A real estate lawyer is not mandatory in purchasing a home, but it is highly recommended by all Toronto mortgage brokers. Legally, you won’t get into any trouble if you forego this step, but other trouble can abound if you do not have a lawyer advocating for your best interest in the home-buying process. Yes, real estate lawyers-like any lawyers-charge an amount for their services that can add up to thousands in this process, but most find that it is definitely worth the money to have an experienced lawyer on their side.
The benefits of hiring this kind of legal aid are numerous. Continue reading to find out why you should hire a real estate lawyer when you’ve decided to buy a home.
Identifying Encumbrances
Liens and other judgments made against a home, otherwise known as encumbrances, can prevent a home from being transferred to another owner. When a lawyer is recruited to help you buy a home, they will run what is known as a “title search” on the property. This will alert them of any encumbrances placed against the home that would make it difficult, expensive or even impossible to purchase that home.
If the seller corrects these encumbrances, the buyer’s lawyer will be able to obtain documentation certifying that the encumbrances have indeed been lifted from the property.
Handling the Paperwork
There is a lot of documentation involved in the purchase of a house, and much of it will be filled with jargon that’s tough for the average person to understand. An experienced real estate lawyer, however, knows these terms like the back of their hand and can translate them into layman’s speech for their client’s best understanding.
In addition to understanding and digesting this information for their client, real estate lawyers will also go over any documents with a fine-toothed comb to ensure that they are written within the boundaries of the law. Different laws and procedures apply to different provinces, so it’s best to find a lawyer that works often in the area in which the home is being sold.
Working with the Seller’s Agent
The person selling the home will likely have a lawyer of their own to act on their behalf. If a buyer doesn’t have their own real estate lawyer, this could result in the seller’s lawyer dominating the case and making it tougher for the buyer to negotiate their terms. In fact, some agents might even pressure the buyer to become represented by them while they represent the seller simultaneously. This is not good practice and should be avoided.
Instead, hiring a lawyer of one’s own will make it easier to keep lines of communication open and clear with the seller’s attorney. They will make sure that all required documents reach the seller and their lawyer, and will negotiate terms with the seller’s lawyer whenever necessary.
Having a real estate lawyer working on the buyer’s behalf can protect the buyer from being taken advantage of by the seller’s opportunistic attorney. By hiring a lawyer for their own protection, buyers can move forward with the utmost confidence as they arrange the conditions that will effect the purchase of their new property.
