For any friends and family members that have purchased property, you’ve probably heard them refer to their real estate lawyer.
If you’ve never purchased property, you’re probably wondering what role their real estate lawyer played in their transaction. From here, you’re going to find yourself wondering whether or not you’ll need a real estate lawyer down the road when you eventually purchase property.
The answer, of course, is yes. For any buyer purchasing real estate, you’re going to need to hire a lawyer to assist you in the transaction. We’re going to cover what exactly your lawyer does for you in your real estate purchase and why their role is so important.
When Do I Need a Real Estate Lawyer?
When it comes to hiring your real estate lawyer, you technically don’t have to hire them until you actually purchase a property. However, it’s always worthwhile to reach out to your real estate lawyer when you begin your property search.
In doing so, you can ensure that they’re available to assist you when you do find a property down the line. After all, the last thing you want to experience is rushing to find another suitable lawyer when you find out that your primary choice is away on vacation.
What Does a Real Estate Lawyer Do for Me?
Put simply, a real estate lawyer is going to handle all of the legal matters that are related to your sale. This is from the moment in which you first purchase the property to the moment in which you close on your property and eventually move in.
Remember, the ownership of the home must be transferred from the previous owners to yourself. It’s safe to say that throughout the duration of this transfer many complicated factors can arise. This is why working with an experienced and trusted real estate lawyer is so crucial.
In reviewing the legal documents, your real estate lawyer will ensure that all factors relating to the house are in check. For example, they will make sure that all taxes have been paid and that there are no liens against the property. They will also make certain that the title of the property is valid and calculate your taxes and final money owing.
When Do I Pay My Real Estate Lawyer?
Of course, all real estate lawyers are going to have a slightly different payment schedule.
However, the most common payment schedule with lawyers involves paying your lawyer on closing. This means that paying their fees upfront or throughout the transaction aren’t very common.
Instead, your lawyer will prepare for you a statement of funds before your closing date. This statement will outline all of the costs involved in purchasing the home. This will involve anything from the purchase price of the home itself and the land transfer tax to the title insurance and lawyer fees.
At the very bottom of the statement of funds will be the total of everything involved. The cheque that you bring to your lawyer on closing will be made out in this amount. From here, the lawyer disburse the cheque to the necessary parties and claim their share.
How Do I Find a Real Estate Lawyer?
For buyers, finding a real estate lawyer is simple.
It can be as easy as searching for a local real estate lawyer on the internet. However, you can also ask your real estate agent for a referral. All real estate agents work closely with lawyers and would be happy to point you in the right direction.
If you’re purchasing something outside of the norm, ensure that your chosen real estate lawyer is well-versed in that type of property. For example, if you are purchasing a commercial property that is situated in a rural environment, you’re going to want to avoid urban real estate lawyers that predominantly work with condominiums.
Our knowledgable Nobul Agents can help you navigate the home buying process seamlessly!