If you are buying or selling a home or commercial property, it is crucial to ensure that you are completing each step of the process properly and considering every detail. Overlooking important details or failing to complete steps can result in your sale or purchase becoming null and void while drastically increasing the risk of disputes or litigation. As experts in real estate law, the team at Linley Welwood understands the complexities of these transactions and has compiled some useful information on real estate lawyer responsibilities to demonstrate why it is worth hiring one to help you navigate buying or selling property.
Learn why you should hire a lawyer when purchasing a home.
What Does a Real Estate Lawyer Do for the Buyer?
Purchasing a home is one of the most significant purchases the average person will make in their lifetime. Given the significance of such an acquisition, it is crucial for buyers to ensure that every step of the process is completed properly, and a real estate lawyer can provide invaluable assistance. When you are purchasing a property, your real estate lawyer will:
- Reviewing the terms of the Contract of Purchase and Sale and all other legal documents.
- Conducting searches of title and charges to ensure you have clear title upon closing.
- Ensure property taxes are up to date and calculate adjustments to the purchase price.
- Calculate the property transfer tax due on closing and advise on available exemptions.
- Deal with any liens or charges registered against the property.
- Assist with financing matters such as registering a new mortgage and obtaining title insurance.
- Exchange legal documents with the seller’s lawyer.
- Close the transaction and ensure all legal and financial conditions are met.
What Does a Real Estate Lawyer Do for the Seller?
Selling a property can be just as complex as purchasing one. When you are selling a property, your real estate lawyer can:
- Review the Contract of Purchase and Sale and other legal documents before you sign and assist with the negotiation of the terms and conditions.
- Review closing documentation and make arrangements with the buyer’s lawyer for the transfer of closing funds and completion of the transaction.
- Pay out and obtain discharges of any existing financial charges registered on title.
When do You Need a Real Estate Lawyer?
It is always worth having a real estate lawyer on your side in the following situations:
- Selling your home.
- Buying a home.
- Dealing with problems after the sale.
- Transaction disputes or litigation.
- Complex commercial real estate transactions.
Hiring a real estate lawyer can help to minimize the risk of errors and provide peace of mind during an otherwise stressful process.
To learn more about our real estate law services or to inquire about our other services, get in touch with the team at Linley Welwood. We can be reached through our online contact form and will be happy to answer any questions you may have regarding our services or your situation.