In a nutshell, a real estate lawyer can help ensure that your first home purchase goes as smoothly and as seamlessly as possible.
What do They Do?
A lawyer’s role in the home buying process is to ensure that the purchase agreement is legal, binding, and is favourable for you.
By bringing on a real estate lawyer early on in the process, you can save time, money, and risk later on.
Getting an Expert Opinion
When it comes to real estate law, there’s obviously a lot of jargon and paperwork that is very foreign to the everyday homebuyer. That’s where a real estate lawyer can come in handy:
Title Search
Before you can legally purchase a home, you’ve got to determine who currently legally owns the home, as well as if there are any claims against the home. A title company or lawyer can complete a title search to ensure that you can legally purchase the home before you hand over your cheque.
A title search requires an examination of public records and legal documents to identify the legal owner, any liens and loans on the property, and any outstanding property taxes due. By hiring a real estate lawyer to complete your title search, you can rest assured that all of these bases are covered properly in the eyes of the law.
Understanding the Contract
The legality doesn’t end with a title search, though! A home is likely one of the largest purchases and the biggest decisions you’ll ever make. With any other important step in your life, like getting married or purchasing a car, both yourself and the other party involved signing a contract to prove that you agree to the terms set out before you.
The same can be said for the home buying process. A real estate lawyer can draft and/or review a contract to ensure that you understand the terms and conditions of the agreement that you are about to enter with the seller. They’ll point out any hidden clauses and small details that the average homebuyer could have missed or misunderstood. This is especially important in cases of a home for sale by owner, where the purchase agreement may not be professionally drafted.
Filing the Proper Paperwork
Do you know exactly how much paperwork a home purchase can require? A lot. Luckily, a real estate lawyer can complete it quickly and efficiently. Filling out all the appropriate forms and filing them correctly is a job in itself, so you’re better off leaving it to a professional to ensure that it’s done correctly.
Although we’ve simply scratched the surface of exactly what a real estate lawyer can do for you and your home buying experience, we hope we’ve helped you understand the importance of having one on your team.
Get in touch with our team at info@skhomebuyersguide.ca to learn more about how we can help you throughout the home buying process.