27/10/2021 0 Comments
Buying a Property: What a Real Estate Lawyer Does for Buyers
Real estate transactions are legally binding. Therefore, having an experienced lawyer on your side can help you avoid overlooking important details. Here is an overview of what a real estate lawyer can do for you when you are buying a property.
Before signing the purchase agreement
The first thing your real estate lawyer will do is review your purchase agreement and other legal documents to ensure your rights as a buyer are being respected. For example, they will be able to tell you if the purchase terms are fairly standard or if the seller is being unreasonable.
After signing the purchase agreement
Once you have negotiated the terms and conditions and signed the purchase agreement, your real estate lawyer will conduct a title search to ensure there are no claims or charges registered against the property such as mortgages, builder’s liens, easements, rights of way, judgements, leases and more.
Your real estate lawyer will also make arrangements for title insurance. This protects you from potential losses for things such as fraud, forgery, zoning non-compliance and encroachments, even if these issues existed before you purchased your home. For example, if the previous owners conducted major renovations without proper permits, you would be protected against any costs required to bring the property up to code.
Prior to closing
Before closing the deal, your lawyer will ensure the property taxes and utility bills have been paid and are up to date. They will also draw up your mortgage documents, arrange financing with your bank and calculate the registration fees that are due upon closing.
On this very important day, your real estate lawyer will resolve any last-minute disputes and ensure that all legal and financial conditions are met. They will be around for the exchange of keys with the seller’s lawyer before handing the property over to you.
After closing the deal, your real estate lawyer will continue to work on your behalf to ensure that all of the seller’s obligations and undertakings (promises made by the vendor’s lawyers to facilitate the closing) have been met. Once this is confirmed, they will send you the legal documents and records of your purchase.
If you need help making one of the biggest purchases of your life, speak with one of the qualified real estate lawyers at Gittens & Associates.
Trustworthy real estate lawyers in Newfoundland
The team of lawyers at Gittens & Associates in St. John’s, Newfoundland, have extensive experience in real estate law and can help you with everything from reviewing your purchase agreement to financing, leasing, title insurance, taxation, court issues and more. We also handle Personal Injury, Family Law, Estates, and Immigration matters.
Contact us today to learn more or to schedule a free telephone consultation.