What exactly do real estate lawyers do on the purchase of a property?
Global Administrator May 18, 2023
This article was originally published by The Hamilton Spectator.
Q: What exactly do real estate lawyers do on the purchase of a property?
A: First, a real estate lawyer reviews the agreement of Purchase and sale, which is usually drafted by a realtor, to ensure that all required information contained in the document is accurate.
Second, a real estate lawyer will pull the history of your property and check to make sure that everything is in order. This includes making sure that the prior owner has no liens registered to the property, and ensuring that the legal description and dimensions of the property are accurate. This ultimately leads to you receiving valid title on the closing date. Without this process, you may acquire property with title issues that will need to be rectified prior to the next sale of the property, and in many cases, these rectifications can cost an exorbitant amount of money.
Third, a real estate lawyer will advise you as to the steps that should be taken to ensure a smooth transition into the new property. This includes informing you of any upcoming tax bills, the contact information for any utility companies that you will need to create accounts for, and working with your bank in the event you are acquiring a mortgage.
Lastly, a real estate lawyer will ensure that all conditions of the purchase are satisfied, and that you receive the property unencumbered and without unreasonable delay on the date of closing that you agreed to in the agreement of Purchase and Sale.
If you’re in the process of purchasing a property, it’s important to have a real estate lawyer on your side to ensure that your transaction goes smoothly. Contact Jarrett today to learn more about how he can assist you with your real estate deal.
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