If you’re starting the process of buying or selling a home, you may be wondering whether it makes sense to involve a real estate lawyer right from the get-go. While it’s clear that more complex real estate transactions benefit from the services provided by a legal team throughout the process, at first glance, it may not be entirely clear why someone benefits from securing a lawyer for a “simple” real estate transaction. In other words, is it actually worth it?
The truth is, all real estate transactions, even those that seem straightforward, benefit from the advice and guidance of a real estate lawyer through the entire buying or selling process. Here are some of the key tasks involved behind the scenes in order to ensure that your transaction goes through without a hitch, and so that your interests, investments, and the value of your home or cottage are well-protected.
1. Review documents
Your real estate legal team can review all documents involved in the purchase or sale of your home – and as you may already know – there are numerous, long, wordy, technical documents! This includes inspecting the terms included in your Agreement of Purchase and Sale, as well as conditions and waivers, with a focus on ensuring that your best interests are represented. Often, the Purchase Agreement is drafted by novice real estate representatives, or cut and pasted from past agreements, and don’t fully cover the potentially hundreds of itemized details that could make or break your home purchase or sale experience.
2. Conduct Research
Real estate lawyers are highly trained and experienced when it comes to conducting research related to the purchase or sale of a home or property. When you work with a real estate lawyer, they conduct research related to:
- liens on the home or property
- title issues & title fraud
- environmental concerns (such as protected lands, water sources, etc.)
- encroachment issues
- review surveys and public records
This work, when completed by a legal team, helps clients avoid those unexpected surprises from popping up. Checking that property taxes are up to date and ensuring that there aren’t any builders liens or judicial orders to pay on the property are part of a real estate lawyer’s job. What an experienced legal team can uncover about a property in a matter of hours or days, could likely take the average, untrained eye weeks or months to find out. Since you can’t “return” a home once purchased, it’s critical to ensure that you aren’t left with a money-pit, or an unsafe – or unsellable home.
3. Close the Deal
Finally, real estate lawyers are an essential component of getting that deal closed. All necessary documents related to the closing of the sale are prepared in advance to ensure that all legal and financial obligations are met. They will explain your exact closing fees (such as HST, land transfer taxes, real-estate and legal fees, etc.) and obtain the mortgage funds from your lender and secure them until the deal closes. Your lawyer must then work with the seller’s lawyer to finalize and transfer all payments, and then, finally, transfer the title to you. Also in there are the insurance certificates, deeds and other details or last-minute concerns.
The jury is in
When you call an experienced estate lawyer early in the process and communicate regularly, you’ll have the confidence of knowing that nothing will fall through the cracks. Reviewing and preparing documents and conducting thorough research is all part and parcel with helping to avoid the many unwelcome surprises that come with buying or selling a home. You’ll also have the peace of mind knowing that your rights and interests are protected.
Buying or selling a home is one of the biggest transactions that most people undertake, so it makes sense to do it right! To learn more about the ways we can help ensure that buying or selling your home, cottage, or commercial property in Muskoka is painless and hassle-free, connect with our top-notch team at Ares Law by visiting our website or calling us directly at (705) 645–8743.
