Why You Should Hire a Real Estate Lawyer When Purchasing a Home
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A home is more than just a place to live. For most families, it represents a dream come true. Years of financial sacrifices to save enough money for a down payment seemed worth it in order to provide your family with a place to live and grow for many years to come. It is probably the largest investment you will ever make in your life, so it’s understandable that don’t want anything to go wrong. Hiring a real estate lawyer who is committed to ensuring your dream purchase does not turn out to be a nightmare can turn what can be a confusing and anxiety-causing process into a smooth journey ending when the seller hands you the keys to your new home.
If I have a real estate broker, why do I need a lawyer?
Buying a home will bring you in contact with a number of different people from real estate agents and brokers helping you to find and make an offer on a home to mortgage brokers and mortgage lenders to assist you with the financing of your purchase. The person looking out exclusively for you and your interests in the purchase a home is your real estate lawyer.
A real estate lawyer possesses knowledge of many areas of the law, including contracts, real estate, mortgages and more. Your lawyer’s knowledge and experience is put to use ensuring that title to the home you purchase is clear of defects and properly transferred to your name and that all documents, including those in connection with the mortgage loan are correct and accurately reflect your understanding of the terms of the loan, including interest rate and repayment terms.
What will my real estate lawyer do for me?
Your real estate lawyer begins working on your behalf before you find and make an offer on a house. The first conversation with your lawyer will probably include an explanation of the steps in the process of purchasing a home from the offer through the mortgage application and title search and culminating in the closing. Along the way, your lawyer will do the following for you:
- Review the purchase agreement with you and explain all its terms in clear and easy to understand language. The lawyer will make certain the agreement contains all of the essential terms of the transaction between you and the seller, including the price, the closing date and other terms and conditions negotiated following the offer.
- Explain the mortgage process and answering any questions you might have about it.
- Conduct a search of title to verify there are no liens, judgments or defects to affect your ownership in the property once title is conveyed to you. As part of the title search, your lawyer will arrange for title insurance to protect your rights to the property.
- At the closing, your lawyer reviews the mortgage documents with you and explains them to you to ensure the terms of the mortgage are as you were told by the lender.
- Complete the closing by making certain all terms of the purchase agreement have been satisfied.
Throughout the transaction, your lawyer negotiates issues on your behalf that might arise and provides trusted legal advice and guidance.
Real estate lawyers in Ontario
The real estate lawyers Diamond & Diamond have years of experience successfully handling all manner of transactions associated with the purchase and sale of real estate throughout Ontario. They handle the details of your real estate transaction, so you can relax knowing you are in capable hands. Call now at 1-888-INFO LAW, or contact us here to schedule a free consultation.