Having a lawyer finalize a transfer of property when you buy or sell a home is required by Ontario law. But it’s also crucial for ensuring that a property is legally allowed to be sold and that the transfer of the property’s title complies with all the necessary regulations, checks and balances needed for a transaction this important.
In other words, real estate lawyers protect their clients during the buying and selling of a home. But the protection you get is only as good as the real estate lawyer you retain. That’s why hiring a real estate lawyer from an established and reputable firm like Axess Law is a must. They have the skill and experience to ensure a seamless property transfer, legal protection in the event of a dispute, and they offer convenient and cost-effective online services.
Keep reading to learn more about the role a real estate lawyer plays in a real estate transaction.
Table of Contents
Legal Services For the Buyer of a Home
These are the services a real estate lawyer provides the buyer of a home that protects them during the transfer:
Drafting or Reviewing the Agreement of Purchase and Sale
An Agreement of Purchase and Sale is a complex legal document with conditions, exceptions and procedures to follow if certain circumstances arise Estate Lawyers . A real estate lawyer will review and explain it to you in detail and has a professional obligation to ensure that you are legally protected by it. They can also negotiate its conditions on your behalf.
If you’re buying a new home or condo, there are often delays and extra costs. Your real estate lawyer ensures that you’re aware of all the costs and due dates and your obligations before the home is built and you can take possession of it.
Completing a Title Search of the Property
Before you can buy a property, a real estate lawyer must first complete a search of its title to ensure that it’s properly registered to the seller and that there are no debts, loans, mortgages or other obligations like construction liens or judgements that can delay or prevent the transfer of title.
A real estate lawyer for a buyer also arranges for insurance coverages that the mortgage provider requires as a condition of the mortgage. For example Estate Lawyers , many lenders stipulate that you must purchase a title insurance policy to protect you from title fraud.
Handling the Financial Logistics
A real estate lawyer is responsible for ensuring the mortgage funds are used to pay the seller and the Land Transfer Tax, but they also handle:
- Calculating how much each party owes on the annual property taxes based on the closing date and confirming they are paid.
- Sorting out the utility bills – the buyer’s real estate lawyer does the same for the property’s utility bills.
Finalizing the Transfer and Closing the Sale
On the closing date, the buyer’s real estate lawyer is in constant communication with all the stake holders to ensure that all legal documents are exchanged, and requirements are fulfilled.
When the sale is complete, they get the keys and send a final reporting letter and documents to the buyer.
Legal Services For the Seller of a Home
Here’s how a real estate lawyer protects you and ensures a seamless sale of your home:
Draft or Review the Agreement of Purchase and Sale
A real estate lawyer for the seller of the home reviews the APS and ensures that they understand it, any conditions of the sale and negotiate and act on the seller’s behalf.
Handles Issues Related to the Title
If the buyer’s real estate lawyer finds issues that can delay or prevent the sale, the seller’s lawyer takes responsibility for clearing them up before the closing date.
Closing the Sale on the Buyer’s End
The buyer’s real estate lawyer receives the purchase funds before releasing the property deed and the keys, pays the seller’s mortgage and arranges a bridge loan if the seller has already bought a new home.
Finally, as they do when representing a buyer, the seller’s real estate lawyer sends them a final reporting letter and the documentation.
VIsit more Article : forbesblog.org