May 20, 2023
If you’re considering buying or selling a property, it’s important to have legal guidance from a real estate lawyer. This is especially true for first-time homebuyers, as navigating the legal jargon involved in the process can be difficult and costly if mistakes are made. Buying a house is a significant decision and is usually the most expensive purchase most people make in their lifetime. A real estate lawyer can help guide you through the legal aspects of purchasing or selling a property, ensuring that all legal documents and issues related to the transaction are reviewed and taken care of. In this blog post, we’ll explore the role of a real estate lawyer and why they’re an essential part of any real estate transaction.
Real estate lawyers review all legal documents and issues related to a transaction. This includes a legal review of the Purchase Contract, ensuring property taxes are up-to-date, and confirming the validity of the property title. If litigation is necessary, a lawyer experienced in real estate law can also provide guidance.
On the seller’s side, a real estate lawyer plays a critical role in ensuring that the transaction goes smoothly and all legal aspects are covered. They are focused on the mortgage payout and a smooth transfer of the property’s title. A real estate lawyer will:
Whether you are buying or selling a home, you will need a real estate lawyer to register the transfer of property with your province’s land registry office. Every province has different regulations, but a legal professional is necessary to register a property and purchase a home to ensure that it is legal. A real estate lawyer will also ensure that all legal aspects of the transaction are covered, giving you peace of mind during this life-altering decision.
A real estate lawyer can also help you understand different kinds of ownership when owning a property with someone else. Joint tenancy with rights of survivorship means that when one owner dies, that ownership share passes on to the surviving joint tenant without going through probate, thereby avoiding probate fees. In contrast, tenants in common require each owner to specify in their will who will inherit their share of the property. In this case, probate fees would be payable on that share, as specified in the deceased co-owners will.
A real estate lawyer can help negotiate the selling or buying process for commercial buyers and sellers, ensuring a deal that works for all parties involved. They can negotiate terms and come up with practical solutions, providing that extra bit of security beyond what a real estate agent can offer.
A real estate lawyer is a crucial part of any real estate transaction, helping to ensure a smooth and secure buying or selling process. They review all legal documents and issues related to the transaction, negotiate good deals, and provide guidance on different kinds of joint ownership. Whether you’re a first-time homebuyer or a seasoned commercial real estate investor, having a real estate lawyer in your corner can save you time, money, and potential legal headaches.
Hi! I’m Erin Crocker. I’m a real estate lawyer with over 10 years of experience in Alberta and British Columbia real estate law. I love technology and efficiency. I’m on a mission to create a modern, digital closing experience for buyers and sellers through technology, transparency and sharing knowledge.
