Why Do I Need to Hire a Real Estate Lawyer When Buying a Home?
When buying a house in Ottawa, a real estate lawyer might seem like an additional and unnecessary expense. However, that expense should not detract from the value they bring to the essential aspects of buying a house.
The real estate market is a complicated area, with many legal necessities and requirements that will confuse the average buyer. There are so many ways that you can be taken advantage of when buying a house and here are a few reasons why you need a lawyer to buy a house.
Review Legal Documentation
You will need a real estate lawyer to go through the PSA (Purchase and Sale Agreement) to ensure everything is optimal. The agreement details the various aspects of the deal in question, the budgetary demands, and the requirements of all the relevant persons involved. The average person might miss a crucial part of this agreement and render the entire transaction null and void.
A real estate lawyer will ensure that you understand any and all complex issues with regard to the agreement. Also, in case of any mistakes on the lawyer’s part, they come with insurance that covers errors and omissions to cover your costs in that unique event.
Protect Your Interests
The sale of a house will require many critical checks that real estate lawyers have experience in. As such, they are in a unique position to find and protect you from any encumbrances. If you purchased a house that has an existing mortgage or if the land the property stands on has a construction lien or building permit issue, you are on the hook for whatever costs come along with that. The lawyer can negotiate on your behalf if the details of the contract are not favourable to you in any way and alert you to any encumbrance you might face.
Also, a real estate lawyer will protect you from the actions of unscrupulous real estate agents and developers. They can and will advocate on your behalf to maintain the integrity of the transaction and advocate on your behalf.
Transfer of Property
During the purchase, you will need a real estate lawyer to register the transaction. After all negotiations have been completed to the satisfaction of the customer, your lawyer and the seller’s lawyer will begin drafting the necessary documentation that will legally transfer possession of the house from the seller to you. The lawyer will guide you in the process of gathering all the required papers you need to carry out the transaction and make sure that nothing is left out.
Real Estate Lawyers Protect Your Money and Documentation
Before money changes hands from you to the seller, a real estate lawyer holds it in escrow to ensure that everything in the deal is satisfied completely. That means that you will have to sign all the legal documents that apply to the sale and pay all the down payments and deposits required in full a week before the closing date. The lawyer keeps all this safe until the transaction is complete.
On the closing date, the seller’s lawyer receives the payments necessary to complete the deal, and the keys to the house are released to your lawyer. Of course, in the information age a lot of this is computerized but only a lawyer can access the specialized software to complete the transaction. This prevents any and all misconduct from both sides of the transaction.
Dabros Law – Ottawa’s Trusted Real Estate Lawyer
The benefits of a real estate lawyer in the purchase of a house far outweigh any cost that might be incurred in retaining their services. The protections they provide during the arduous and complicated matter of buying a house in Ottawa are crucial to ensure that you get the house you want with no strings attached.
Interested in working with a reputable Ottawa real estate lawyer that will give you the attention and service you deserve? Contact Dabros Law today. Our family-operated practice helps people from every end of the Ottawa region and we’d be pleased to offer your our services.