Do I need a real estate lawyer?

Do I need a real estate lawyer?

A real estate lawyer is your path to peace of mind. They’re the ones that ensure your purchase you’re making doesn’t have any legal pitfalls, that all the i’s are dotted and t’s crossed. There’s a ton of detail involved in every real estate transaction, so it’s in your best interest to work with someone with an eagle eye and a lot of specialized knowledge about real estate.

So what does a real estate lawyer do, exactly?

They have multiple responsibilities throughout the process, from reviewing your status certificate to preparing your documents for close. They look at:

  • The status certificate (the report card for the building and unit, which outlines legal and financial status)

  • Property taxes and utility accounts to ensure they have been paid

  • The status of any mortgages the seller has on the property

  • Details of your financing

  • Compliance with any restrictions, warranties, conditions and agreements

  • Any relevant documents prepared by the seller’s lawyer

Your lawyer will also search the title of the property, confirm the name of the registered owners and investigate any claims or charges registered against the property (mortgages, builder’s liens, easements, rights of way, judgements, leases, etc.).

After closing, they’ll provide and have you sign all the documents and records required for the final sale. (Think titles, deeds and purchase agreements.) They will ensure the seller has met all the conditions and considerations in your offer. They’ll also check that any adjustments to the purchase price that needed to be made given their findings have been done correctly.

Bottom line, the lawyer works closely with your real estate agent to ensure you’re getting exactly what you bargained for, weeds through all the legalese...and puts you at ease.

What should I look for in a real estate lawyer?

You want someone who’s experienced and very familiar with condo purchases. Buying a condo is significantly different from buying a house, so it’s important to have someone who knows a status certificate from a special assessment, and understands the intricacies of the local market, what red flags to look for, and can sail through every bit of paperwork that’s needed to get the job done.

In a fast-moving market, you also want someone who moves fast and has a sense of urgency. Your best bet is to work with a lawyer who responds quickly, explains things in a way you can understand, is clear about their fees upfront, and has the electronic capabilities to process your paperwork immediately.

Can I just use my own lawyer to do my real estate transaction?

Yes, but you probably shouldn’t. Your best option is a specialist: one who spends 90% or more of their time on residential real estate cases. If you go with your tax or family lawyer or your cousin who just graduated from law school, they could end up missing something important, or not moving fast enough to satisfy the seller.

How do I find a good real estate lawyer in Toronto and the GTA?

A good real estate agent will have trusted real estate lawyers in their network, so they’re typically your best source for recommendations. (And when your agent is used to working with a specific lawyer, that can make things easier for everyone._ However, you can also ask family and friends who they used, or turn to the Ontario Law Society Referral Service.

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