WHAT DOES A REAL ESTATE LAWYER DO?
Posted by on Jun 4, 2020 in Blog, Real Estate Law
If you are planning to purchase real estate, you may be familiar with the fact that a lawyer is required in such a transaction. Whether it is your first or one of many– there still may be confusion about what a real estate lawyer does. Read on for Heritage Law’s general breakdown of the intricacies of real estate law.
BUYING REAL ESTATE
If you are purchasing real estate, your lawyer may:
- Arrange & view title search;
- Ensure conditions are satisfied;
- Deal with lender & handle funds;
- Conduct business with seller’s lawyer;
- Counsel & defer to you: the client.
SELLING REAL ESTATE
If you are selling real estate, your lawyer may:
- Obtain & review parcel info;
- Receive & respond to requisitions;
- Acquire funds from buyers for encumbrances or mortgage;
- Conduct business with buyer’s lawyer;
- Counsel & defer to you: the client.
WHAT TO EXPECT
When reviewing your real estate purchase, your lawyer may mention or refer to any of the following:
- Mortgage insurance;
- Zoning issues;
- Work order searches;
- Title insurance;
- Land transfer tax;
- Registration fees;
- Property tax certificate;
- Title search;
- Liens;
- Tax arrears;
- Legal fees;
- And more.
COMMON REAL ESTATE TERMS
Title search: Retrieval of documents for property to outstanding issues and proof of ownership;
Retainer: The contract between lawyer and client outlining the services rendered, as well as the cost.
Mortgagee/mortgagor: Terms used to identify the lender and the borrower when taking out a mortgage.
Escrow closing: Function of lawyers so documents and funds can be received in a secure arrangement before the final closing of the sale.
Conditions: Parameters considered necessary prior to an offer becoming a solid agreement.
If you have any questions about the terms above, contact or visit Heritage Law!