Most home buyers and sellers know they need a real estate agent, but not as many are aware that they could also benefit from hiring a real estate lawyer. A real estate lawyer is there to ensure your residential real estate transaction goes as smoothly and quickly as possible, while preventing any potential legal difficulties. Here are four valuable things a real estate lawyer can do for you:
A Real Estate Lawyer Drafts Custom Documents
Most real estate agents are not experts when it comes to contracts and legal documents, including the Agreement of Purchase and Sale as well as title and closing documentation. A real estate agent typically relies on boilerplate contracts and documents which may not be exactly right for your particular real estate needs and situation. A real estate attorney, on the other hand, will expertly draft custom contracts and documents that are written specifically for you and designed to protect your best interests. They can be as tailored and specific as you need them to be, all while adhering to the law.
Real Estate Lawyers Provide Due Diligence.
One of the most valuable services offered by real estate attorneys is due diligence. This means that your attorney will carefully examine all aspects of your potential real estate agreement to ensure that the deal is sound, fair, and not misleading in any way. The way due diligence plays out varies based on whether you are the buyer or seller and the details of your property, but can include things like inspecting the title and title insurance, researching the history of the property and making sure there are no liens against it or unusual easements, verifying there are no unpaid utility or property tax bills, and also verifying the zoning.
This level of detail becomes very important if, for example, you are purchasing your home with the intention of building a mother-in-law suite out back, but the home is not zoned for this construction.
A Real Estate Lawyer Helps You Avoid Common Pitfalls
By providing such a deep level of legal expertise to your real estate process, your real estate lawyer can help you avoid common pitfalls and delays that may otherwise occur. For example, a real estate attorney knows how to word a contract so that the property you are purchasing is described completely and accurately, including surveying details if necessary. Simply including an address is not adequate because addresses can change over time. By having a real estate attorney write your contract, you will know that there’s absolutely no question about the exact property you are purchasing, which will give you peace of mind for many years to come.
A Real Estate Lawyer Helps Guide You Through Closing
Your real estate lawyer will be there for you through the entire real estate transaction, including closing. They will ensure your closing paperwork is in order, that any final details or problems are dealt with, that the closing documentation is properly executed and finalized, and that the certified check and keys to the house are appropriately distributed. In the unlikely event that your real estate deal falls through at the last minute, your real estate attorney will continue to represent you and your best interests, making sure you don’t lose unnecessary time or money.
As you can see, a real estate lawyer is someone who expertly protects your financial and legal interests during the entire home selling or buying process. Whether you are buying or selling, we are here to handle all of your real estate legal needs in the Oakville area. Contact us today to learn more about our services or set up a consultation.