Buying a home is a dream for many people all around the world. However, it has its own legal complications that can be troublesome if you don’t understand them. To tackle these issues, you need to hire real estate lawyer who will help you understand the legalities related to buying a property and deal with them without much trouble.
In this blog, we will tell you about the role played by a real estate lawyer in buying a home. You will also learn how a real estate lawyer will be helpful for both buyers and sellers.
Role of a Real Estate Lawyer During the Purchase of a House
Here’s how a real estate lawyer can help you out while buying a house:
- Reviewing Legal Agreements and Documents:
The most important thing while buying a house is to review all the legal documents and agreements. For that, a lawyer specializing in real estate can help you out. It is one of their main responsibilities to carefully review these documents.
Reviewing such documents is essential as the rights and obligations of parties who are buying or selling a house are contractual in nature. It suggests that the agreement is an important legal document that binds the parties. This agreement should be reviewed thoroughly by a lawyer.
- Closure of the Transaction:
Closing the transaction after the sale or purchase of a house involves a lot of steps. Getting a lawyer to follow such steps is extremely important. This involves some steps that can only be tackled by a legal counsel. Such things cannot be handled by the buyers or sellers alone.
- Ensuring Compliance With Law:
A real estate lawyer will always make sure their client and the other party follow all the terms and conditions described in a document. This also adds to what the real estate law in Ontario states about the responsibility of buyers and sellers.
Compliance with the agreement of the parties and with the provincial laws isn’t just limited till the closure of the transaction. Even after the day of the closing, a lawyer specializing in real estate will always be helpful.
Role of Estate Lawyer For a Buyer
From a buyer’s perspective, we share some areas where a real estate lawyer can help you out:
- To make sure there are no claims against the property you are planning to purchase.
- Ensure the valid transfer of the ownership title on the day of closing.
- Verify whether the property taxes were updated.
- Setting up the title insurance, if requested by both parties.
- Calculate the land tax that is payable at the time of closure.
Role of an Estate Lawyer For a Seller
From a seller’s perspective, here’s how an estate lawyer can help you out:
- Assisting you in the negotiation of an agreement’s terms and conditions.
- Preparing the agreement and the title of the property you are selling.
- Tackle the issues with respect to the title before and after the sale of your property.
Did you know? A real estate lawyer can also help you sell your property even if you have a mortgage. It is so because a buyer’s lawyer will refrain from sending you the funds for the sale and the transfer of the title directly as they need to ensure you pay your existing mortgage.
Why Do You Need to Hire a Lawyer While Purchasing a Property?
There are many reasons why you need to have a real estate lawyer by your side while buying a property, given below:
- Closing the Real Estate Transaction:
Transaction closing refers to the completion of the property deal. It is the actual realization of the agreement between the buyer and the seller.
- Reviewing the Documents and Agreements:
During a sale or purchase of a home, it is always important to ensure that your documents and agreements align with the provincial laws. That’s where the expertise of a real estate lawyer is helpful.
They can ensure whether the property documents are legally compliant and favourable to the interests of their party. They also ensure there are no legal issues or claims against the property and that the tax records are up-to-date.
Apart from all these things, the lawyer will also calculate the amount of land transfer tax that will be due upon the closing.
- Negotiating a Good Deal:
These lawyers are also experienced in negotiating deals. Not only the other party, they can also negotiate with their lawyers, brokers, or agents. Real estate lawyers can get the best deals for their clients while ensuring the transaction doesn’t falter.
Conclusion
Real estate is a complex world where rules and regulations are really hard to understand for a common man. To tackle these legalities, you need to consult a real estate lawyer, especially when you purchase a home. They can help you navigate these legal complications and ensure you buy your dream home without any difficulties.To get your dream home, consult the most experienced and knowledgeable lawyer from VRS Law. We have lawyers specializing in real estate who have expertise and knowledge in all types of legal jargon and technicalities. With their assistance, you can acquire your dream home and live peacefully.
