Closing the Deal: Why You Need a Real Estate Lawyer When You Sell Your Home
Selling your home can be exciting, but it’s also a bit tricky because there are a lot of legal details involved. Whether it’s the first time you are selling your home or you’re someone who buys and sells properties often, navigating all the details can feel like trying to find your way through a confusing maze. This is why having the right real estate lawyer by your side can make all the difference.
The simplest reason is that a real estate lawyer helps you understand complicated contracts and protects your legal rights during property transactions. Whether you’re selling your home or an investment property, they provide important advice and guidance throughout the process. But, let’s start with the basics…
What Is A Real Estate Lawyer?
A real estate lawyer has expertise in every part of the home buying and selling process. They are qualified to represent both sellers and buyers and hold a valid license to practice law specifically in relation to real estate transactions.
In Canada, especially in provinces like Ontario, you must have a real estate lawyer when buying or selling a home. This is because only certain professionals, including licensed lawyers, real estate agents, and brokers, can access the Electronic Land Registration System for property transactions. So, having a real estate lawyer not only means that you’ll meet the legal requirements but also protects your interests when selling your property. If there is something off about the property deal, your lawyer is going to tell you about it, and that can mean saving your a ton of headaches and likely money as well.
What Does A Real Estate Lawyer Do?
The real estate lawyer plays an important role in making sure you have a smooth property sale by addressing all the legal requirements. Their primary focus is on ensuring a seamless transfer of the property’s title and managing the mortgage payout for you.
Your lawyer will also review all the documents before you sign them, do any negotiating necessary, put together the deed, fix any issues with the property title, and handle the closing of your home’s sale. They’ll double-check everything to make sure it’s legal then, finally, swap the legal papers and keys with the buyer’s lawyer to finalize the deal.
What Are The Benefits Of Using a Real Estate Lawyer During Your Property’s Sale?
1. Legal Expertise
Hiring a real estate lawyer provides legal protection and expertise by making sure you review and understand the complex documents involved in your real estate transaction. They deal with potential legal issues, such as requests following home inspections, and resolve any challenges.
2. Reducing Your Risks
Your real estate lawyer will do their due diligence by investigating and verifying all aspects of a property transaction. Also, their skill in managing risks and giving advice about backup plans in purchase agreements helps avoid expensive errors and protects your money.
3. Dealing With The Paperwork
In real estate deals with many people involved, a real estate lawyer helps make sure everyone works together well. They are a main contact person, making sure everyone talks and finishes paperwork on time. When it’s time to close the deal, they are the key to getting legal papers signed, transferring money, and exchanging keys. They are the ones that make everything run smoothly.
4. Saving Money
Although hiring a real estate lawyer may seem like an extra expense, it can be a cost-effective decision in the long run. By preventing costly mistakes and legal disputes, their services, which typically range from $700 to $1,500, can help you address potential issues before they get worse, saving you thousands in the long run if you were to run into bigger issues.
5. Peace of Mind
Selling your home can be a stressful time and hiring a real estate lawyer brings peace-of-mind during the process because of their knowledge and experience especially if it’s your first time selling a home. Having a steady guide by your side to walk you through everything one step at at time gives you confidence and you’ll rest easy knowing everything was done right.
Situations When a Real Estate Lawyer Is Crucial
Although you should hire a real estate lawyer for any home or property sale, there are certain scenarios that are a bit more complicated when you’re selling a house. You should definitely use a lawyer if you’re the executor of an estate and are selling a family member’s home, if the sale is part of a divorce settlement, if your home has liens (outstanding loans) or major structural issues, or if you have multiple people selling a home jointly.
How Do You Choose The Right Real Estate Lawyer?
Finding a real estate lawyer is easy but how do you know which one is right for you? You should look for a lawyer with expertise and experience in real estate and who has worked with the specific type of property you’re selling. They should also be proactive and update you on your pending sale on a regular basis. A local real estate lawyer knows all the regional property laws and is close by when you need to sign documents. And having a tech savvy legal team is a valuable asset in today’s world of electronic communication.
A good way to know if the lawyer you are considering will be a fit for you is to explore their online presence. Review their website and read through client reviews. What people have to say about the lawyer they have worked will is usually a good indicator of what they will be like to work with when the time comes for you to sell you home. You could also contact the lawyer or their team to get a feeling for how responsive they are and to explore their communication style. Do they communicate legal matters in a way that’s easy for you to understand? Do they make complicated things simple? It’s also smart to ask for recommendations from your real estate agent, friends, family, or mortgage lender. If someone you trust vouches for a lawyer, chances are you can rely on their advice.
If you’re looking for someone who is reliable, experienced, and has been trusted by many home owners in Barrie and throughout Simcoe County, you’re in the right place. Take a look through our website, Google reviews, Instagram, Facebook and LinkedIn social media pages. As an experienced real estate law firm, Hukam Law will make sure that your property sale transaction goes smoothly. We are up-to-date on local laws, know all about the details of real estate transactions, and are committed to protecting your best interests. Call Hukam Law 📞 at 705-915-0884, or send us an email at info@hukamlaw.ca, to set up a consultation today and let’s get the ball rolling.
***The information provided in this blog is for general informational purposes only and should not be construed as legal advice. If you have legal questions, we strongly advise you to contact us.