When buying or selling a home, cottage or business property, it’s naturally a busy time for anyone. There is a never-ending pile of paperwork that needs attention, and constant appointments for viewings. One detail that should not get overlooked in this process is finding and retaining a real estate lawyer to help ensure every little detail is well taken care of and working to your advantage. This simple step, coupled with regular communication, can save not only headaches and frustration, but your hard-earned money as well.
The early bird catches the worm
The early intervention of a real estate lawyer helps in several ways. Many people think that real estate lawyers are needed just for the closing details, but there is so much involved throughout the process which, if not attended to, could leave you trying to pick up the pieces after it’s too late.
The eagle eye of your lawyer will look for details in everything. For example, a mortgage contract and purchase agreement are very complicated documents, full of what’s known as “legal-ese” – the wordy, technical and formal legal writing that most people would not be familiar with. Your legal team however, is, and will carefully review each and every line to ensure that the contents of each document state exactly what you want to be signing up for.
With the variety of lenders, buyers, sellers and realtors involved in any home or property purchase, your lawyer is the only party who will represent you with absolute objectivity. You are the client and your needs are the priority. For instance, your lawyer protects you and your rights when it comes to your mortgage/financing. They will review your contract with the lender and make sure you are aware of the fine print, as well as advise you on your rights and responsibilities. The same goes for a purchase agreement. If the other parties involved know you have legal representation, they won’t try to “put something over on you”, and they know that nothing will slip through the cracks if you’ve got a real estate lawyer on the job. Sadly, there are clauses woven into many documents that are potentially hazardous for clients that lawyers catch all the time.
For anyone purchasing a condo or new build, it’s particularly important to have a lawyer at the beginning of the process, as those documents often run 50+ pages and are packed with literally hundreds of specifications that need careful examination – from the various fees, to the brand of appliances and who pays for laying sod and paving the driveway. As the old saying goes, “The devil is in the details”, and it’s your lawyer’s job to ensure there are no surprise details. That’s why it’s important to call early, because there is so much more involved with real estate transactions beyond the closing details and getting the keys to the home.
Communicate regularly
It’s also important to communicate regularly. Your legal team needs to be apprised of any updates, small or large, between the lenders, realtors, sellers, appraisers and builders. If a change has occurred without communicating to the lawyer, then the paperwork can get backed up or you’ll need it re-written – all of which will cost extra and possibly delay your home sale or purchase.
Your home or cottage is one of the most significant investments you will ever make, and we want your experience to be a smooth ride from start to finish. When you’ve got a solid, experienced real estate lawyer on your side, you can feel secure knowing that you understand the terms, obligations and inner workings of your contracts, and that your investment is protected. If you’re in the Muskoka region and are looking to buy or sell a home, call on Bernie Keating at Ares Law (705) 645-8743. You’ll be glad you did.
