A real estate lawyer will assist with the preparation and understanding of the purchase or buy contract, ensuring you have all the necessary legal components required, while protecting your best interests.
For the majority of individuals, the purchase or sale of a home is the largest financial transaction in their lifetime. The role of a real estate lawyer is to ensure the transaction is completed while protecting the interests of the client. The various parties in the transaction (the other party, realtors, lenders, appraisers, mortgage brokers etc) have conflicting interests, while the lawyer is only interested in protecting his/her clients’ best interests.
If you are selling your home, a real estate lawyer should:
- If you have not signed a purchase contract, assist in the preparation of the purchase contract or in the negotiation of non-standardized terms;
- Preparation of the sale documents, including the Transfer of Land and Statement of Adjustments between you and the buyer for property taxes, condominium fees, rents, etc.
- Order a Real Property Report and Compliance Certificate (if required);
- Order an Estoppel Certificate from the Condominium Property Manager (if required)
- Arrange for the closing of the transaction, receipt of the sale proceeds, payout to all required parties (lenders, realtors, surveyors) and providing the net proceeds to the sellers.
If you are purchasing a home, a real estate lawyer should:
- Review the contract with you and help you understand the contract;
- Confirm with you how you wish to be registered on title (if more than one buyer) as joint tenants or tenants in common
- Prepare all closing documents, including all documents pertaining to any new mortgage you are obtaining, title insurance, real property report and compliance (if applicable), clear estoppel certificate (if applicable)
- Attending to the payment of the purchase price to the seller’s lawyer;
- Ensuring that you obtain title to the property free and clear of all financial encumbrances which you have not agreed to assume;
We recommend seeking the advice of a lawyer prior to the signing of real estate contract to obtain preliminary guidance to allow for a smoother transaction.
If you need assistance or more information regarding the purchase or sale of a home, or for the re-financing of your existing home, we welcome you to contact our office at 780-469-0494 or email us directly at email@example.com.