The perks of having a real estate lawyer spearhead your property deal

Investing in a commercial or residential property is a complex task. Besides being a huge financial commitment, any real estate deal involves a bulk load of legal formalities. If it is your first time shopping for property, then get ready to be hit by some serious legal jargon.

Most people have zero ideas about relevant laws. In that case, it is best to hire a real estate lawyer in Markham, Brampton & Mississauga to lead your property deal.  

The job of a real estate lawyer is to protect and preserve the buyer’s rights by ensuring that all the clauses of the Agreement of Purchase and Sale are fulfilled. They will also see to it that you get a clear title to the property.

TO HIRE OR NOT TO HIRE

Many property buyers suffer from this dilemma of whether to hire a real estate lawyer or not. There are some who will back out thinking that it will cost a hefty sum. But that is a wrong notion. You absolutely need a real estate law professional and there is no other way around it.

The ones who have already bought or sold a property know that even the real estate agent stresses on hiring a lawyer. Buying or selling property demands a lot of paperwork. One error can be potentially harmful to the whole deal.  It can even lead to a financial disaster or the buyer ending up with the wrong or disputed property. A real estate lawyer makes sure that the property that you are about to buy is free from any title issue and has good resale value. He/she will take care of all the legalities and make sure that you incur no financial loss from the deal. So, before you start your search for a house or commercial property make it a point to consult a real estate law firm first.

THE BENEFITS OF HIRING AN EXPERIENCED REAL ESTATE LAWYER

For people who are still not convinced about consulting a real estate law professional for their property buying, here are a few points to refer to. You can enjoy the following benefits by hiring a law professional.

REVIEW THE CONTRACT

Real estate contracts are complex documents full of legal terms hard for a non-professional to understand. Many times people end up signing the contract without understanding half of the clauses. They just take the seller by his/her word which is never a wise thing to do. You should never sign a legal paper or any dotted line without being absolutely sure of the lines above it. A real estate lawyer will first make you understand all the terms laid down in the contract. If any of the clauses are against your interest he/she will advise you in that context as well.

DEAL WITH COMPLICATED CONTRACTS

Buying a property from corporations, trusts or partnerships means that the contract will be much more complex. At such times you need the expertise of a real estate lawyer who will simplify it to your understanding. Not only that, he/she will make sure that all the clauses are legally valid and against your interest. 

TITLE SEARCH AND SOLVING LIENS

Once the purchase agreement has been signed, one needs to do the title search. A title search proves to you and the one approving the mortgage that the seller has the legal authority to sell the property. Basically, it proves that there are no disputes such as liens or judgments attached to the property in question. The good thing about having a real estate lawyer by your side is that in case there is any issue he/ she will sort it out in the best way possible.

REAL ESTATE CLOSING PRICES/DEAL

The closing of a real estate deal requires a number of formalities such as:

• Preparing the property deed or the closing papers
• Passing of the property title from the seller to the buyer
• Balance payment of the buying price of the property
• Preparation of the closing statement that documents the transactions between the buyer and the seller

Last minute disputes or disagreements are quite common among the buyer and the seller. A real estate lawyer sorts out everything and ensures that there are no legal loopholes in the deal. You might find yourself in a pickle in such a situation without a good professional by your side.

To sum it all up, when buying any kind of property don’t avoid hiring a professional just thinking about the real estate lawyer cost. The kind of help and legal service you will get is worth the additional expenses. After all, at the end of the day, all buyers want their property deal or contract to be bulletproof. A real estate lawyer ensures that it is.