Purchasing a house is most likely the largest investment you will ever make. So, in addition to engaging a real estate agent to assist with the negotiations, you should consider hiring a real estate lawyer to advise you through the legal procedure. Real estate lawyers are experts in all aspects of property law, from sales to resolving disputes between parties.
The Law in the Province of Ontario demands the presence of a real estate lawyer to complete a real estate closing. In addition to this legal requirement, you may wish to retain the services of a real estate lawyer in order to have someone work for you whose sole duty is to represent your interests. Your lawyer will go through the documents ahead of time and advise on any issues or omissions.
Most real estate lawyers are paid for their legal services by a fixed fee. The lawyer will inform you right away.
The Key Takeaways:
Real estate law governs the acquisition and sale of real property, including land and buildings built on it. It also addresses legal problems with items connected to the property or buildings, such as appliances and fixtures.
Real estate lawyers guarantee that appropriate processes are followed throughout the purchase or sale of the property. They may also be worried about how a property is designated for use. Deeds, property taxes, estate planning, zoning, and titles are covered under real estate law.
Provincial and municipal governments have different real estate laws. Therefore, lawyers must be licensed to practice in the Province where the transaction is taking place, and they must keep up to date on any provincial or local changes that may affect the transaction.
A real estate lawyer is qualified to draft and evaluate purchase agreements, mortgage papers, title documents, and transfer documentation.
When the money is paid, and the title is transferred, this is referred to as closing. A real estate lawyer who has been engaged to manage a transaction will always be present at the closing and will complete the transaction with the lawyer who represents the opposite party of the transaction. The lawyer’s role is to ensure that the transfer is lawful, binding, and in the client’s best interests.
The real estate lawyer and staff may create papers, issue title insurance policies, conduct title searches on the property, and manage the transfer of money for the purchase during the acquisition of a property. If the acquisition is financed, the lawyer is in charge of preparing paperwork for the buyer’s lender.
In the event of a real estates dispute, such as chain of title, lot line difficulties, or other contract-related concerns, the lawyer will deal with the matter in the best interests of the client.
When a real estate issue ends up in court, a real estate lawyer may represent the buyer or the seller. The real estate lawyer gathers information from all sides of the issue and attempts to resolve them. Hiring a surveyor or licensed property inspector, engineer or licensed property appraiser to go through the specifics may be necessary.
Like any other lawyer, a real estate lawyer has obtained a three-year law degree from a University Faculty of Law after obtaining an undergraduate degree. They have also passed the provincial bar exam in the Province in which they practice. Real estate legal training may begin in law school with optional courses and internships and can continue with a real estate law certification.
McGuinty Legal Offices is one of the top law firms in the Ottawa region, with over 50 years of combined expertise representing thousands of purchasers and sellers. We are dedicated to our clients, and our first goal is always to finish their real estate transactions to their complete satisfaction. Our experienced and trained real estate lawyers constantly look out for the best interests of our clients who are buying or selling a property or engaging in any other real estate transaction. We continue to establish a strong reputation in Ottawa for offering quality legal services at affordable prices for a wide range of problems, including:
McGuinty Law Offices’ experienced real estate lawyers appreciate clients who place their confidence in us. We are proud of the many recommendations we earn from our clients daily. We believe it is a true measure of our success that we have represented the interests of thousands of real estate clients over the last 36 years.