WHAT IS THE ROLE OF A LAWYER IN A REAL ESTATE TRANSACTION?
Buying real estate can be one of the biggest milestones in a person’s life, so it is highly recommended to retain an experienced real estate lawyer to ensure any problems that arise are promptly addressed. A real estate lawyer will review the agreement of purchase and sale, conduct title searches, draw up various documents related to the transaction including mortgage documents, arrange for title insurance, calculate closing costs, exchange closing funds with the opposite solicitor, and provide the client with a report once the transaction is completed. In Ontario, both the buyer and the seller must be represented by a lawyer. In certain circumstances, the lender involved in a real estate transaction may require its own lawyer as well.
In our experience, a good real estate lawyer is experienced, organized, has strong negotiation skills, and communicates with the client regularly. Retaining an experienced real estate lawyer early on can prevent unnecessary costs in the long term relating to title and liabilities arising from a transaction.
Contact us today if you require legal assistance with a real estate transaction. Our real estate law team has the experience and knowledge to assist you throughout every step of the transaction.
Disclaimer: The information contained in this article is not to be construed as legal advice. The content is drafted and published only for the purpose of providing the public with general information regarding various real estate and business law topics. For legal advice, please contact us.
About the Author:
Shahriar Jahanshahi is the founder and principal lawyer at Jahanshahi Law Firm with a practice focus on representing business star-ups and investors in the province of Ontario. For further information about Shahriar Jahanshahi, click here.