Building a team of professionals to support you through your real estate transaction is essential. Whether you are buying your first home, your next home, downsizing or looking for a vacation home, adding a lawyer to your team is an important step towards success.
A lawyer is equipped to prepare and review a number of important parts of the transaction. If you are purchasing a property, the role of the lawyer is to:
- Review the Agreement of purchase and all other legal documents
- Ensure there are no claims listed against the property
- Arrange title insurance
- Ensure you have a valid title upon closing
- Ensure property taxes are up to date
- Calculate the land transfer tax due on closing
- Draw up the mortgage documents
- Close the transaction and ensure all legal and financial conditions are met
- Exchange legal documents and keys with the seller’s lawyer
For a seller, the role of the lawyer is slightly different, and includes:
- Review the Agreement of Sale and other legal documents.
- Assist you with the negotiation of terms and conditions
- Prepare the deed to your house
- Deal and remedy title issues as they occur
- Close the transaction
- Ensure all legal and financial conditions have been met
- Exchange legal documents and keys with the Buyer’s lawyer
Having a thorough understanding of the job of a Real Estate Lawyer will help you to better choose who is the right one to represent your thought the transaction. As the Lawyer is such an integral part of the transaction, it is necessary to take their costs into consideration when budgeting for your transaction.
If you are looking for advice on which lawyer to choose or how to include a lawyer in your budget, reach out me at 780.370.1490. I’m here to help you.