The Canadian Real Estate Association reports that 667,000 existing homes were sold in 2021. This means that all across Canada prospective homeowners lined up to sign their names on the dotted line.
When buying a house you should prioritize finding a good real estate agent and trustworthy real estate lawyer. Keep reading to learn what a real estate lawyer does and why you need one when buying a house.
REVIEW OF AGREEMENT OF PURCHASE
Real estate transactions are some of the most expensive purchases you can make. By hiring a real estate lawyer you can have an expert review the purchase and sale agreement. Working with real estate lawyers can protect you from making a costly mistake.
Realtors use a template to prepare a purchase agreement, however, these rigid templates often miss many of the nuances of a piece of property or an unusual deal term. A real estate lawyer is better suited to draft any changes to the template to ensure you are covering all of the necessary details and contingencies.
RESEARCH LAND TRANSFERS AND CLAIMS
You can transfer a land title without legal assistance, however, depending on where you live there may be strict requirements and laws you must follow. Your real estate lawyer can ensure that the transfer goes well and adheres to all protocols. If there are any issues, our legal team at First West Law can troubleshoot any disputes that may arise.
ENSURE THE VALIDITY OF THE TITLE AT CLOSING
A property's title describes the rights endowed to the owner. If you are buying a home you want to ensure that the seller is the only individual with claims to the property. If there is a lien or secondary claim on the property your real estate transaction may not even be valid.
Issues about valid titles actually pop up more regularly than you might think. When a title is called into question, it may adversely affect your real estate deal.
REVIEW THE AGREEMENT OF PURCHASE
At a real estate closing, a real estate lawyer is charged with studying the paperwork their client is signing to ensure it is correct. This is increasingly more important if there are any last-minute easements or boundary issues that may arise. Buyers should never finalize a major transaction without ensuring that all of the details are preemptively sorted.
MAKES SURE YOUR TRANSACTIONS GO SMOOTHLY
There are many benefits of real estate lawyers, however, the biggest one is having peace of mind throughout the sale. Having a well-written contract and a legal expert can give you the assurance that all expectations of the real estate transaction are clear. Leaving a gray zone can leave you and your finances vulnerable during such a major transaction.
HIRE REAL ESTATE LAWYERS
When picking a real estate lawyer you want to find someone who will best represent your interests in a legal transaction. Enlist a legal expert to help you navigate your future real estate transactions.
Hire a real estate lawyer at First West Law LLP for all of your legal real estate needs in Calgary.