Role of a Real Estate Lawyer Know Their Role When Buying or Selling a Home

Role of a Real Estate lawyer

First your lawyer will send you a letter outlining what documentation he or she may need from you. Since you will likely be paying at least $1300 plus for legal services, I think it’s important that you know what your lawyer will be doing for you! Below is some detailed information on the role of a real estate lawyer and on what you need to do when working with your lawyer and securing a mortgage. Don’t wait to higher a lawyer just before you taking position of your new purchase, make sure you interview them way before your closing date.

Your Real Estate lawyer should advise you what expenses you’re likely to incur with respect to the closing procedures, including:

Land Transfer Tax
disbursements
legal fees
property tax

If you’ve bought a new home from a builder, the Real Estate lawyer can give you an educated estimate as to how much you should budget for “hidden charges” such as:

Ontario New Home Warranty Enrolment Fee
Hydro and Water meter installation charges
Fencing charges
Grading Deposit charges
many others

If all the conditions in the Agreement have been met and the Offer is firm, the lawyer proceeds to investigate the title to the property. Initials searches include:

utility searches
property tax searches
building, zoning and planning searches
registered title searches

Letters are sent by your lawyer:

to all municipal or regional utility departments to confirm that there are no arrears or outstanding charges
to ensure there are no conditional sales contracts, easements or unregistered agreements, liens
to discover other encumbrances affecting the property or equipment being left by the Seller

Easements are a big issue and cases are always being written up in the newspapers and real estate journals, about buyers who didn’t realize they weren’t allowed to put up fencing or create a parking space because the property survey they were working from didn’t actually show the City’s rights to access the property. Your lawyer’s job is to make sure all this is disclosed to you. Your lawyer will also advise the utility departments of your name and the scheduled closing date, and request that final meter readings be done on the closing date so the final bills can be sent to the Seller.

A Tax Certificate is requested by your solicitor to verify the amount of the current year’s taxes and to ask about any arrears and outstanding charges for taxes. Your lawyer will also write to the Building and Zoning Department to get the full particulars of zoning by-laws and restrictions and permitted uses (so you’ll know if you’re allowed to operate a business from your home or build a huge deck, for example). It’s important that you send your lawyer a copy of the survey for the property as soon as possible – if the Seller has a survey, I’ll get it for you if it’s not already included in the offer documents. If no survey exists, tell your lawyer so he/she can advise how your interests can be protected through Title Insurance.

A Search of Title to the property is begun in the Land Registry Office to make sure the Seller is the true owner of the property, has the right to sell you the property, and that the property is not subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not disclosed in the Agreement or Purchase and Sale. You may have heard of fraud cases where people’s homes were sold out from under them by con artists who had no title to the land! This is where your lawyer really earns his fees. This search has to be completed prior to the Requisition Date (title search date) shown on your Agreement of Purchase and Sale.

Other important functions of your lawyer include:

Carry out a search of Executions in the appropriate Sheriff’s Office to ensure that there are no executions against the prior owners of the property that would affect your title.

Prepare and deliver a letter to the Seller’s lawyer requesting that any items revealed in the initial searches be dealt with on or before closing.

Review the contents of the Mortgage Commitment letter your bank will prepare when you arrange your financing, and consult with you about the results of signing it.

Advise you of any closing-day costs related to mortgage financing when your financial institution provides you with a final Mortgage Commitment Letter.

If your lawyer is also acting on behalf of the financial institution (it often happens), he/she will prepare all necessary documentation for the mortgage and submit this package to the financial institution for approval prior to closing:

– Certify title of the property to the financial institution on closing.

– Advise you about any government programs designed to assist home buyers that would apply to you, including Land Transfer Tax Rebate programs, Ontario Home Ownership Savings Plans, RRSP plans, and CMHC 5% Down Payment information.

– Let your insurance broker know the name, address, phone number and fax number of both your lawyer and of the financial institution providing your mortgage. Your lawyer needs a letter confirming that insurance coverage is in place effective on closing – this is super important because the bank will not advance the $ to close your purchase until they know that you have property insurance.

