KNOW THE ROLE OF YOUR REAL ESTATE LAWYER WHEN BUYING OR SELLING YOUR HOME

KNOW THE ROLE OF YOUR REAL ESTATE LAWYER WHEN BUYING OR SELLING YOUR HOME

 Have you ever wondered why your favorite restaurant always looks so good with tasty meals and welcoming customer service? Or why you never get bored or tired of watching your favourite movie? The answer is very simple; behind them is a team of hardworking professionals who are effortlessly ensuring no single detail is taken for granted and the best standards are obtained.

Wondering what this has to do with the purchase or sale of your real estate? Consider the team of real estate professionals behind you as you purchase or sell your property. Apart from a real estate agent, you have the best real estate lawyer effortlessly working to protect your home and making sure the transaction goes as smooth as possible.  Real estate lawyers have adequate knowledge, the right expertise and can advise you on all complex issues you are facing in your projects and transaction, while leveraging a strict platform nationwide to perform portfolio-wide transactions and strategies.

What Does A Real Estate Lawyer Do?

Real estate lawyers in Newmarket are one of the most important people you will ever work with when you are selling, buying or refinancing your home.  As such, it is best to work closely with a real estate lawyer when you are buying a residential property. The work of the real estate lawyer starts the moment you get ready to sign the offer to purchase. Your lawyer takes over the process from this point onwards. The responsibilities of your lawyer include:

  1. Conducting the title search
  2. Making sure the title insurance is in its rightful place
  3. Registering the residential property in your name
  4. Drafting a Statement of Adjustments
  5. Facilitating the financial transaction on the closing day
  6. Singing and handing over to you the keys to your new residence.

When you are selling your residential property, the responsibilities of your real estate lawyer includes:

  1. Conducting an additional title search on the property to ensure there are no issues or defects
  2. Drawing up a deed of the property for the buyer
  3. Calculating the closing costs to be paid
  4. Drawing up a Statement of Adjustments for on your behalf
  5. Facilitating the financial transactions and handing over a cheque of the amount leftover after the fees for the real estate agent, mortgage, legal fees, etc is paid off.

With the refinancing of your property, your real estate lawyer is responsible for:

  1. Conducting an additional title search to make sure there are no defects on the property. This will protect you and the lender
  2. Registering the new mortgage amount
  3. Facilitating the entire financial transaction

Instead of a Statement of Adjustments, your lawyer will draft a Trust Ledger Statement When you refinance. Although the financial documents are the same, the transaction is done with the bank and not another seller or buyer.

At What Point In The Process Should I Contact A Real Estate Lawyer?

For sellers and buyers, it is best to hire a real estate lawyer the moment you are ready to sign the purchase offer. Since breaking a contract will cost you a lot of time and money, it is important to have your real estate lawyer review it. Remember that a legal document requires the intervention of a lawyer who will explain the content of the legal documents in plain English. On the closing day, you have to see your Real estate lawyer to complete the transaction. If you are refinancing, you will schedule one meeting with your lawyer to sign the document and other paperwork required for the mortgage.

How Much Does A Real Estate Lawyer Cost?

Real Estate Legal fee depends on the expertise of the lawyer and how complex the deal is. Depending on the type of residential property (condominium, detached, semi-detached, etc.), there is usually a base fee. You will also be required to pay for disbursements (photocopying, faxing, etc.) and the registration fees. These cost is dependent on whether you are selling, buying refinancing when all is said and done.

Difference between Legal Fees and Disbursements

The amount you pay for the services of the lawyer is called the legal fee and this is either charged per hour rate or as a flat fee. Disbursements on the other hand are the expenses the lawyer incurs as a result of working with you and anything they pay on your behalf.  This may include carrier fees; photocopying, faxing and other searches the real estate lawyer has to do that attract a fee.

Difference between Title Registration and Title Insurance

The process involved in changing the title of the residential or commercial property from the seller’s name to the buyer’s name is called the title registration while the title insurance is meant to protect you from any liabilities if a title defect is found. Your title can be affected if there is an encroachment on the adjoining property, an existing work order, a violation of the municipal zoning bylaws, or there are existing property tax arrears. These and many others can affect your title. The registration fees and title insurance fees are paid on the closing day.

Why Real Estate Lawyers?

Real estate lawyers believe in an easy and convenient closing on your sale, purchase or refinance. Irrespective of how far or near the location of your property is real estate lawyers are always happy to assist with the transaction. They have so many years of experience and can make closing easy and smooth. Real estate lawyers usually quote their legal fees and other costs associated with the transaction. They are transparent with their work and services and will give you the peace of mind you need. With real estate lawyers, your transaction is always in safe hands. Real estate lawyers have flexible working hours and can easily assist you. With your busy working schedules, they can have online meetings with you to discuss your transaction and advice you on the way forward. They are also reliable and focused on their services. Contact them today for advice on your subject property. 

The post KNOW THE ROLE OF YOUR REAL ESTATE LAWYER WHEN BUYING OR SELLING YOUR HOME appeared first on Niro Law.

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