17/03/2021 0 Comments
How Can a Real Estate Lawyer Help Me When Buying or Selling a Home?
Do you need help with your real estate transaction? The process of buying a home or selling a home can be very stressful. Completing a real estate transaction involves deadlines, a lot of paperwork, and very often requires you to make quick decisions about what is likely the single most significant financial commitment of your life. This can all be very overwhelming. Did you know that a real estate lawyer can help? Our Kamloops real estate lawyer prepared this list of some of the key ways a lawyer can help you with buying or selling a home.
How a real estate lawyer can help with buying or selling a home
When you have a real estate lawyer assisting you, the lawyer’s overarching goal is to protect your legal interests while ensuring that your real estate transaction is completed in the most simple and straightforward manner possible. There are many tasks that a real estate lawyer takes care of to achieve that goal. Here are some of the top ways a real estate lawyer can help you with a real estate transaction.
Investigating title to the property to ensure that you get what you bargained for
A real estate lawyer will review the title to the property and investigate any charges or encumbrances registered against the title, such as mortgages, tax liens, builders liens, or certificates of pending litigation. The lawyer will ensure that agreed-upon charges are removed on closing, discuss any concerns respecting charges that will remain on title and advise you of any restrictions, notices, or easements registered against the title that could affect property development or your use of the property.
Facilitating communication and ensuring deadlines aren’t missed
There are a lot of people involved in a real estate transaction, including real estate agents, mortgage brokers, lenders, home inspectors, insurers, and appraisers, and there are a lot of deadlines and conditions that must be met before the transaction closes. Our Kamloops real estate lawyers help by communicating with the other parties on our clients’ behalf, ensuring that conditions and deadlines are met, and looking out for our client’s rights and interests at all times.
- Preparing a Statement of Adjustments and explaining the figures
Whether you are buying or selling, there are costs that will need to be adjusted as of the completion date, such as property taxes, strata fees, and utilities paid to date. Your real estate lawyer will prepare a “Statement of Adjustments” that sets out the purchase price and all costs to be adjusted between the buyer and the seller. A real estate lawyer will also provide you with an accounting of all other figures that are part of your side of the transaction, which may include real estate agent commissions, property transfer tax calculations, and mortgages or other encumbrances that need to be paid out on closing.
Providing undertakings to facilitate steps in the real estate transaction
There are a lot of steps in a real estate transaction that must happen in a specific way for the deal to close. For example, the buyer needs the signed transfer from the seller to secure the new mortgage, while at the same time, the seller needs the proceeds from the sale to pay out the existing mortgage on the property to give clear title to the buyer. One of the most significant ways a real estate lawyer helps to move the deal forward is by providing “undertakings” to ensure that such steps happen as promised.
- Advising you on legal title and ownership rights
If you are purchasing a home with another person such as a parent, spouse, or common-law partner, the lawyer will discuss whose name will go on the title and how you wish to hold the title. The names on the title may have important implications (for example, in the event of separation or divorce), and whether your hold title as joint tenancy or tenants in common can have significant repercussions down the road (for example, in the event that one owner dies).
Call today to talk to a Kamloops real estate lawyer
Do you have a real estate transaction coming up? Do you want to reduce your stress and take some of the hassles out of the real estate deal process? When it comes to purchasing or selling property, you need to be well-informed so you can make the best decisions possible. Whether you are a first-time homebuyer or a seasoned developer, you want a real estate lawyer in Kamloops who strives to provide clarity and instill confidence. Martin & Martin Lawyers is a Kamloops law firm that assists clients with real estate matters throughout the Interior. Book your initial consultation online now or call Martin & Martin Lawyers today at 250-828-6175 to learn more about how we can assist you and ensure that your upcoming real estate transaction goes as smoothly as possible.