Whether you're buying, selling or refinancing your home, one of the most important people you will work with is your real estate lawyer or a notary.
The lawyer's overall responsibility is to make sure your paperwork is filed, your rights are protected and your transaction goes through. Below is the break down of their dutties, and answers to some questions most frequently asked about real estate lawyers.
What does a real estate lawyer do?
If you are Buying a home:
You will want to start working with a real estate lawyer as soon as you're ready to sign the Offer to Purchase. Lawyer's job is to conduct a title search, get title insurance in place, register the home in your name, draw up a Statement of Adjustments, and facilitate the financial transaction on closing day.
Your lawyer will also have your Keys to your new home!
If you are Selling a home:
Your real estate lawyer will do another title search on your home to make sure there are no defects. Your lawyer will also draft the deed of the home for the buyer, calculate any closing costs you have to pay and draft a Statement of Adjustments for you. On closing day, they will facilitate the financial transaction and hand you a cheque for what's leftover, after paying off anything you owed on your mortgage, your real estate agent's fees, legal fees, etc.
If you are Refinancing a home:
Your lawyer will conduct yet another title search, to ensure it's clear if defects; this protects both you and your lender. After that, your lawyer will register the new mortgage amount and facilitate the rest of the financial transaction. When you refinance your lawyer drafts up a Trust Ledger Statement instead of a Statement of Adjustments; it's essentially the same financial document, but your transaction is only with the bank - not another buyer or seller.
What should I look for in a real estate lawyer?
When choosing a real state lawyer look out for few things:
Don't be afraid to ask lawyers about their experience, and even ask for references from other clients.
How much does it cost to hire a real estate lawyer?Legal fees depend of how complicated the purchase transaction is, as well as lawyer's expertise. There will be a base fee that depends on the type of home (condo, detached, etc.) and registration fees. The cost will also depend on whether you are buying, selling or refinancing. Expect to pay around $1,500 in legal fees and disbursements when all is said and done.
|Courtesy of RateHub.Ca|