Many clients do not realize the value of their real estate lawyer until they are well into the transaction process and their lawyer has uncovered an issue or a clause that could affect the transaction agreement.
Your real estate lawyer’s sole obligation is to protect your rights within the confines of the law. Thus, they are valuable to you throughout the real estate estate transaction and we’d recommend engaging an experienced lawyer at the beginning of the process.
Many clients find their lawyer through a referral and often that referral comes from a realtor. Since buying or selling a home is likely one of your life’s largest transactions, it is critical to consider: should you trust your realtor’s recommendation?
The other option, of course, is to search on your own. Should you use the real estate lawyer your realtor recommended or search for your own? The answer depends on your own preference.
What to know about your realtor’s real estate lawyer referral
Realtors work with real estate lawyers on a regular basis, they’ve likely processed real estate transactions with many of the attorneys serving in your community. Because of their vast experience and own professional relationships with real estate attorneys, they are able to provide educated referrals. Because your realtor has an interest in any deal being legally legitimate and you as a client having the best experience possible, realtors will often recommend lawyers who provide excellent service, communicate regularly, are diligent and provide services that reduce costs and lead to proper deal closures.
Some realtors may provide more than one recommendation to their client, so that the client can do their own inquiries as to pricing, timing and communication. This may also give the client peace of mind, having more involvement in the selection process.
What to know about an independent search
If you don’t wish to use your realtor’s recommendation, or they don’t give you a recommendation, it’s best to do an independent search online or to seek referrals from friends and family who have recently completed a real estate transaction. You may also choose to refer to the Law Society Referral Service. You can see more tips for your search, by clicking here.
Why you want a lawyer who specializes in real estate
There are many different types of practicing lawyers, however it is important that you work with an experienced lawyer that is focused on real estate. When you hire a generalist, you risk the chance of exposing your important asset to complications that they are not equipped to handle. When you do interview prospective lawyers, get assurance that they are regularly handling real estate transactions.
Despite possibly knowing your realtor professionally or personally, your lawyer’s ultimate legal obligation is to you, the client. Their responsibility is to protect your interests. Looking for Niagara real estate lawyers? The real estate practice of Chown Cairns LLP. guides clients through every step of both residential and commercial real estate transactions.