Find A Real Estate Lawyer – Role Of A Lawyer In Property Sale

If you are selling your property, you must find a real estate lawyer to be equipped with precise legal support to handle legal issues involved in the sale. Buyers appoint their own lawyer, so make sure that you have reinforced your legal position with an experienced and proficient real estate lawyer or attorney. When you are searching for a lawyer, you must check out his profile, cases handled and resolved by him, his credentials, profile of the law firm in which he is practicing and many more factors. The easiest way to look for a best real estate lawyer would be to go through online real estate lawyer sites, rather than looking around in your vicinity. Checking track records and credentials of a lawyer becomes easy task through websites of the law firms and individual legal consultants.

Job Of A Property Seller’s Lawyer

Although there is no distinctive function or job defined for a lawyer taking care of legal issues in the sale of a property, such a lawyer usually performs the following tasks to help you in property sales –

1. He/She will draft and review sales contract

2. Ensure title of the property and the documents pertaining to the property are properly included in the sales

3. Revise mortgage information and re-calculate transaction to ensure that those are correct

4. Revise tax bills related to the property

5. Adjustment of dates for utility costs, condominium costs or municipality costs

6. Assessment of the amount of due refunds, if any

7. Drafting statement for adjustment

8. Drafting transfer deeds

9. Taking care whether their clients are able to deliver title to the buyer, when the sale is closed.

Documentation Asked By A Real Estate Lawyer From His Clients

As a seller, you are required to keep ready some essential documents if are about to find a real estate lawyer. Following are the documents your lawyer would require –

Latest tax bill issued on your property
Last year’s utility bills on property
Mortgage details
One copy of the offer accepted by buyers
Transfer documents on the property since when the property was purchased
Additional relevant records which prove that you are the owner of the relevant property.

Fees Charged By Real Estate Lawyer

As you close a property sale deal, be prepared with some payments. Find a real estate lawyer to take care of these payments, including real estate attorney fees. You must keep aside a portion of your profit for insurance, taxes, liens and assessment, escrow charges or charges for title insurance, inspection fees etc. Your real estate lawyer may charge you commission and transaction fees.

Don’t Select a Lawyer Based on Price! It Could Cost You – Choosing a Real Estate Lawyer

You will need a lawyer to close your real estate transaction. Choosing the right lawyer is not something that should be taken lightly. Clients often ask me to recommend a lawyer and one of their criteria is “Who is the cheapest?” Do not automatically go for the cheapest lawyer! One of the best ways to find a good lawyer is to ask friends or relatives for a recommendation. That way you will not think that the recommendation is tainted by an agent’s opinion. They may not remember all the good things about their lawyer but will most definitely let you know about the bad things! If you ask a Realtor for a recommendation they should give you three names with no personal bias.

Yes, definitely call the lawyer and ask for prices but also pay attention to how the lawyer treats and talks to you. First impressions count and you want to deal with someone who makes you feel comfortable.

Do he/she ask you questions about your situation or just spit out a price because they figure you are a price shopper? How you are treated on your first phone call can be an indicator of how you will be treated if you decide to become a client.

Do you talk to the actual lawyer or an assistant? In some of the larger firms you may deal with law clerks a lot of the time. Nothing wrong with that, just be aware of who you will be talking to in the future.

Be sure to ask what is included in the fee. Some lawyers bundle their fees to be all inclusive and some charge a fee plus disbursements. Ask about any additional or potential surprise costs.

Be sure to ask about title insurance. It should be a no-brainer for a lawyer to recommend it.

You also want a lawyer who is experienced and specializes in real estate. Someone who does most of their business with the type of real estate you are dealing with.

When I was dealing with my last real estate lawyer, who unfortunately recently retired, I did not bother to ask him his costs until I saw it on his closing costs statement. What was more important to me was he was a good lawyer and took care of me. He probably wasn’t the cheapest but he was fair with his prices.

I’m not trying to give you all the answers here, I am just trying to bring your attention to some topics to consider when choosing a lawyer for your next real estate purchase or sale.

James Myers is a Realtor with Royal LePage First Contact Realty and has been helping home sellers and buyers in Barrie, Innisfil, Springwater, Essa and Oro/Medonte in the Province of Ontario, Canada with their home ownership dreams since 1998.

Top 4 Reasons To Hire A Real Estate Lawyer When Buying or Selling Your Home

Purchasing property is not a typical, standard transaction, although it is easy to acquire. Because assets such as land and homes are regulated by law, there are specific processes and rules that you must abide by.

Since these kinds of transactions involve real estate law and contracts, it is advisable to hire a knowledgeable, thorough, and trusted real estate lawyer to ensure a safe and timely closing.

Here are the top reasons why you should hire a real estate lawyer when you are planning to purchase a property.

Agreement of Purchase and Sale – This is the most important piece of the buying and selling process. A lawyer is necessary in order to help both parties understand issues presented in this document. There are elements that might be confusing or unclear. Without a thorough understanding, they could potentially create problems for either party. A lawyer will explain the nature of the agreement thoroughly and will also make any necessary changes to ensure equality and satisfaction for the buyer and seller.

Signing with an agent – When you are planning to sell a property, it is important to have the advice of a lawyer to make sure you are protected from any potential liabilities. For example, some agreements with agents containing clauses that the agent’s commission is to be paid even if the transaction does not close. With the proper legal advice, your interests will be protected and your lawyer will advise on any necessary revisions.

Title Insurance Requirement – Real estate lawyers discuss with you the advantages of title insurance. When a survey is not available, it may be worthwhile obtaining title insurance to protect the purchaser should there be any title defects. For example, title insurance can provide coverage if the new owner finds out after the purchase that a deck or other structure is non-compliant with building codes or other municipal laws. Your lawyer will ensure you are properly protected.

Closing the deal – This process can be confusing for both the seller and the buyer. Since this is final step of the transaction, a real estate lawyer will assure all the necessary documents are properly signed and executed. Disputes sometimes can occur during any transaction. However, your lawyer experienced with real estate transaction can help to resolve the disputes and close the transaction as scheduled.

Buying or selling a property may appear like a simple process. However, with the amount of money involved in the process, you want to make sure that your financial interests are safe.