If you’re hoping to buy or sell a home anytime soon, you know there are plenty of things to consider. On top of financing the house, finding the right one, and finalizing the sale, it can be an overwhelming process. This is especially true when there’s a booming housing market and the process becomes competitive too.
You’ve probably even heard a few horror stories about when the sale has gone awry and not been finalized. You know you don’t want that to happen to you.
It’s the reason many home buyers and sellers include a real estate litigation lawyer as part of the process. So, why might you need a real estate lawyer? How can they protect your rights?
Read on to learn more about possible real estate law issues and how a real estate litigation lawyer can help.
What Does a Real Estate Litigation Lawyer Do?
A real estate lawyer deals with all things related to real estate. This would include both commercial and residential real estate.
A real estate litigation lawyer becomes especially important when there’s some type of conflict-related to real estate. This can be especially tricky when it involves the buying or selling of property.
A real estate lawyer will work to address the problem and, most importantly, protect their client’s interests as it relates to the issue.
Sometimes there are no issues, and you want to have a real estate lawyer carefully look over the paperwork as you buy or sell a piece of property.
Buying and Selling of Property
You could be the seller who enters into a purchase agreement. The buyer typically provides a good faith deposit as part of this agreement. The money goes into escrow as the sale progresses.
What happens to the deposit if the seller backs out of the sale? Sometimes, the money gets returned. If a buyer asked for a home inspection and something was found that allows them to get out of the deal, usually the money is returned to them.
But sometimes, buyers fail to secure the mortgage loan on time, or they just back out even right at closing. In this case, the deposit goes to the seller. This is often the reason that sellers encourage and ask for the largest deposit possible. If a buyer knows they will lose the deposit, and it’s larger, they are less likely to rescind the agreement.
Often, if the seller has incurred other fees and damages because of the buyer’s default, the buyers would also be responsible for those too. This can get tricky, and it’s one of the reasons many buyers and sellers want a real estate attorney representing them.
Get the Help You Need From a Real Estate Lawyer
If you’re in the process of buying or selling a home and need a Mississauga lawyer or Brampton lawyer, Minhas Lawyers can help. As real estate litigation lawyers, Minhas Lawyers can help protect your interests through the home buying and selling process.
Contact us today so we can be a part of the process and make sure your interests are taken care of in the process.
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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