For most people, buying or selling your home will likely be the biggest transaction you will be involved in. The process itself usually involves several parties and stakeholders, agreements and clauses. Considering this is a process most will only be involved in a few times in their lifetime, it is no wonder the majority of individuals that are looking to buy or sell a home assemble a team of professionals to help them navigate the process. This team of professionals may include, but is not limited to a real estate agent, mortgage broker, home inspector, and a real estate lawyer.
Of everyone supporting the transaction, the real estate lawyer tends to be the most underutilised individual of the group. Often a real estate lawyer is contacted after the buyer and seller have a firm deal and they are looking to have the title transferred and the property registered on the date of closing. However, real estate attorneys should be involved throughout the entire process and not just during the final steps. A real estate attorney will ensure their client’s interests are protected and offer their clients piece of mind throughout the entire process.
When selling a home, a real estate lawyer can draft the agreement of sale, review to ensure the home is described accurately, and ensure any fixtures from the home that are to be excluded from the sale, are documented and noted. After offers are received, the lawyer can review them and outline any conditions that may have been included. When your home is sold, your real estate lawyer will prepare the deed to your home and once the monetary conditions have been met, the lawyer will close the transaction on your behalf.
If you are in the market to purchase a home, your real estate lawyer can review the purchase agreement and include any chattels you wish to be included as part of the sale. Appliances are probably the most popular items added to purchase agreements, as they need to be noted separately as part of the purchase. You should also have your attorney review to ensure there are no claims or liens against the home or property you are looking to purchase, and to ensure the taxes are paid to date. In some cases, your lawyer can assist with mortgage documentation and assist with organising home insurance. On closing, your real estate lawyer will coordinate with the seller’s attorney to exchange legal documents and obtain the keys to your new home.
Having a real estate lawyer by your side throughout the entire process of buying or selling a home will certainly relieve some of the pressure and anxiety that comes with dealing with potentially the largest transaction of your life.
AGS LAW Professional Corporation has been providing fair, affordable legal representation in Barrie and South Eastern Ontario since 2011. We specialize in real estate law, family law, and paralegal services. Give us a call today 705-735-0003 and let us help you.