5 Things Your Real Estate Lawyers Want You To Know

 Let an expert real estate lawyer guide you through your first to maybe the tenth real estate transaction

Whether you are a first-time home purchaser or simply looking to own a second or third real estate in this complicated and complex Canadian real property market, there are various expert real estate lawyers on standby to guide you through the legal aspect of your realizing your dream. Truthfully, these lawyers are knowledgeable and skillful as they ensure that their clients get the best real estate deals.

Real estate investment comes with a whole lot of complex legal issues. The whole process from hiring a real estate agent to hiring appraisers is really costly, time consuming and draining. With the many issues of satisfying customers, the last thing a real property investor or business owner should meddle in are real property legal issues. So;

Who are real estate lawyers?

Also known in some countries as real estate attorneys, they are lawyers who specialize in guiding people through the legal aspects of buying or selling real properties. They are specialists at handling commercial, industrial and private holdings. They ensure that just as their clients are aware of the value of the real property, they are also aware of zoning laws, property management, subdivisions and many other real estate topics.

What are the types of real estate lawyers?

Knowing the various types of real estate lawyer will ensure that you make the best decision in choosing a real estate lawyer suitable for your type of transaction. Though the other may work for you just fine; specialization and experience is a great thing to look out for when hiring a real estate lawyer. Of course, if the real estate lawyer you are hiring has experience in the field you are hiring him for you are assured of success. There are basically two types of real estate lawyers namely;

• Residential real estate lawyer

Residential real estate lawyers help their clients with the legal aspects of owning their own homes. They readily help their clients buy their homes or deal with foreclosure. Owning your own home is very easy with this kind of lawyer. They also assist their clients resolve tenant/ landlord disputes that may arise.

• Commercial real estate lawyer

This type of real estate lawyer is all about helping the business owners and companies own a real property. A commercial real estate lawyer is the type of lawyer that specifically deals with construction and development properties. They may sometimes deal with zoning issues as well. Primarily, they assist property owners lease or rent out their buildings to business owners or companies.

What services do real estate lawyers offer?

Canadian real estate lawyers are all about ensuring a peace of mind for their clients throughout the real property deal. Some of the services they offer includes:

Contracts

Many people can actually make a face to face negotiation with another party. However, terms and conditions of a deal must be properly written down in a contract in order that they become legally binding. This is exactly what real estate lawyers assist their clients to achieve. They ensure that both parties fully understand the contract. Furthermore, they give their clients legal advice on any future issues that may affect the use of the property.

In many countries the buyer or seller have up to three days to properly review the real property contract before the contract becomes legally binding. Some property owners and buyers are not aware of this. A real estate lawyer Vaughan based will make his client aware of it, and make necessary reviews and changes if needed.

Title searches

As a property buyer another very relevant service a real estate lawyer performs is title search. Usually title search is performed to ensure that the property is free from liens, or any form of judgements. The title search is very important because it shows whether the property rightfully belongs to the seller and if he has the right to sell it out.

Though just anyone can do title search it is important that a real estate lawyer handles it to ensure the process is better and faster. If the real estate lawyers choose to not do it themselves, they hand it over to a title search company they might have been working with.

If the search opens up a problem, the real estate lawyer usually advices the client on what to do. For instance, should the title search reveal that the seller must pay a lien before selling the real property. The real estate lawyer might negotiate a reduction in price on the real property to compensate for the delay.  The lawyer may also make suggestions of ways to finance the liens in order to satisfy the claims.

Handling transactions

Real estate lawyers have great knowledge and experience when it comes to real property laws. They assist their clients understand appraisals, leases, contracts, legal documents, home inspections, and other legal procedures involved in buying a real property. They also answer their client’s question regarding the transaction.  As a property seller your lawyer can review your offer on the real property to make sure that the document protects your legal rights. If it doesn’t protect your right the real estate lawyer can help you make adjustments to suit your needs better.

Protect clients’ interest

Your real estate lawyer works tirelessly to ensure that your interest is safeguarded. You can actually lean on them to make sure the legal documents are authentic. They review all the real estate transaction documents to ensure that all unforeseen legal traps are taken care of. This way you wouldn’t have to sign a deal you never fully checked and are not 100% sure of.

Handles foreclosure proceedings

Property foreclosure proceedings ordered by the court is very different from that of territory and/ province foreclosures. If ever you need to go through a foreclosure, your Mississauga real estate lawyer  will assist you navigate through this very tricky situation. They will give you legal advice on the different options available. They may even help you come up with various defenses your partner is likely to raise in court and modify your loan.

In conclusion, although hiring a real estate lawyer may look like an added expense to your already calculated expenses, it is worth considering. Of course, selling or buying a house comes with plenty of cost however, there is a saying that do not be penny smart and dollar stupid. Trying to save your money by not hiring a real estate lawyer can cost you a great deal in the future. For instance, imagine buying a house that is prone to adverse weather like tornados or flood only to realise it after closing the deal. That could be traumatizing and at the time there will be nothing you can do than to take it to court. All that drama can be avoided only if you hire a professional to help you navigate the whole complex world of real estate.