Buying a property can be exciting, but the legal complexities that come with it can be overwhelming. If you're in the market for a property, it's important to know when a real estate lawyer is necessary. Real estate transactions can be complex and involve a lot of legalities and paperwork that may require a legal expert. Without a lawyer, you may miss important details that could lead to problems down the line.
In this blog post, we'll explain everything you need to know about real estate attorneys and when to hire one. From reviewing property titles to managing power of attorney, our guide will ensure that you're prepared for every step of the process.
Who Are Real Estate Attorneys? Meet the Experts Who Can Save You Time and Money
Real estate attorneys are certified professionals who specialize in real estate law. They are responsible for preparing and analyzing legal documents for real estate transactions, negotiating their terms and conditions, conducting property title searches, and resolving any conflicts related to real estate. They have a thorough knowledge of all the Canadian laws associated with real estate, including the Transfer of Property Act, Real Estate Regulatory Act, Standardized Building Bylaws, Development Control Rules, and more.
Responsibilities of a Real Estate Litigation Lawyer: What Your Lawyer Can Do for You
Real estate litigation attorneys are skilled in preparing and reviewing documents associated with mortgage documents, purchase agreements, transfer documents, and title documents. They attend the closing deal with the buyer to ensure that the transfer is binding, legal, and in the buyer’s best interest. They also prepare documents, write title insurance policies, handle the funds transfer for the purchase, and complete title searches. If the purchase is financed, the attorney is responsible for paperwork and related transfer of funds documentation for the lender.
In the case of disputes such as lot line issues, the chain of title, or other problems involving contracts, your attorney will certainly resolve the issue. They will also provide legal representation for either a seller or a buyer when a conflict winds up in a courtroom.
When Should You Hire a Real Estate Lawyer? Don't Make a Mistake, Read This First!
Home buyers should hire a real estate lawyer to help with negotiation and paperwork and ensure everything is legal and above board. A real estate lawyer can provide valuable guidance throughout the home-buying process by reviewing the title of the property, managing power of attorney, searching for statutory approvals, and dealing with disputes. Don't wait until it's too late— ensure you have a trusted real estate lawyer by your side from the beginning.
Here are some functions that are performed by a real estate litigation attorney for a home buyer:
1.Review the Title of the Property
A real estate attorney will ensure the seller has transferable ownership right over the property they sell. They will verify that there is no pending litigation on the property and that the title is transferable. All this is verified by the attorney on review of the deed in case of a chain of multiple ownership of the property. Without a thorough review of the title, there is a risk that the property may not be legally transferable, which could lead to a failed transaction and potential legal disputes.
2.Manage Power of Attorney
If developments are constructed on land belonging to different owners under Power of Attorney, a real estate attorney considers the precautions to take when dealing with one or multiple power of attorney on the sale of a property. This ensures that the sale is legally binding and that all parties involved are protected from potential legal complications.
3.Search for Statutory Approvals
A real estate attorney makes sure that all necessary approvals required for the transfer of property have been obtained from the relevant authorities before the sale of the property can begin. These approvals comprise the clearance by the government departments such as the land development authority, environmental authority, planning authority, income tax department, etc.
4.Deal With Disputes
Any conflict or dispute arising during the sale of the property will be managed by your real estate attorney, who will keep your best interests as their priority. They will work to resolve any conflicts through mediation or, if necessary, in a court of law. By having a skilled real estate attorney by your side, you can feel confident that your interests are protected and that any disputes will be handled professionally and efficiently.
Hire an Experienced Real Estate Attorney From David Ghavitian Today!
Hiring an experienced real estate attorney is the best course of action to navigate these transactions. If you’re looking for the best real estate lawyers in Montreal, David Ghavitian's team is here to help. We can assist with any matter related to real estate, including commercial lease agreements. Remember, the cost of hiring a lawyer is a small price to pay for the peace of mind that comes with knowing that your transaction is legal and above board.
So, get in touch with us today and enjoy the perks of hiring a real estate litigation attorney.