by Nutan Brown
on Tuesday, June 28th, 2022 at 1:11pm.
When it comes to buying or selling a home, you probably have an understanding of the role a real estate agent will play. But what about the role of a real estate lawyer? With so much money on the line, it's important to have all your legal bases covered. Here's how your lawyer helps to ensure a smooth transaction.
Real estate lawyers typically review all the legal documents and issues regarding the transaction. This ensures that ownership is properly transferred and recorded while protecting your legal rights.
A real estate lawyer is important for both the seller and the buyer, although their roles differ depending on which side they are on.
Role of a real estate lawyer for a buyer:
Review Agreement of Purchase
Ensure there are no claims on file against the property
Arrange for title insurance
Ensure you have a valid title upon closing
Ensure property taxes are up to date
Calculate the land transfer tax due on closing
Draw up the mortgage documents
Close the transaction and ensure all legal and financial conditions are met
Exchange legal documents and keys with the seller’s lawyer
Role of a real estate lawyer as a seller:
Review the Agreement of Sale and other legal documents before you sign
Assist you with the negotiation of the terms and conditions
Prepare the deed to your house
Deal with and remedy title issues as they occur
Close the transaction
Ensure all legal and financial conditions have been met
Exchange legal documents and keys with the Buyer’s lawyer
Real estate agents can often refer you to a reliable lawyer, but in the case that you use your own lawyer you'll want to make sure they are connected with your agent. Being available when needed to sign documents and responding promptly to requests for information can go a long way to ensuring your transaction is completed easily and efficiently.
If you have any questions about real estate lawyers, or any other real estate questions, feel free to contact me anytime!