When it comes to reviewing status certificates, figuring out your final closing costs, understanding tax implications, and receiving real estate legal advice a real estate lawyer is the best person to have answering your questions.
What Is A Real Estate Lawyer?
A real estate lawyer is a registered lawyer that specializes in real estate transactions, they facilitate the transaction between you, the bank and the seller. Here is a list of a few items a Real Estate lawyer may take part in:
- Reviewing Status Certificates
- Reviewing the Agreement of Purchase & Sale (& any other agreements)
- Calculating your final closing costs
- Holding funds in escrow
- Reviewing your mortgage terms
- Advising on the best form of ownership
- Title Search
- Deed/Title Transfer
What Does A Real Estate Lawyer Do?
In short, a real estate lawyer is mainly responsible for all your paperwork (such as purchase agreements and mortgage documents), as well as registering the home in your name, and making sure that all your funds are transferred to the right party on time. As such, hiring a real estate lawyer is an essential part of your home buying process.
What Should You look for in a Real Estate Lawyer?
Here's a few things to consider when searching for a real estate lawyer:
- Experienced: You want a lawyer that has experience in the type of real estate transaction (Resale, Pre-construction, Assignment, Commercial, etc.) you are involved in.
- Responsive: time is of essence when it comes to submitting offers and reviewing signed agreements, so you want a lawyer that's there when you need them.
- Authentic: You want a real estate lawyer that will always let you know how things really are and are not just looking to close a deal. Although lawyers have a fiduciary duty to be honest, you still need a lawyer that doesn't hesitate to let you know their opinion.
When Should You Hire A Real Estate Lawyer?
The sooner the better, hiring a real estate lawyer before signing any legal documents is particularly important, as they can assist you by reviewing the terms and conditions of the agreement(s) and advise on ambiguous matters.
Fees for these services may vary significantly, so you may wish to shop around before making your decision. Prices for a Real Estate Lawyer to help with closing a home purchase range from $1,000 - $2,000 depending on the transaction.
Have any unanswered questions or would like to learn more about investing in Toronto? Visit Dwelly.ca where you can ask questions via our live chat.