Real Estate Lawyers
To find out what real estate lawyers offer in terms of services, it is a good idea to know the scope of real estate law. It is a body of legal codes and regulations that relate to such matters and include issues such as residential and commercial property transactions, development, and ownership.
With this in mind, real estate lawyers make sure that their clients’ duties are clearly defined and their rights are protected. There are various ways in which a real estate lawyer can help when buying a home. The lawyer will make sure you understand the contract and how the title on the property will be transferred. He will check whether there are any liens, easements, or covenants, registered against the house, which can prevent its use. Then, the real estate lawyer will take care of the legal documentation by preparing and registering all required documents. The lawyer will also clarify your mortgage’s terms and if required, they will work with your financial institution as to modify them. A real estate lawyer can help you by scrutinizing adjustments as well. Before the transaction closing, they will check whether utility costs and taxes owing have been paid. The real estate lawyer will also attend the closing as to check all documents that you have to sign. To avoid losses related to title defects, the lawyer will arrange title insurance protection for you.
Real estate lawyers deal with a number of issues related to property sale. These include reviewing the binder and preparing the purchase and sale agreement. If needs be, the lawyer will negotiate its terms on your behalf and prepare the power of attorney and deed. The lawyer will handle title issues in case such arise, helping to correct them. The real estate lawyer will also attend the closing and check all documents you are about to sign. Then, they will handle the transfer of security deposits and if required, they will arrange for insurance certificates.
Obviously, a real estate lawyer can help in many ways, but how do you go about hiring a lawyer? One way to do this is to ask your coworkers, family members, friends, or the Bar Association in your province for referrals. You may also ask a local realtors association or real estate brokers for referrals and then identify real estate lawyers you want to call. When looking for a lawyer, be sure to find one who specializes in real estate. They should have experience and expertise in the areas required for your particular situation. You may also want to look for a professional who is a licensed real estate broker and an attorney at the same time. Keep in mind that they should be licensed to do both. A real estate broker is not an attorney, and hence he is not authorized to offer legal advice.
Once you have chosen a real estate lawyer, you may want to prepare some questions related to your situation. Most lawyers will be happy to answer simple questions free-of-charge. One obvious question to ask is how much they will charge you per hour. Request that the lawyer estimates the time necessary to complete the work required, for example, handling disclosures, looking at contracts, helping you with the closing, and so on. It is good to know that some lawyers handle a number of tasks for a retainer or fixed price. Then, you may want to start with the least expensive and easiest tasks that should be handled. In some cases, a little help or advice is all that you need.