advice on violation of zoning, property management and so on. With great experience and skills, they seek to retain their clients in their law firms.

I am making a real estate transaction; are real estate lawyers needed anyway?

As stated above there are some countries that require the presence of a real estate lawyer before closing is done. But in some other countries the property investor is given the option to hire a real estate lawyer or not. Whichever way, I think the decision on hiring a real estate lawyer is one that a real property investor must consider if;

They need legal advice on commercial real estate

Real estate lawyers provide adequate legal real property investment advice. They advise their clients on covenants and restrictions on real estate, value estimates and property taxes. Canada, Toronto real estate lawyers have specialization in resolving boundaries and injuries, deed problems, encroachment, real estate conflicts and help in resolving conflicts over trespass. Personally, I think as a potential commercial real estate investor you shouldn’t sign any deals if u haven’t spoken with a real estate lawyer yet.

They want their interest to be protected

If you want your financial interests to be protected during the real property deal you should hire a real estate lawyer. Buying or selling of real property involves major expenditure that must be protected. The real estate lawyer ensures he explains all terms and conditions contained in the contract to his client in terms that is well understood. This way the property investor wouldn’t have to sign a deal he never fully understood which could become a problem in the future. Real estate lawyers are also trained on every possible side to critically review contracts in order to fish out any environmental problems it might contain.

They want to Save time

As an investor or business owner your focus is usually on satisfying your clients. The many things that call for the attention of the property investor might cause him to overlook certain vital details. When dealing with real estate transaction an overlook of small details can cost you greatly. You cannot also put your customer’s needs behind and focus your full attention on the transaction.

That’s why real estate lawyers in Canada Toronto are available to help take some of the stress away. Legal issues are generally known to be draining, complicated and complex. However, real estate lawyers in Canada Toronto have all the necessary skills and experience to help you navigate through them all. Instead of taking up your real estate transaction by yourself, why not get an expert to provide the necessary guidance.

They want to prevent future legal issues

Upfront, hiring a real estate lawyer may seem like an added expense. However, in the long run you may be preventing future legal problems. Real estate legal issues are not an easy thing to get yourself into. When your real estate lawyer advises you on various topics in real estate like zoning or property management you are able to make an informed decision which will prevent future legal problems.

What about my estate planning?

Oh yes! That too. It is amazing how a lot of people forget to plan for the unpredictable till it happens. Good you are not one of them. Estate planning in simple terms is the process of deciding on how your real estate should be administered when you pass away or becomes incapacitated. Estate planning has basically two general rules

• To ensure that the estate is transferred according to the owners’ wishes
• To minimize local government property taxes.

Basically, there are four estate planning tools namely wills, trusts, joint property, and gifts. However, in this article we will focus on just two which includes:

Wills

A will is a specific declaration of how a person wants his estate to be shared when he is no more or becomes incapacitated. Normally it is a written document. The will names specific people that are to receive specific items of real estate and personal property.  Unlike contracts wills are not legally binding and may be changed as long as the property owner lives.

Trusts

This basically refers to a situation when a real property that belongs to one party is held by another who uses and benefits from it. The trustee which represents the person holding the trust at the moment has legal title. The beneficiary of the trust has equitable title as well. For instance, a trust can provide a source of income for children with their guarantor as the trustee. This trust can have a clause that when the children turn 22 years of age the trust fund should be transferred to them.

A trust may be created by agreement of the parties, bequest in a will or even by a court decree. Whichever way the trust was created, it is governed by set of rules that grew principally out of the court of equity laws.

Whichever way you would like your estate planning to be, your real estate lawyers are ready to help you all the way through.

Real estate lawyers and divorce cases?

Legally, divorce cases are really difficult to handle. Very few divorce cases end with no major fight over real property. For most dissolving relationships the biggest asset shared is real estate. Whether it is an investment property or a marital home source of income most separating spouses would like to know what happens to the real estate.

 

In most cases the court considers the date the real property was acquired and its usage during the marriage. If one spouse acquired the property before the marriage, it is considered a separate property. But if the real estate served as the home or as a source of marital income for both spouses when they were married then the property may be converted to marital asset. In this, the said real property is subject to equal distribution between the separating couples.

In Canada , there a lot of provinces and cities and thus a lot of real estate lawyers in each province or city. Depending on which province or city you are in , you can easily google for example, "real estate lawyer Scarborough" or "real estate lawyer Richmond Hill" or "Real Estate lawyer Newmarket" and you will find a list of real estate lawyers you can contact.