The process of buying and selling a property such as a residential home or a commercial building can be a complex procedure. Errors in these transactions can result in significant monetary loss to the buyer or the seller. Therefore, to avoid these kinds of issues and protect yourself from real estate blunders, it is better to get professional help.
A qualified real estate lawyer will help you understand the details of your real estate transaction and help protect you from any potential financial loss.
Real estate lawyers are highly knowledgeable in this process and can provide you with advice before you and/or your agent prepare an agreement of purchase and sale. Your real estate lawyer will advise you in order to protect your interests and minimize potential conflicts or misunderstandings that can occur during the buying and selling process. Without getting professional help before and during the transaction, you may be agreeing to something of which you are unaware and which could lead to significant financial loss and a potential lawsuit.
A qualified, thorough real estate lawyer will communicate and work with the purchaser’s/seller’s agent and lawyer to help ensure that your transaction will close on time and keep you apprised of any potential issues that may come up during the process.
Your real estate lawyer can assist you in many ways. Your real estate lawyer will review the agreement of purchase and sale and check for any errors that may jeopardize your interests. It is best to have your lawyer review the agreement of purchase and sale before you sign it. Your lawyer will also check other documents that may affect title, and if you are purchasing, will complete a title search of the property to ensure that you are obtaining a property with clean title. If you are financing the purchase, your lawyer will work with the financial institution to coordinate funding and will register the mortgage on title.
Your lawyer will also communicate with your real estate agents to make sure that conditions such as financing and home inspection are met by the required dates. Items such as property taxes, land transfer taxes, and other fees should also be addressed with you.
With the assistance of a lawyer you can avoid many mistakes that are often overlooked but can negatively affect the transaction. Details such as misspelled names, incorrect numbers and incorrect legal descriptions are just a few examples. Your lawyer will make sure these transactions are in accordance with all laws and regulations.
Your lawyer will also protect you from any legal or commercial issues. They will help you in dealing with investment opportunities, local government codes and laws, property leasing, mortgages, land use issues, and other matters.
Not all lawyers are capable of handling these kinds of transactions. Only trust those with specific experience in real estate law. They are well aversed in the process and can quickly attend to and fix any issues that may present themselves during the process. This will help minimize monetary damages to you if something goes wrong.
It is highly recommended that you hire a reputable real estate lawyer when you are involved in buying or selling residential or commercial property. This will help ensure an error-free and on-time closing.
Mike Henley is an associate in the corporate commercial group at the Guelph Lawyers office for Miller Thomson LLP. If you are buying or selling residential or commercial property in Guelph, and need a Real Estate Lawyer in Guelph, Mike is personable to deal with, thorough, and is backed by a highly sought-after and reputable firm to help make sure that your closing goes smoothly, is error free, and is on time.