What Does a Real Estate Lawyer Do for the Buyer?
Buying a home is one of the most significant transactions you will make. This requires professionals to make sure that every step of the process is followed. The person responsible for this is your real estate lawyer. Their roles for the buyer include:
- Review the Agreement of Purchase
- Ensure there are no claims against the property
- Arrange for Title Insurance
- Ensure the title is valid
- Ensure property taxes are up to date
- Calculate the land transfer tax due
- Draw up mortgage documents
- Close transaction and ensure all legal and financial conditions are met
- Exchange legal documents and keys with the seller’s lawyer
What Does a Real Estate Lawyer Do for the Seller?
The seller’s side is focused on the mortgage payout and a smooth transfer of the property’s title. On the seller’s side, a lawyer’s tasks include:
- Review Agreement of Sale before you sign
- Assist with the negotiation of the terms and conditions
- Prepare the deed to the house
- 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
When Do You Need a Real Estate Lawyer?
Whether you are buying or selling, you will need a real estate lawyer. Each province has different regulations, but a professional is necessary to register a property and purchase a home to ensure that it is legal.
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