Do You Need a Real Estate Lawyer? Silecky Thompson

There is no question that buying or selling a home is a major time commitment and investment.

Some homeowners, especially the do-it-yourself types, might argue that everyone else is optional. Nevertheless, the more experts you have by your side, the better your chances of a positive outcome. These can include contractors, moving companies, mortgage brokers, home inspectors, and especially, a good real estate agent.

On the other hand, a real estate lawyer is a necessity, not an option. In this post, we’ll talk about why and when you need a one, what real estate lawyers do, and how to find the right one when the time arrives.

What is it like to buy or sell a house in Etobicoke? Find out in Your Top Questions About Real Estate Answered.

The Role of a Lawyer When Selling a House

Retaining a real estate lawyer early is an excellent idea when selling a house. They ensure no liens or encumbrances and a clean title so that nothing interferes with your transaction after you receive an offer.

Working with a knowledgeable real estate lawyer beforehand decreases the chance of a buyer backing out for any reason, justifiable or not. The lawyer is also responsible for discharging or porting your mortgage and disbursing funds on disbursement day.

During the closing process, your real estate lawyer coordinates between the buying and selling agents to oversee the transaction. Once the funds have been received, an essential step that the real estate lawyer takes is to register the title in the buyer’s name. Even if you had the expertise, only a licensed lawyer can access the land registry office to make the switch.

Looking for more high-level tips for a successful home sale? Start with the related posts below:

Legal Peace of Mind When Buying a Home

Home buyers also need a real estate lawyer, and we might argue that it’s even more critical to have the best of the best. A trained professional with an eye for detail will scrutinize the Agreement of Purchase and Sale to verify that everything is legal and above board.

Perhaps most importantly, they will run a thorough search to ensure you don’t unknowingly acquire a property with issues on the title. They’ll check to see if there are any hidden debts, encumbrances, or judgements against the property that you might find yourself responsible for after taking possession.

The Value of Title Insurance

Once the property is cleared, your real estate lawyer will then arrange for title insurance. If you have a mortgage, a lender’s policy is essential. However, we highly recommend speaking with your lawyer about a policy of your own.

For a small, one-time fee, you can protect your home from any problems that might arise from undiscovered issues on your title, such as errors on the public record or even real estate fraud, like if someone steals your identity and takes a mortgage out in your name.

These instances are a real possibility in the digital age, but fortunately, are also rare. Title insurance can give you peace of mind and potentially save you thousands of dollars later on.

Buying a house is a massive, life-changing decision. The posts below will help set you up for a positive experience:

The Least Expensive Real Estate Lawyer Isn’t the Best Choice

Toronto and Etobicoke real estate has a significant financial value. Housing prices average out at approximately $1 million, but can be more or less depending on the size, condition, structure and location.

Imagine investing this much money in a house, but then using the cheapest, most inexperienced lawyer to finalize the transaction. In our opinion, that’s just asking for trouble! Property law is complex, and mistakes by a lawyer who misses a critical detail because they are inexperienced or rushed can be costly, not to mention stressful.

When Should You Retain a Real Estate Lawyer?

Many people wait to get in touch with a real estate lawyer until after they already have a signed Agreement of Purchase and Sale. While it’s better late than never, you will benefit most when you connect and ask your questions early.

After doing some due diligence and making a few phone calls, you can then make your own decision based on what you feel most comfortable with. If in doubt, your trusty neighbourhood real estate agent is happy to make a recommendation!

Did you know that helping seniors move is one of our specialized services? Whatever your situation, we are here to help streamline your entire transition.

Questions to Ask Your Real Estate Lawyer

Choosing your lawyer is quite similar to selecting a real estate agent to represent you. You want to come prepared with a list of questions so you can make an informed decision.

Their answers will give you confidence in their skill and knowledge. Equally importantly, you’ll know you’ve found a true professional who will be patient with you as you make this life-changing transition.

Are you wondering what to ask your real estate lawyer? Here are some sample questions that will give you an idea of their level of expertise and service.

Have all building permits and final inspections been obtained for the home?
Should you get a new property survey?
Should you buy title insurance? What does title insurance do for you?
What due diligence searches will be undertaken and which will not? Why?
Would you benefit from an alternate home ownership arrangement where you split ownership with a co-owner, based on your family situation?
Will you need permits or other legal approvals to renovate/add to your home or another property?
Is anything preventing you from renting out a part of your home or running a business from your home?

In most instances, all goes well with the closing of your house. In the rare event that something does go awry, you will be very grateful that you have an experienced real estate lawyer to take care of things and get you back on track.

Are you in the planning stages of buying or selling a house? Our Etobicoke real estate agents are here for anything you need. Reach out today at 647-282-7653 or email contact@sileckythompson.com with any questions or to get started.