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What Role Does a Real Estate Lawyer Play During a Home Sale?

If the time has come to hire a real estate lawyer when selling your house, understanding the role your lawyer plays in the process can help make for a smoother transaction.

A real estate lawyer specializes in the buying and selling of a house or property. From the initial Purchase Agreement to the closing date, both the buyer and seller need to follow certain legal stipulations to ensure their financial and physical assets are protected. Here’s how a real estate lawyer can help you:

Selling Property

Drafting Purchase Contracts

Hiring a real estate lawyer for the transaction of selling a home begins with the creation of a Purchase Agreement. This standardized contract outlines the details of the sale, including the price and inclusion of contents and property.

Helping with Negotiations

You may be able to sell your house faster by hiring a real estate lawyer to help with the negotiations. Emotions can run high, and a buyer may not financially see the structure in the same value as the seller. A real estate lawyer can put the negotiations in perspective, saving time and money.

Resolve Any Ongoing Legal Issues

Even with the best intentions, a house sale can have legal issues develop. From misleading property lines to content disputes, the real estate lawyer can help resolve these problems. As the process of a house sale can be delayed or extended by either party, it is beneficial to have legal issues settled without forcing a court case.

Conducting a Title Search

A real estate lawyer can help with any problems of the Title Search such as disputed property boundaries or encroachment. If the house owners discover a long-lost relative’s name on the title ownership, it will need to be settled before the sale can be completed.

Reviewing Statement of Adjustments

Another legal document for the selling of a house is the Statement of Adjustments. This legal document outlines the expenses, fees, and charges in regard to the property sale. The real estate lawyer will review and confirm any portions of the adjustments before the closing date.

Helping in Documentation

To protect the interest of the seller, having a real estate lawyer to assist in the legalities of the documentation can save time, money, and in some cases, the sale of the house. Selling and buying property takes an understanding of the rights of all parties.

Closing the Transaction

As the closing date is the most important time when selling a house, the real estate lawyer holds most of the responsibility to ensure a smooth process occurs. Between the legal documentation required for filing to verifying the identities of the parties involved, the real estate lawyer also handles the exchange of monies and keys to the property.

For a reliable real estate lawyer in Toronto, place your trust in Zinati Kay – Real Estate Lawyers. With more than 50 years of experience, we have been helping home buyers and sellers realize their property dreams in the GTA. Contact us today to book an online or in-person appointment.