Posted on: 24 January 2022
Real estate law can be very complicated in Canada. Therefore, it's a good idea to consult with real state lawyer services before you purchase a home so you will not run into any legal trouble. The last thing you will want to do is end up in court over details in a contract that you did not understand at the time that you put pen to paper.
Have All Documents Reviewed
Your real estate lawyer will review all documents related to the purchasing of real estate in Canada and will answer any questions you have. Your real estate lawyer will also give you their opinion regarding whether the real estate contract will be in your best interests. For example, they will often look at the document known as the "Agreement of Purchase." When performing the sale, you will need to negotiate on the terms and conditions. This is something that your lawyer will be able to assist you with.
Thoroughly Research the Property
A real estate tax attorney will research the property to make sure that there won't be any surprises for you. For example, they will determine if the property has any liens attached to it or whether it has any unpaid taxes. If there are any taxes you must pay on closing, the real estate lawyer will help you calculate these taxes, including the land transfer tax. They will make sure that the title is valid. They will also assist you in purchasing title insurance.
Gain Access to Specialized Software
One of the reasons why you need a real estate lawyer is to have access to software that only lawyers are allowed to use. A lawyer can perform a title search automatically, and this process is not handled by paper anymore. Also, a Canadian real estate lawyer must sign off on the purchase of land.
Close the Sale Smoothly
Both you and the seller will have a lawyer and the documents and keys will be exchanged between both lawyers. This ensures that the transaction goes smoothly and that nothing important is lost. Your lawyer will also assist you if you intend to purchase real estate with someone else through a process known as "joint tenancy." A real estate lawyer will be able to explain how each type of joint tenancy might benefit you and whether you should have your property passed on automatically or through the probate process.
Contact a real estate lawyer in your area to learn more.Share