It doesn't matter if you're buying your first house or investing in the property market, you need a real estate lawyer to see you through the legalities of purchasing a property. Since you will be spending a lot of money on your new home or investment property, it may be the largest investment of your lifetime. You don't want the fine print to crash your dream and lose your property.
That's what can happen if you don't have a real estate lawyer to check things over for you, unless, of course, you have knowledge of the industry. When it is a seller's market, negotiating a good deal may be difficult, and it is advisable to have a lawyer review the agreement of purchase and sale before the deal is firm. This will ensure you are fully aware of the deal you are making and avoid unintended consequences.
A realty lawyer really does more than read the paper work. They likely know more about the law than you do, unless you're a lawyer. They also check to see if the fees are appropriate, since you'll be likely be spending more than $100,000 on a property. It's a large investment to lose because you didn't want to spend even more on a lawyer.
Your lawyer will also conduct a title search of the property you are purchasing. That means they check to see if there are any liens, easements or covenants against the property you're buying. If there are, they can handle all the legalities of preparing the documents and doing the research.
If you require financing, your lawyer will also work with the bank or the financial institution to prepare the necessary paper work to register the mortgage. Your property lawyer normally reviews the terms and conditions of the mortgage with you. Your lawyer will also arrange for title insurance and attend to the closing. All paperwork will be reviewed prior to closing.
A lawyer will also arrange for the transfer of security deposits and prepare all the legal documents. Since they are your lawyer, they can also see to your wills, property sales, and sale of assets. If they don't do it for you, then they will direct you to a lawyer that will work with them to cover all contingencies should something happen to you along the way.
The object of a real estate lawyer is to make sure you're fully covered on the legal aspect of buying a property. There is quite a bit to know and look out for when you purchase property. They will also explain anything you don't understand so you know what you're getting into when you sign the papers on your first purchase of real estate.
Mike Henley is an associate in the corporate commercial group at the Guelph Lawyers office for Miller Thomson LLP. If you are buying or selling residential or commercial property in Guelph, and need a Real Estate Lawyer in Guelph, Mike is personable to deal with, thorough, and is backed by a highly sought-after and reputable firm to help make sure that your closing goes smoothly, is error free, and is on time.
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