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.

The Pros and Cons Of Hiring A Real Estate Lawyer

You’re travelling in a foreign country and you get arrested for something that you didn’t even know was against the law. The potential fine is huge, more than you earn in 10 years. Would you represent yourself in front of judges who might not even speak your language? Not if you had any sense you wouldn’t. You’d probably hire a lawyer.

Let’s think about that. Most people are not willing to risk 10 years salary when they’re in front of the judge, yet those same people are willing to risk that same amount of money, or more, whenever they buy real estate in a foreign country.

What’s the risk? There are plenty.

Not being fully aware of the laws that affect the ownership of real estate for starters. In some cases, you’re not only subject to the laws of real estate ownership which affect any property owner in that country, but there may be special laws which affect only foreign owners as well as local laws which differ from jurisdiction to jurisdiction.

Perhaps you’re not an expert at reading the language that the purchase and sale agreement is written in. Maybe you’ll overlook terms or conditions that would be a deal-breaker if you were aware of their presence.

And then there are all of the considerations which affect any buyer whether they are a foreign national or not. Things like zoning or permitted use laws, neighborhood or condo association by-laws, environmental restrictions, tax issues, and all of the other little gremlins that can pop up and turn a great deal into a great deal of misery.

Those are the kinds of things that a Real Estate lawyer is trained to handle. It’s not good enough to have your family lawyer or corporate lawyer review the deal. If you want an iron-clad real estate purchase and sales agreement which addresses all of the unique and common issues that you face as a real estate buyer in a foreign country, then you need to hire a real estate lawyer who is licensed to practice in that country. Nothing else is “good enough”.

So, if the advantages of hiring a Real Estate lawyer are so obvious, what, if any are the disadvantages of using one for your foreign real estate transactions?

First, a Real Estate lawyer will add cost to the transaction because of his or her fees. While these costs are usually not excessive, they are a consideration.

If you are a seasoned buyer of real estate in a particular country then you may not need a Real Estate lawyer to guide you through the intricacies of property ownership.

Using a Real Estate lawyer may cause the deal to close at a later date due to his or her need to review and revise the purchase and sale agreement.

I’m not really sure, however, if these can be labeled as disadvantages considering the amount of money that you are about to invest in a deal where legal ramifications that pop up later could haunt you for life and drain all of the equity and more out of your foreign property.

Choosing A Real Estate Lawyer To Negotiate Your Home Purchase

You’ve found your dream house after months of searching. Now it’s time to find a real estate lawyer to handle the negotiations for your home purchase.

Finding a good lawyer is tricky. There are a lot of lawyers who specialize in real estate transactions but not all charge affordable rates so it’s always best to ask for recommendations from family and friends.

You have to be able to trust your lawyer completely to negotiate for you the best deal. Thus, an ideal real estate lawyer is one who has several years of experience under his belt and practices in the area where you are planning to buy your house.

Your lawyer should be able to explain clearly to you all the steps involved in the home purchase as well as the tax incidences of the transaction. If he has trouble answering any questions you may have regarding the transaction, then you have to find another lawyer.

At the onset, you should be comfortable with your lawyer so you can discuss any concerns you might have regarding the property you are about to purchase. You are paying for your lawyer’s time so he should be able to take care of you.

Your lawyer must be candid enough to disclose if there are possible sources of conflict between your interest and that of another client. After all, it is his sworn duty to do so.

Depending on your arrangement with your lawyer, you should be able to get in touch with him anytime you have a question regarding the property. Of course, you should also be considerate and reasonable with your demands.

Ideally, you should already have a real estate lawyer even before you choose to buy your dream house. However, you may hire one at any time during the negotiation and prior to affixing your signature into any document or contract.