What Can a Real Estate Lawyer Do for You?
Real estate attorneys often face misconceptions about their job. Unfortunately, many people lack insight into the inner workings of a real-estate practice.
Do I Need Legal Representation when Purchasing or Selling My House? Does hiring a lawyer for the purchase of an home make any difference?
Yes, both questions have been answered. A lawyer is necessary to assist in purchasing or selling a property; however, real-estate lawyers are even more capable. A real estate attorney is knowledgeable about all legal issues related to land, buildings, landlords, tenants and even property developers.
What is a Real Estate Attorney?
A real estate lawyer is an individual who specializes in all areas related to real property law and transactions.
Acquisition, Development, Disposition, Ownership and Use
All Ontario lawyers must obtain licensure through the Law Society of Ontario and complete 12 hours of continuing education annually to maintain their license.
Are you in search of a real estate attorney in your vicinity?
Real estate attorneys provide legal counsel on both residential and commercial property deals.
Here are just a few scenarios in which having the assistance of a real-estate attorney could be advantageous:
- Commercial property, or a home for sale or purchase
- Letting or renting a building, property or other asset
- Land development, rezoning and severance
- Representation and legal issues regarding landlord-tenants
- Land disputes with neighbors or co-owners
- Family cottage disputes
- Transmission to an executor, beneficiary, or surviving spouse
- Independent legal advice on matrimonial matters
What are the different types of Real Estate Laws?
The law of real estate can be divided into two primary categories: residential real estate and business real estate.
Residential Real Estate Vs Commercial Real Estate
Residential real estate involves the sale and rental of land and houses to individuals.
Commercial real estate
Commercial real estate transactions tend to be more intricate. This category encompasses land development, leases and the purchase or sale of commercial buildings. Therefore, legal professionals as well as staff must possess more expertise in handling these cases.
Many people mistakenly believe they can save costs by not hiring a lawyer, but as with most things in life – prevention is key. At the start of any transaction, an experienced attorney should conduct due diligence to detect financial encumbrances, ownership disputes and environmental hazards. Many business professionals won’t even consider making an offer on a deal or considering buying without first having their lawyer do all of the legwork.
Real estate attorneys can be especially useful when it comes to leases. Having your contract reviewed by an attorney prior to signing can help avoid potential headaches. Discussing any concerns you have with the contract or its meaning with them beforehand will put your mind at ease.
What are the steps involved in purchasing or selling a home?
When you hear “real estate attorney”, you might think of someone who assisted in purchasing or selling your house. This type of transaction, also referred to as “conveyancing”, involves transferring title to real property from one individual to another. Though seemingly straightforward, there are actually several steps involved in making it happen.
Your primary role as the client is to establish contact with a lawyer, answer queries and sign documents.
Your lawyer may be asking: “What does a real estate attorney do?” In many cases, their duties extend beyond simple sales/purchases.
When reviewing a transaction, it is essential to exercise due diligence and thoroughly examine title and contract documents.
- Arrange for title insurance if necessary
- Safeguard client interests (including the resolution of disputes)
- Facilitating the financial component of a transaction (mortgage and deposit).
- Registering title correctly
- Adjusting insurance, taxes and fees as necessary
Corresponding with strata agents, real-estate agents, insurance brokers, mortgage brokers or financial institutions as needed
Meeting regulatory requirements by obtaining signatures
Reporting to all stakeholders. Answer any queries that arise. From the above, it is clear that conveyances are defined clearly. Real estate lawyers possess the expertise necessary for successfully completing these transactions.