Should I Hire a Real Estate Lawyer?
Purchasing a home is the most significant transaction that most Canadians will make in their lifetime. It is a huge financial investment with emotional connotations – after all, this may be the place where you grow old and raise your children. Selling a home is equally complex, with similar financial and personal implications.
Whether you are planning to buy or sell a property, an experienced real estate lawyer like the ones found in our comprehensive real estate lawyer directory can help you avoid unnecessary complications and ensure that your transaction proceeds as smoothly as possible.
“This is one of the largest financial transactions a Canadian will ever make, and it pays to ensure it is done right and that all of [a buyer or seller’s] legal rights and protections are adhered to,” Don Campbell of the Real Estate Investment Network told the Globe and Mail in 2018.
But what exactly does a real estate lawyer do? What sort of challenges can a real estate lawyer smooth over?
From a purchaser’s perspective, a real estate lawyer may provide the following services, according to RE/MAX:
– Reviewing the Agreement of Purchase and other legal documents
– Ensuring that no claims are listed against the property
– Setting up title insurance
– Ensuring valid title upon closing
– Ensuring property taxes are current
– Calculating land transfer tax
– Creating mortgage documents
– Closing the transaction and ensuring legal and financial conditions are adhered to
– Exchanging legal documents with seller’s lawyer
– Arranging for exchange of keys
Services provided to sellers include:
– Reviewing the Agreement of Purchase and other legal documents
– Assisting in the negotiation of terms and conditions
– Preparing the deed to the house
– Resolving any title issues
– Closing the transaction
– Ensuring the legal and financial conditions of the transaction are met
– Exchanging legal documents and keys with the buyer’s lawyer
In other words, the services of an experienced real estate lawyer are indispensable during every phase of the purchasing or selling process. But how much do these services cost?
The fees charged by the lawyers in our real estate lawyer directory are determined by a variety of factors. According to one lawyer who spoke with the Globe, real estate lawyers in large urban centres like Toronto and Vancouver tend to charge between $750 and $2,500 in fees, plus additional costs related to title insurance, land transfer tax title searchers, mortgage registry, etc. Prices vary depending on where you buy a home, whether it is a condo or a house, and whether it is newly constructed, not yet built, or resold. Consumers should discuss all legal fees and costs directly with your real estate lawyer.
If you are interested in purchasing or selling a home, consider browsing our large real estate lawyer directory for an experienced real estate lawyer in your area. Real estate transactions can have a massive effect on your financial health and quality of life – trust a professional to make sure yours goes smoothly.