No matter how simple a real estate transaction might appear, in most cases it’s necessary to hire a real estate lawyer. Here are four reasons why.
1. THEY CAN HANDLE THE TECHNICAL ASPECTS BETTER THAN ANYONE
Even straightforward residential real estate deals come with a litany of small details. At a minimum, someone has to:
Ensure each party does what they agreed to do
Review the land title to ensure there aren’t outstanding construction fees or judicial orders
Calculate taxes and condo fees
Register the land transfer and mortgage with the land titles office
While it’s possible for laypeople to complete these duties, real estate lawyers perform them almost every day. Thanks to their years of experience, they can ensure everyone’s rights are respected throughout the process and help prevent potentially costly mistakes from occurring.
2. THEY’RE THE ONLY ONES WHO CAN PREPARE MORTGAGE PAPERWORK
Most real estate buyers need a mortgage to fund their property transaction, and lenders require that a lawyer prepares the paperwork. For residential transactions, the lawyer usually acts as a trustworthy third party for both you and the bank. Even if you’re paying out of pocket, it’s a good idea to hire a lawyer to ensure your interests are protected.
3. THEY’RE OFTEN THE ONLY ONES WHO CAN RECEIVE PAYMENT FOR A SALE
While it’s technically possible to sell a house without the help of a real estate lawyer, in practice they’re almost always required. This is especially true if you have a mortgage on the property you’re selling.
Even if you’re comfortable managing the transaction yourself, the buyer’s lawyer can’t impose that the proceeds be used to pay out the mortgage on to you. However, they can impose such conditions on another lawyer, which is why they’re required in these cases.
4. THEY CAN SAVE YOU A LOT OF TIME, MONEY AND HARDSHIP
Think of hiring a real estate lawyer as investing in your peace of mind. They’ll walk you through the process of buying or selling while protecting your interests. We take the time to explain to our clients in ordinary language the documents that they are signing. One of our lawyers will meet with you personally to sign your documents.