If you are buying, selling, or refinancing a property, it can be easy to feel that hiring a real estate lawyer in Mississauga or in the GTA is just one more added expense during an already expensive process. But the fact is that there are some very good reasons as to why you need to work with a real estate lawyer. It can help to save you both time and money.
Here are just a few of the ways that working with a real estate lawyer in Mississauga can help you:
Avoid Unclear Terms
When you are buying, selling, or refinancing a home or a commercial property, there are various contracts and legal documents involved in the process that may be difficult to understand for someone who does not have a legal background in Real Estate. For example, if you are selling your home you may be asked to sign a brokerage agreement that does not cover certain legal issues that may arise. This is more common than you think since brokers often use standard forms. If an issue arises that is not covered in your agreement, you may be responsible to pay a commission to the brokerage even if they did not sell your home. By having a real estate lawyer review your contract first, they can add in the necessary clauses to help protect you from having this happen to you.
The purchase agreement is perhaps the most important document that you will sign during the buying or selling of a property. A real estate lawyer can help you understand the terms of this agreement, and they can help you by adding or removing clauses and conditions to make the agreement more specific to your goals.
Issues that may need to be addressed in the purchase agreement include:
- Whether the property has changed, and if so, was the change made legally
- If this buyer would like to make any changes to the property, a lawyer can help advise them if it can be done legally
- Provisions for what will happen if a home inspector finds major issues
- Provisions for what will happen if the property is found to contain hazardous materials
- An agreement about what will happen to the down payment or deposit if the closing does not occur
Another important role of real estate lawyer is that they perform title searches on properties. This is done to assure both the buyer and the mortgage company that the seller actually owns the property and that there are no hidden claims or debts against the property. This allows the buyer to purchase the property free and clear of all and any encumbrances.
Contact Minhas Lawyers Today
It is important to have a real estate lawyer when buying or selling a real property in order to understand legal terms and procedures. The process of purchasing or selling a house can be a complex one for individuals. Purchasing a house or commercial property will likely be one of the biggest purchases that you will make in your lifetime, so it is crucial to hire a real estate lawyer to ensure that the process goes smoothly and is completed properly to ensure that the property is registered under your name and that no one else has any right over your property.
If you are buying or selling a residential or commercial property in Ontario, contact our office TODAY so that we can help to make the process easier for you. We can help you from making costly legal mistakes and will give you the peace of mind that your transaction has been completed lawfully.
Minhas Lawyers LLP is a multi-practice law firm based in Mississauga. We advise and represent clients across various segments and practice areas.
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