If you’re buying or selling a home in Ontario, it is recommended that you use a real estate lawyer to help you navigate the lengthy contracts that are involved in the transaction.
The sale or purchase of a home is one of life’s most exciting (and expensive) events. Home ownership typically tops the list of goals many Canadians have for themselves. Selling a home often represents a new chapter in life. A real estate lawyer will help ensure that these happy memories are protected from any potential legal problems.
Here are some of the real estate specific services that your lawyer will perform:
Review purchase and financing agreements
Often home buyers or sellers will not hire a real estate lawyer until after a transaction agreement is signed and financing with a financial institution is agreed upon. However, this may result in one party missing or not understanding key components of the contract. Though a real estate agent can assist in these matters, your Niagara real estate lawyer will be aware of specific clauses that should be included or excluded and the implications of clauses within an agreement.
A lawyer is able to ensure that the purchase or sale of a home is valid through a title search. A title search confirms the selling party owns the home and is able to sell it and that there are no “liens” or penalties being assessed against the property.
Registration of the deed
The deed is the document which confirms ownership of the house. When a house is sold, a real estate lawyer will draw up the proper documents that register the change in ownership of the deed.
Transfer of funds
Buying and selling property usually involves the transfer of large amounts of money between multiple parties. There is the previous owner and its financial lending institution who may have a mortgage or mortgages on the property and the new owner and their financial institution which may have granted financing through a mortgage. A real estate lawyer handles this large transaction for the parties and ensures that all funds are transferred properly at the appropriate times.
These are just some of the important duties a real estate lawyer performs. If you are looking to buy or sell a house or lot, hiring a Niagara real estate lawyer early will help protect you from surprises and potential financial loss.
Chown Cairns group of St. Catharines real estate lawyers provide superior representation on behalf of both buyers and sellers. Click here to book a consult with one of the lawyers in our real estate group.