What can a real estate lawyer do for you?
Many people have misconceptions about real estate lawyer and what they do behind closed doors in real estate practices.
Are you a buyer or seller of a house and will you need a lawyer?
Both of these questions can be answered “yes”. To buy or sell property, you need a lawyer. A real estate lawyer is more than just a helper in buying or selling a house. Real estate attorneys deal with many legal issues that relate to land, buildings landlords tenants and developers.
What is a real estate lawyer?
An actual definition of a real-estate lawyer is: A lawyer who handles all aspects of real property , including.
All lawyers in Ontario are licensed by the Law Society of Ontario. They must complete twelve hours of continuing professional education annually to keep their education current.
What are the best times to hire a real estate lawyer?
A real estate lawyer can help with residential and commercial property transactions.
These are just a few of the situations in which a real estate lawyer can be of benefit to you:
- Selling or buying a commercial property or home
- Letting or renting a property or building
- Development, rezoning or seperation of land
- Legal representation for landlord-tenant issues
- Land disputes with neighbours or co-owners
- How to deal with a Family Cottage
- Transmission to executor, beneficiary or surviving spouse
- Independent legal advice regarding matrimonial transactions
Is there a different type of Real Estate Law?
There are two main types of real estate law: residential and commercial.
Residential Real Estate vs. Commercial Real Estate
- Residential real estate
Residential real estate is the sale or rental of land and homes to individuals.
- Commercial real estate
Complex commercial real estate transactions are more common. These transactions usually include land development, leases, as well as the purchase and sale commercial buildings. Commercial transactions require more experience on both the part of the lawyer as well as their staff.
Many people attempt to save money by not consulting a lawyer. As with all things, a pound worth of prevention is better than a pound worth of treatment. A lawyer can help uncover issues such as disputed ownership, environmental concerns, and financial encumbrances during the initial stages of a transaction. Experienced businesspeople won’t even consider making an offer until they have done their homework.
A real estate lawyer can also be helpful in drafting leases. Your lawyer can review your contract before you sign it, regardless of whether you are the landlord/tenant. This will save you time and headaches down the road. A meeting with or phone call to your lawyer is a good way to clarify any questions or get clarification.
What are the steps involved in buying or selling a home?
The first person you might think of when you hear “real estate lawyer” is the one who helped you purchase or sell your home. This type of transaction is also known as “conveyancing”, which, according to Black’s law dictionary, “the science and art transferring titles to real property from one person to the other”. Although it may seem like an easy process, there are many steps involved.
Your main task as the client is to choose a lawyer and connect them with your agent.
You might be asking yourself, “What is a real estate attorney doing?” A real estate lawyer’s duties include even for a simple sale or purchase.
- Handling the entire transaction
- Do your research and review the title and contract.
- If required, arrange for title insurance
- Protecting the client’s interest (including dispute resolution).
- Facilitating the financial part of the transaction (mortgage or deposit).
- Registering the title properly
- Adjustments for insurance, taxes, or fees
- Corresponding with strata agents, real estate brokers, insurance brokers and mortgage brokers, financial institutions, government agency, or other third parties, as needed
- Registering signatures and other information required by regulators
- All stakeholders should be informed
- Answering all your questions!
As you can see the above definition of a conveyance was not too far-fetched. There is an art to a deal, and real estate attorneys have mastered these transactions to a science.