Buying a new home or property can be stressful, confusing and a little scary; after all, it’s the largest investment you’ll probably make in your lifetime. There isn’t much room for error and mistakes can end up being costly and time consuming to fix. So what can you do to make the process a little less daunting and ensure you have all of your bases covered? Hire a Toronto real estate lawyer.
Many buyers incorrectly assume that because their lender has an attorney, everything will be handled correctly but, that isn’t always the truth. The lender’s attorney works to cover the lender’s interest, not the buyer’s. The only sure way to know you’re legally protected is to hire a real estate attorney independently to protect your interests.
A real estate attorney is a professional who knows the ins and outs of both buying and selling a property and can guide you through your own purchase, making sure you’re covered in the event of a mistake or costly delay. They can also make the process a little less confusing for the purchaser.
What a Real Estate Attorney Does
- Review and negotiate your purchase contract – A purchase contract is a legal document between the purchaser and the seller which, once signed by both parties, becomes a binding, legal document. It stipulates things such as price, a timeframe for the purchase etc., and can be costly in legal fees to undo if a mistake is found after signing it. A real estate attorney can review the contract before hand, correct any mistakes, change legal language, or add any stipulations before it becomes a binding, legal agreement.
- Review all important documents pertaining to the transaction – there are other legal documents that go along with the sale of a property such as, the deed, bills of sale, mortgage loan documents, title, and insurance policy paperwork … just to name few. Your real estate attorney will handle all of these documents; checking for any errors and making certain your interests are being served as well as simplifying legal jargon you may not understand.
- Resolve any issues that may come up while your sale is pending – mistakes happen and people aren’t always truthful. Your real estate attorney can take the burden off you by handling any issues which may come up while your sale is pending.
- Simplify the mortgage process for you by explaining what your commitments are as well as the lenders – it can be quite confusing making a property purchase. Your attorney is there to answer any questions and they know how to break it down into language you can understand.
- Assist and represent you at the closing – your attorney will review all of the documents at closing and work to explain their significance to you, and, resolve any disputes that may come up at closing.
Why You Should Hire a Real Estate Attorney
Hiring a real estate attorney is not something you necessarily need to do but hiring one early on in the buying process will probably save you a lot of money and headaches later on as your purchase proceeds through the various levels of the home buying process.
Your real estate attorney works for you and only you. They keep abreast of the market trends and know when to buy, where to buy, and how much to offer in a hot real estate market. You would never attempt to diagnose and treat your own medical condition in lieu of a doctor so why would you make the largest investment of your life without the help of a professional? It makes good business sense to have a knowledgeable real estate attorney on your side, protecting your rights and investment.
So to conclude, keep in mind … this is a huge investment. Having a professional who is on your side and has no vested interest in the transaction itself, only to protect your interests and advocate for you, is monumental in making you feel secure about your purchase.
Hopefully, if you’ve been on the fence about hiring a Toronto real estate attorney to protect your interests when purchasing a property, this article has moved you to investigate your options further. Take charge of your buying power; protect yourself and your family by hiring a real estate attorney today.
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