It is no doubt that a real estate lawyer plays a key role in your transaction.
Broadly speaking, in a purchase transaction, your real estate lawyer will conduct the necessary searches of title, order insurance policies, work with your mortgage lender, correspond with the other side and attend to registration of your transaction.
In a sale transaction, the real estate lawyer will work with your existing lender to discharge mortgages and any other liens, draft statement of adjustments for the buyer’s lawyer and distribute the remaining proceeds including realtor’s commissions etc.
In a mortgage refinance transaction, a real estate lawyer will conduct the necessary searches, the new mortgage as well as discharge the previous, and advance any remaining funds as instructed.
Whether you are buying, selling or refinancing your property, deciding which real estate law firm you wish to work with is an important step.
Here are some tips on choosing the law firm you wish to work with:
- Real Estate Focused: real estate law should be a key focus of their practice. You may not want one that dabbles into the area or has a busy litigation practice that requires them in court. You may find that this could impact the quality of service you receive.
–> Our office is highly focused on real estate – has been so for 7 years.
- Lawyer Involvement: Have you had any contact with the person you have hired? Having this contact will not only put you at ease but it will be an indication as to who you have access to for questions and advice from start to finish – especially if certain challenges arise. A high volume real estate firm may have various legal administrators or law clerks which may help but your transaction should be closely reviewed and attended to by one person in particular – the lawyer. After all, that is who you are paying.
–> Call us for any questions and concerns. While our law clerk will offer help when needed on routine or administrative matters, legal matters, questions and concerns are attended to by the lawyer. Not only that, you will be in touch with both the lawyer and the staff.
- Experienced: your real estate lawyer should have several hundred or better yet, thousands of transactions and several years of experience under their belt. This means that the lawyer will have pretty much seen it all and can provide the right guidance and advice during the course of your transaction.
–> We have helped thousands of clients with their purchase, sale or refinance transactions.
- Break down of Fees: unless you have been working with a lawyer with whom you have an established history and trust, it may be best to ask the question: what is this going to cost? Most people like to know up-front what their costs will be and would like to aim that such costs are kept as precise as possible. In other words, you want to avoid surprises. For the most part, legal fees (including disbursement costs) in a residential real estate transaction can be advised in advance of a law firm being retained. Try to find out ahead of time what the numbers are going to look like by asking for an estimate or a break-down of fees so you can budget.
–> Just as we like to know what we pay for in advance and within reason, we provide the same treatment to our clients.
- Good standing: The lawyer you choose should be in good standing with the Law Society of Ontario.
–> We are in good standing.
Please contact our law office for any questions in relation to real estate in and around the Kitchener-Waterloo region. We look forward to helping you, please contact us if you have any question.Read More