When it comes to successful real estate transactions, having a real estate lawyer to help you navigate the complexities of transactions can save you money and time.
A real estate agreement is a legally binding document between the potential buyer and the seller of a home and/or property. This transaction requires a proper understanding of the intricacies of several different documents which will be formally signed by both parties. A real estate lawyer has the knowledge, expertise, and experience to provide information for their client’s best interests.
To ensure you hire the right real estate lawyer for your next real estate transaction, be aware of the key responsibilities expected of an expert law firm.
Legal Expertise in Toronto Real Estate
Within the Toronto real estate market, there are unique laws that may differ from real estate laws in other areas. Having a real estate lawyer with specialized knowledge of the local landscape and laws can prevent financial loss and consequences in the future.
Be sure to check the real estate lawyer’s credentials, portfolio of real estate cases, and online reviews. A real estate lawyer that specializes only in the selling of homes or new builds may not be the right choice for buyers. He/she should have experience in all forms of real estate transactions so that they are well-versed in all situations that might arise during your transaction.
Due Diligence and Contract Review
A real estate contract is a legally binding document that outlines the responsibilities, rights, and obligations of both the buyer and the seller involved in the process. A reputable real estate lawyer will proceed with due diligence in protecting their client’s rights with a contract review.
This may be important regardless of the parties involved and/or the real estate agent involved in complex or unusual transactions. Without a proper and thorough review by a real estate lawyer, the buyer or the seller may be liable for thousands of dollars and see the loss of their biggest investment.
Negotiations and Drafting of Legal Documents
During the drafting of contracts and documents between the two parties involved in a real estate transaction, a real estate lawyer must be prepared for possible negotiations. Both the buyer and the seller may have stipulations in respect to the details of the Agreement of Purchase and Sale, which both parties must agree to before the final signing.
A knowledgeable real estate lawyer will advise a buyer to conduct thorough research of a property before drafting an offer. Once the buyer has decided on a property, making their goals and limitations clear to all involved can help save them time in the negotiation process.
The real estate lawyer is responsible for discovering and correcting errors and omissions to present to both parties. With their knowledge of Toronto real estate laws and previous experience, the real estate lawyer can advise their client of the best strategies in respect to the negotiations.
Title Search and Examination
With a title search, lawyers undertake the complex process of researching all information about the property in question before a transaction can be made. A property title search will have the legal description of the location of the property, any existing liens, names of previous owners, the number of times the property has been sold or transferred, and details of any adjoining easements.
Possible issues that may arise include unknown owners, hidden easements, creditors, court-issued liens, zoning ordinances, building code violations, and/or civil disputes. Omissions, errors, expired certifications, and forged mortgages have also been known to be discovered with a title search.
This part of the real estate transaction plays a major role in ensuring the sale of a home or property can legally proceed.
Closing Procedures and Legal Representation
A real estate lawyer is often referred to as a closing lawyer mainly in part due to their role in preparing and executing all steps to ensure the closing date is guaranteed. He/she will draw up the necessary documents such as any mortgage paperwork, broker information, insurance papers, and findings from the title search. Any down payment or deposit for the sale will be managed by the real estate lawyer.
On the closing date, the real estate lawyer will review all paperwork, transfer any exchange of monies, send all signed documents to the Registry office for legal registration, and deliver the house keys to the new buyer.
Mitigating Legal Risks and Problem Resolution
One of the biggest advantages of having a real estate lawyer involved during the buying and selling process is the fact that they can represent you in cases when legal issues or disputes arise. A property dispute can occur at any time before, during, and even after the sale of a property is complete.
Resolutions may be required for breach of contract, breach of duty or negligence, failure to disclose a defect, boundary disputes, easement disputes, and adverse possession (A.K.A squatter’s rights). These disputes can involve family members, neighbours, trespassers, builders, and government representatives.
Compliance with Toronto’s Real Estate Regulations
A professional real estate lawyer will help the buyer ensure that the property adheres to all local regulations, by-laws, and zooming laws within the Toronto laws or is Title Insured for the same. Property transactions involve building codes, ordinances, environmental regulations, and permit applications.
Following Toronto’s real estate regulations, a real estate lawyer offers legal guidance, identifies any possible legal issues, and represents their client in all legal negotiations, in and out of court proceedings.
Zinati Kay Offers Experience, Expertise, and Successful Real Estate Transactions
For a comprehensive and smooth real estate transaction, talk to the knowledgeable professionals at Zinati Kay – Real Estate Lawyers. With more than 50 years of combined experience in the local real estate market, our team of lawyers is involved in every step of the property buying process. If you need a real estate lawyer in Toronto, call us at 416-321-8766 or contact us with our online form.