Getting Valuable Advice for Commercial Real Estate Lawyers

When you are considering any sort of dealing or investment in real estate, your money is very important to you, and you don’t want to squander it away if you have made bad choices or been misinformed. It is important to do your research, and even more important, to get all the information that you can in making your transactions. For the majority of us, we do not have all the information available easily. It requires a lot of research, and we may not know all the places to look, nor know if the information is all relevant or pertinent to what we are intending to do. Instead, we would do better to consult someone whose profession it is to know all the details of these real estate transactions. The best choice is to consult a professional real estate lawyer, who will have all the correct information.

You may need to consult a real estate lawyer when you are buying or selling commercial property, when you want to ensure you are making a fair sale or that you are getting a legitimate price when you buy. There are mounds of paperwork that accompany any transaction, and if you don’t have the correct knowledge to fill out that paperwork, your transaction could be voided due to incorrect filling out of forms. This could cost you invaluable time, and even cost you more money as you are forced to file forms again. To save yourself both the time and the extra costs you could incur from incorrect information, consulting an expert lawyer will ensure that they can either help you fill out the forms correctly, or, more likely, fill out the necessary forms in their office, with all the correct information. They will have the knowledge and the resources to do so, and all you will have to do is go into their offices and sign.

Professional attorneys can help you with innumerable tasks when you are planning on any real estate dealings. They can help you with other matters including foreclosure measures (from either side), eviction notices, commercial development disputes, residential development conflict, and many more disagreements where arguments may need a professional resolution. It is always better to leave these disputes to a lawyer specializing in real estate so you come out with a fair evaluation of these property matters, and a proper resolution. If you are facing eviction you can consult a real estate lawyer as well. Almost any real estate law question you may have can be addressed and resolved after a consultation with a commercial property lawyer, so that you are getting the proper information to both protect yourself and further your investment.

Before you proceed with your real estate investments or other commercial or residential transactions, be sure to consult with an attorney that specializes in property. You will not only save yourself time and a headache with all the paperwork and chasing details, but you can be sure everything is done correctly the first time by lawyers who are trained to do so.

Real Estate Lawyer – Your ‘Best Man’ To Claim Your Rights On Property

Whether you are selling or purchasing a real estate asset, hire a real estate lawyer to take the right legal steps forward. Appoint a specialized land attorney or lawyer to leave no stones unturned in an attempt to successfully resolve property-related legal issues. A lawyer can go extra miles with you than just assisting you in enclosures. From unfair exclusion from the property to paying taxes on property, there is a tax attorney to render legal advice on this particular matter. Now it is your job to identify the capabilities of a lawyer prior to appointing one in order to secure your chances to win over any particular case. To simplify clients’ job of recognizing a capable lawyer, online firms have come into being. Keep browsing as per experiences or cases handled, skill and credentials, cases, fees, areas or whatsoever your priority.

When Do You Hire A Real Estate Lawyer?

A lawyer can be helpful in diverse disputes ranging from divorce to disagreements on monthly lease payments. To wind up critical cases like accidents on one’s property or to get released from any contractual obligation, find a legal representative to stand on your behalf. Get a lawyer to draft legal documents and notice to recover your compensation or claim your share of property.

Benefits Of Consulting Real Estate Lawyer In Property Purchase

Moreover, attorney will lend their helping hands in purchasing a home or new property. Property purchase includes much more critical issues than just choosing the property. They also include negotiating a suitable price and paying it off. To begin with, if the property you selected has some damages that were not notified earlier, consult a prosecutor to handle these issues. Property purchase costs a hefty amount; therefore, undisclosed damages indicate significant loss. Here, a lawyer can support buyers with precise legal advice and measures in order to get compensation or get money back from the party who sold the property without disclosing the entire damages. Hence, get a real estate lawyer who has handled similar issues and is capable of taking the requisite measures to prove that the seller was aware of the damages yet did not notify the buyer.

How These Lawyers Help In Settlement Of Insurance Claims

If a property gets damaged in a fire, a attorney will help you claim compensation from insurance company. If your insurance company is not willing to pay compensation or pay in fair proportion, your lawyer will negotiate with them on your behalf. They will negotiate a compensation keeping in mind factors such as market value of the property and value of the assets burnt within the property.