People rarely though about hiring or talking to the real estate lawyer at the initial stage of buying or selling the real estate, but it is highly recommend that you should talk to your lawyer at that time because real estate lawyer will help you cut through the issues that you will face at the initial stage. Mistakes or malfeasance can be costly. Your real estate lawyer will ensure that every part of the process is done according to the law, and that every legal document you sign is prepared with your best interests in mind.
There’s a lot of money on the line, and this is why it is so important to ensure all your decisions and financial transactions are protected by a credible representative who understands and abides by the necessary rules. Real estate lawyers offer a multitude of services that aid their clients in purchasing or selling a home, taking the legal matters related to the purchase or sale of Property completely off your hands.
Once you find the house of your dreams, you engage in the process of negotiations that involves fairly complex legal contract called Offer of Purchase and Sale or Agreement of Purchase and Sale. There is a lot of law involve around offer and acceptance. If you submit an offer and it is accepted by the seller that same will results in a solid binding contract. Before you submit the offer, you may choose to review the same with your real estate lawyer who will review and explain it to you so that you can understand what you are committed or agreed to do. You may also review the closing cost involve in the real estate transaction.
A real estate lawyer does more than register the purchase or sale on the completion date. Prior to entering into an Agreement of Purchase and Sale, a real estate lawyer can be asked to review the document. Although real estate agents have great familiarity with these agreements, they are not necessarily experts on the legal ramifications of certain clauses and conditions that these agreements may contain. Many times, an agreement will be drafted to be conditional upon the review of the agreement by a lawyer. In these cases, unless this condition is formally waived, the agreement may be terminated. If you are purchasing a new home from a builder, the agreement will be provided by the builder and can often be 40 or 50 pages in length. These types of Agreements of Purchase and Sale generally always include a schedule stating that the agreement is conditional upon a review by the purchaser’s lawyer. In those cases, you shall retain the real estate lawyer as early as possible to understand the complete real estate closing 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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