If you’re thinking of buying a house or condo in Ontario, you’ll need a real estate lawyer to help represent you. Overall, a lawyer’s job is to protect your rights by making sure that all the terms of your agreement of purchase and sale are complied with and that you receive a clear title to the property. When it comes to specifics, your lawyer can help with multiple different areas of buying and selling real estate such as assisting in transactions, closing processes or even dealing with title insurance.
Before your first meeting with a real estate agent or broker, it is important to know the rights you have when it comes to buying a house. Here are some great insights into real estate laws in Ontario.
Protecting the Interests of Clients
Because legal jargon can be complicated to understand, a real estate lawyer will be sure to safeguard your best interests by explaining the information in the real estate transaction documents so you fully comprehend what you are signing. They are your support line when it comes to ensuring the authenticity of the legal documents involved.
A lawyer will be able to take a second look at your contract to confirm everything is in order. If there are any changes that need to be made, they can also negotiate your transaction’s terms and conditions on your behalf, which can be a huge help as it prevents you from being in caught in legal conversations that might confuse you.
Overall, a lawyer is your trusted source for information, you do not have to think twice about the recommendations they are telling you.
Assists With All Real Estate Transactions
A knowledgeable real estate lawyer is very experienced when it comes to the rules and regulations of any real estate transaction.
They can assist with reviewing the purchase agreement to ensure that you’re not being misled. Your lawyer may also review your offer on a property to make sure that the document protects your rights. If there are misunderstandings or revisions needed they are available to assist with that as well.
Purchasing Title Insurance
Title insurance is not a requirement in Ontario, so the decision on whether or not you should purchase title insurance should be discussed with your lawyer. It is important to note that title insurance and home insurance are not the same.
Title Insurance Covers:
- Unknown title defects
- Existing liens against the Property’s Title
- Title fraud
- Encroachment issues
Title Insurance Does Not Cover:
- Title defects
- Native land claims
- Environmental hazards
- New survey discoveries
Title Insurance Can Be Purchased For:
- Condos and apartments
- Office buildings
- Rental units
- Leased properties
- Shopping centres
- Industrial properties
- Vacant land
Speaking with your lawyer can give you further insight if title insurance is right for you. If it ends up being useful for your situation, you can purchase title insurance right through your lawyer.
Assists with Closing
The closing date is one of the final steps in the property transaction funnel. Once you have reached this phase, the ownership of the property is officially transferred from the seller to the buyer.
There is a reason why it is the most important part in the transaction process, as this is when you get the keys, sign the final papers and officially own your new property; so you don’t want anything going wrong.
On closing day, your real estate lawyer will facilitate your financial transactions and create a statement of adjustments. This is an extremely important piece of documentation as it shows all the details of the transaction, including the deposit, adjustments and other fees, as well as the final amount that is due on closing day. This document proves that you have paid and gone through the correct legal steps in obtaining the piece of property, so be sure to keep it in a safe place.
Final closing days costs may come as a surprise as there are some hidden fees that can throw off buyers, which a lawyer can help better prepare you for. Click here to gain more insight into the hidden property fees.
Overall Legal Representation
Buying a piece of property is a huge investment that you want to go as smoothly as possible. Unfortunately, there are some unpleasant legal situations that may be inevitable, that even the most qualified realtor, will not be able to give you the right legal advice. This is why having a lawyer is extremely important.
If needed, lawyers will also represent you in real estate litigation and assist with drafting documents and legal pleadings, participating in hearings and a trial with the judges, and even filing appeals on your behalf, when necessary. For these reasons having a lawyer on your side can be the best decision you can make when purchasing a property.To learn more about real estate law or the processes of acquiring a real estate lawyer please visit our website and contact us today.