Article originally published by Laughlin Law on https://www.laughlinlaw.ca/.
Real estate transactions can often be complex and difficult to navigate without proper legal assistance. If you are buying or selling a home, a real estate attorney can help you through the legal process of transferring property ownership. Typically, real estate lawyers will set a specific fee for their services, or they may charge an hourly rate for the time spent on the transaction, depending on where the property is located. This is what real estate attorneys, like the Lawyers at Laughlin Law do.
The Role of the Real Estate Attorney
Real estate attorneys handle any necessary legal work involved in buying or selling a property. They normally represent one of the parties in the transaction and will work to ensure that the rights and interests of their client are protected. An attorney will review the sales contract and investigate the title on the property to ensure that there are no liabilities or impediments, such as liens. If a mortgage has been taken for the property, the attorney will check through the loan documents, arrange for the final payoff on existing loans and prepare the necessary deeds to legally transfer the property ownership.
Specializing in Real Estate Law
Some provinces allow a lawyer who has been admitted to the state bar association to handle real estate transactions with little or no additional training. However, an attorney who is unfamiliar with complex real estate transactions may encounter problems when dealing with a closing. Some areas require specific paperwork and forms to be completed for a real estate transaction, and failure to use the correct forms can result in delays and wasted fees. For this reason, it is a good idea for an attorney who wants to specialize in real estate law to spend some time working under the guidance of an experienced real estate attorney so that they can get some valuable experience.
Benefits of Hiring A Real Estate Attorney
Some mortgage lenders require a buyer to use a real estate attorney to assist with the transaction to obtain funding for the purchase. A real estate attorney can also help to protect a buyer or seller from losing money in a real estate transaction. For example, a sales contract that omits a termination clause for a failed inspection can cost a buyer a lot of money if the home is found to have major problems. A seller that uses a real estate attorney can avoid handling problems with the home’s title as any defects can be fixed by a competent attorney. Hiring an attorney allows the parties to save time and avoid having to do the necessary legal research and paperwork on their own.
If a mortgage loan is part of the transaction, the attorneys for the buyer and the seller may not represent the bank, as this would be a conflict of interest. A third attorney must protect the bank’s interests and the attorneys for the other parties will need to work with the bank’s attorney to ensure that all documents concerning the loan are executed properly. Some real estate attorneys will handle certain tasks but not others, so if you have a lawyer representing you, be sure that you know exactly what their role is. Not every real estate attorney will research the title or check the chain of ownership, as they prefer to outsource this work to a third party, such as a title agency.
Buying or selling a home soon? Need a real estate lawyer. Contact Laughlin Law today!
Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9