Making a Real Estate Transaction? You Need a Real Estate Lawyer
Real estate transaction or deals are bound to involve a series of legal formalities. This mainly induces and signifies paperwork and its importance in any particular transaction. Be it virtual or physical, dealing with too many documents can become tedious, thus leading to a possibility of errors. That’s where the need for a real estate lawyer comes in. This article focuses on why one ought to consult a real estate lawyer before locking at a real estate deal.
- Ensuring The Clearance Of The Legal & Municipal Titles
- Every real estate transaction begins with the assurance of titles being clear, without which the process cannot advance. A real estate lawyer can promptly verify whether the legal and municipal titles of a real estate are clear, so that you don’t have to deal with any unwanted disputes.
- Separating The Purchase Price From Miscellaneous
Acquainting yourself with the purchase price or the base price of a property is essential while signing a deal. A real estate lawyer’s role is to identify the purchase price, ensure that it is reasonable in legal terms, and then make the client aware of it. This way you avoid fraud and other such issues.
- Obtaining A Thorough Property Inspection Report
It is quite understandable that older properties require timely maintenance. It is the duty of a real estate lawyer to obtain an updated and descriptive property inspection report from the seller on behalf of the client. You need not get into the nitty gritties of the transaction.
- Obtaining A Detailed Insurance Report
Insurance is a matter of concern from a security as well as a monetary perspective. A real estate lawyer is expected to extract the history and nature of insurance attached to the property in question and deliver it to the client for their record.
- Making Taxes Simpler
- With every amendment to the real estate laws, certain taxes are added and discontinued. Apart from the mandatory taxes, there may be some hidden charges levied by the seller under any conditions whatsoever. To achieve clarity in enlisting these charges, a real estate lawyer plays a pivotal role in the client’s interest. A lawyer also adds and justifies the charges to be paid or deducted by the seller depending upon the nature of the transaction.
- Protecting Clients Under The Dower Act
The Dower Act is a special provision by the Government of Canada, which defines the right of a spouse to stay in their matrimonial home during their lifetime. This prevents one spouse from selling the matrimonial home without the consent of the other. A real estate lawyer can protect their client in any issues pertaining to the Dower Act during a real estate transaction.
- Explaining The Ownership Registration Options To Clients
- A real estate lawyer explains to the client the two ways of registering themselves as owners. This includes being either "joint tenants" or being "tenants in common", which is left to the interest of the client. And, they can also help you with the process of registering yourself.
The aforementioned factors are involved in almost every real estate transaction. The legal jargons and formalities can be confusing and time consuming, which is why we recommend hiring real estate lawyers to systemise the procedure. You can consult our real estate lawyers categorised as experts as per your need, at Prowse Chowne.