Real Estate Law 101: Why Do I Need A Lawyer When Buying A House?
It’s a common occurrence for Canadian home buyers to not bring in a real estate lawyer in until the deal is already done. But what about all of the stuff that happens before you sign on that dotted line? Although it’s reasonable to not want to spend extra money on legal fees, when it comes to having a real estate lawyer on your side protecting your interests, it’s money well spent.
The Purchase Agreement
The purchase agreement is the single most important document in the house buying transaction. This document outlines the different conditions and terms that are related to the sale of the home. It outlines the each person’s rights and obligations and sets out what must happen before the final closing of the sale. While it’s possible for you to read and interpret this document yourself, it is highly recommended that you have a lawyer look over this document BEFORE you sign anything. Your lawyer can explain the details of the form and make any changes and/or additions to best reflect your interests and desires. Your attorney will also be able to make sure the agreement adheres to all state laws.
The documents have been signed, the title search has been done, and you are one step away from owning a home. However, this last step can be a tricky one to navigate on your own. There are always closing costs associated with the sale of a home, and it’s useful to have an attorney to explain what they are and ensure that they are fair to both parties. Once the deed and mortgage papers are signed, your lawyer can ensure that these documents are appropriately executed and explained to both parties. In the event of any last minute disputes, a real estate lawyer will be capable of handling the situation and making sure your best interests are represented.
What Can Happen Without an Attorney?
While hiring a real estate lawyer isn’t a legal requirement when buying a home, having one can save you both time and stress. The following are some of the scenarios people without a real estate lawyer sometimes find themselves in:
- Not knowing everything there is to know about the property you are buying
- Signing off on hidden costs associated with a new build project
- Entering into a deal that doesn’t have your best interests in mind;
- And many more scenarios that can end up costing you money.
Real estate documents are confusing. We can all admit that. Don’t handle one of the biggest purchases of your life alone. Heritage Law’s team of expert real estate lawyers are ready to help make sure you don’t lose any sleep over your next home purchase. Contact us to learn more today!