Why Do I Need a Real Estate Lawyer When I Buy or Sell My House in Richmond Hill?

A couple consults with a real estate lawyer for their real estate transaction

Buying or selling a home is a major transaction. For many people, it may very well be the most important purchase or sale that they make in their entire life. For this reason, it’s not time to be cutting corners or trying to figure things out as you go. Having the experience and expertise of a trained professional is key to making sure the deal goes off without a hitch.

Avoid Legal Problems & Loopholes

Your real estate lawyer is responsible for ensuring that all the legal issues and potential loopholes are covered. For a standard home purchase or sale, you will be working with a real estate agent who will draw up the agreements and written contracts. However, these forms may be taken from a standard template, or perhaps overlook important details regarding your specific transaction.

The last thing you want is to complete the deal only to find out that the term in your agreement didn’t match what you understood them to be. Suddenly, you could be on the hook for major costs to a house over and above the buying price – or you could miss out on a sizeable amount of money when selling your home. It is for this reason that it is important to engage a lawyer at the onset of your real estate deal.

Expert Guidance

A real estate lawyer will be able to provide guidance right from the initial brokerage agreement with the real estate agent. The lawyer will also be able to look over all subsequent forms and agreements to make sure that your interests are fully protected and to help you understand precisely what you are committing to.

For example, there may be substantial tax considerations in either the purchase or sale of a piece of property that go above and beyond what a real estate agent will be able to offer advice on. Your real estate lawyer will have experience dealing with these consequential legal issues, and therefore will be well-equipped to identify them and propose a solution.

While it is not be necessary for your real estate lawyer to be present during all negotiations with the real estate agents and the potential buyers or sellers of the property, it is required when it comes to the closing process. This will give excellent protection against unexpected complications caused by last-minute adjustments. The lawyers play a very important role in ensuring that the bank’s funding of mortgages is protected and that buyers and sellers of real estate get their end of the bargain.

Having a knowledgeable legal professional by your side goes a long way in preventing any unfortunate and costly decisions from impacting your financial future. If you are looking for assistance in buying or selling property, contact the Real Estate Lawyer experts in Richmond Hill, Newmarket & Barrie at Epstein & Associates today!