Whether you're buying, selling, or refinancing your property, your real estate lawyer or notary will be one of the essential persons you'll work with. Whatever you're going through, your lawyer's ultimate job is to ensure that your documentation is submitted, your rights are protected, and the transaction is completed.
If you have to hire a real estate lawyer, the next step is to select a competent one to handle your case.
Your real estate agent may provide a suggestion if they have a relationship with a real estate attorney. But bear in mind that you are not obligated to use their services.
It's entirely OK to conduct your research and select a real estate lawyer. It's also critical that you don't hire just any real estate lawyer. Home purchase is one of the most costly investments you'll ever make. As a result, having an experienced and qualified attorney is critical—this aids in the transaction's smoothness. The following are traits of an excellent real estate lawyer:
Familiarity with the local legal system: It should go without saying that you should hire a real estate lawyer who is licensed to practice law in your province. However, you should take it a step further and hire a real estate lawyer familiar with your area—specifically, your city. Because real estate law varies from city to city within a province, this is critical. Your lawyer should be pretty knowledgeable about the legislation in your town.
Personable: Before making a selection, it's a good idea to speak with many real estate attorneys. However, although you want someone who is competent, you also want someone with whom you feel at ease. Throughout the procedure, you may have questions and concerns. As a result, you'll need a real estate lawyer that is patient and ready to explain complex concepts to you.
If a lawyer looks impatient, disrespectful, or hurries your initial consultation, they may not be the right counsel for you.
Excellent communicator: It would be best if you also looked for a real estate lawyer who is skilled at communicating. There are several benefits to have communication with your real estate lawyer. For starters, they can provide you with sound advice before making any big decisions about your purchase. This can impact the outcome and may save you time, money and provide you with peace of mind!
If you inform your real estate lawyer of what's going on, you'll reduce the chances of details being overlooked or left until the last minute. Your real estate lawyer can update your file and keep track of important dates and information for you. Your real estate lawyer will be more able to work on your closing if you communicate and exchange information. If the real estate lawyer can't communicate properly, the client won't build trust, and ultimately the client will be anxious. Real estate purchases are the most costly transaction for most Canadians, and attempting to save $100 on a $1,000,000 home is not a good idea. The majority of law firms have similar prices. Communication and trust are the most critical factors.
Communication may begin as soon as you consider buying, selling, or refinancing a home. Make contact with your real estate lawyer. Talk about the deal you're thinking about. It will assist you in getting from the start to a successful conclusion.
Good Reputation: It's also a good idea to hire a real estate lawyer with a solid local reputation. Again, your real estate agent can make recommendations, but you should also conduct your own search.
Look for law office's online presence. Look for information on social media platforms like Facebook, LinkedIn, Yelp, Better Business Bureau and Google maps. Many third-party websites provide valuable and impartial feedback. Additionally, a short visit to the Law Society of Ontario website can help you verify the real estate lawyer.
Every lawyer practising law in Ontario is required to be listed in the Law Society of Ontario directory. Each licensed attorney should be listed on LSO's website (https://lso.ca/public-resources/finding-a-lawyer-or-paralegal/lawyer-and-paralegal-directory), and you may search for them by entering their address or first and last name. The profile will include basic information, whether or not the attorney is licensed to practice law, and any ethical issues the real estate lawyer may have encountered.
You can probably verify your real estate lawyer by executing the search mentioned earlier in 5 minutes. However, it might save you months of wondering whether your lawyer is worth the money.
If you're purchasing a house, you should contact a real estate lawyer as soon as you're ready to sign the Agreement of Purchase and Sale. After that, your lawyer's responsibility is to perform a title search, obtain title insurance, register the home in your name, request a Statement of Adjustments, and assist you with the financial procedures on closing day. In the last, they'll hand you the keys/lock codes of your new house.
When you decide to sell your property, your real estate lawyer will write the buyer's deed, calculate any closing fees you must pay, and draft a Statement of Adjustments on your behalf. They'll handle the financial transaction on closing day and offer you a check for the balance after paying off your mortgage, real estate agent's fees, legal costs, and other expenses.
Finally, if you're refinancing, your real estate lawyer will conduct a title search to confirm the property is free of flaws, protecting both you and your lender. Your lawyer will then record the new mortgage on title of the property and help you with the rest of the financial transaction. When you refinance, your lawyer creates a Trust Ledger Statement instead of a Statement of Adjustments; it's virtually the same financial document, but it's exclusively between you and the bank - no one else.
The process of buying and selling a home may be difficult, time-consuming, and unpleasant. As a result, having knowledgeable, experienced specialists on your side is a good idea.
This involves choosing a reputable real estate agent as well as a qualified and trustworthy real estate lawyer. An attorney can help you with legal advice, closing paperwork, and ensuring a seamless transaction. But make sure you do your homework and ask plenty of questions. This is the only method to discover an attorney who can help you with your house purchase.
Assistant Manager, Real EstateTreadstone Associates