Calvin Barry Professional Corporation

Do You Really Need a Lawyer When Buying or Selling Property in Ontario?

Buying or selling a home, no matter how small, is a huge financial transaction wherein small mistakes can prove to be costly. It is in your best interest to make sure that your real estate transaction will not end up in a nightmare by getting legal help from a professional.

Real Estate Lawyers, To Hire or Not to Hire?

Real estate lawyers prevent you from making costly mistakes and doing anything that can have a disastrous outcome when buying or selling property. To do this, a real estate lawyer’s roles involve the following.

Review the Agreement of Purchase and Sale

The Agreement of Purchase and Sale is a binding contract that is also the starting point of the selling and buying process. Though a lawyer is not needed to sign this, a lawyer can make sure that you understand the terms therein and that your rights and wishes were respected before you sign anything. You may tell your real estate agent that the APS will have to be approved by your lawyer prior to you signing the document. Your lawyer can request for a revision or add certain clauses that will make sure to protect your rights and best interests.

Perform Due Diligence

Your lawyer can check the property titles to make sure that the legitimate owner is selling it or that there are no issues on the property if you’re the one selling it. In the event any issues were found, no matter how small, your real estate lawyer may advise you on the risks involved and what can be done to mitigate those risks.

Guide You Through the Entire Transaction

A good real estate lawyer will be by your side for every step of the way in buying or selling a home. Your lawyer will review all paperwork, make sure that fees are paid to the right individuals, and that the right taxes are paid. Your lawyer will also inform you of possible fees early on in the transaction to make sure that you won’t be caught off-guard with the numerous fees together with the closing costs. Your lawyer may also help you secure a land title insurance to make sure that you’re covered for every possible mishap.

Prepare Your Mortgage and Title Documents

Your real estate lawyer will typically prepare your mortgage instructions and your title documents, register your mortgage and the transfer deed upon closing, and make sure that the closing is properly documented for legal purposes.

In view of all of the above, hiring a real estate lawyer is an investment that can save you a lot of time and money as well as help you avoid the risks that come with selling or buying a home. A good lawyer won’t be cheap, but the peace of mind that you’ll get is priceless.