Have you ever wondered what benefits there are to using a lawyer when it comes to your real estate transactions?
We have highlighted the top questions we receive on a regular basis to give you a better idea of the role a lawyer plays in your real estate journey.
Do I need a lawyer when selling my house in Ontario?
The short answer is yes.
Lawyers are required to assist you with the purchase or sale of property in Ontario.
Technically, under the Land Registration Reform Act, the law requires that a lawyer has to make certain statements in the land title deed (i.e. transfer).
What does a real estate lawyer do for the seller in Ontario?
A lawyer can help both the buyer and seller when it comes to any real estate transactions, as long as it is not the same transaction.
When it comes to the seller, real estate lawyers will help with confirming the mortgage and lines of credit details specific to the property as well as any discharge fees or penalties that will be owing on sale.
Lawyers will also confirm the annual property taxes and work with the seller if the deal falls through before closing.
How much is a real estate lawyer in Ontario?
Depending on the services of the firm, real estate lawyer prices will vary.
It is important to get the job done correctly and without error. Therefore, hiring a lawyer based on price alone is not always the best option. Make sure to research the firm or lawyer and determine what staff they have, who attends to signing and questions, do they deal with post-closing issues and failed transactions etc.
Can the same lawyer represent the buyer and seller?
When it comes to buying and selling a home, the short answer is no. The buyer and seller need to have their own lawyers. There are some exceptions if the parties are related but for the most part, each party should have independent counsel.
Purchasing or selling a home is often one of the most significant financial transactions you will make in your lifetime. Call our office today to book a free 30-minute consultation.
This blog is made available by the law firm publisher, Epstein & Associates, for educational purposes. It provides general information and a general understanding of the law but does not provide specific legal advice. Any specific questions about your legal concerns please contact us now and speak to an expert today.