REAL ESTATE LAW 101: Why Do I Need a Lawyer When Selling a House?
Posted by on Jul 18, 2016 in Blog, Real Estate Law
Often homebuyers in Canada avoid finding a real estate lawyer until it’s too late for them to assist you to their fullest potential. Consider the complexities and intricacies you may be overlooking before ink meets paper. While it is rational to save on costs where you can, legal fees mean there is a professional in your corner– you’ll be 100% confident that your interests are in good hands!
THE SALE AGREEMENT
When buying a house, the most vital document is the Agreement of Purchase and Sale. It establishes the varied terms and conditions connected to transaction. Obligations and rights are listed, as well as all conditions to qualify for final closing. DIYers may try to analyze the agreement without a lawyer, but inking a contract with professional counsel is usually a risk you cannot afford to take. A qualified real estate lawyer can negotiate with the buyer, handle funds in trust, make changes to the sale agreement and much more.
HOLD THE DOOR
Closing a deal means just what it sounds like– the door is closing on the seller’s opportunity to their ability to influence the transaction. If you are unprepared to handle the complications of the closure of a real estate deal, you may incur unnecessary costs that are far from affordable. Closing also creates a labyrinth of paperwork and filing requirements that can be intimidating to the uninitiated. Last minute disputes are also a major risk that can be soothed by a capable lawyer.
CONSEQUENCES
What can happen without an attorney? Besides more time and stress for you or your family, the following are common obstacles:
- Buying a property in blind faith can reveal expensive, hidden problems;
- You could be on the hook for unwarranted fees or costs;
- Your deal may be weighted to the buyer’s advantage;
- Structural or tax issues that can mean long-term expense.
Don’t get caught in a blindspot or an uncomfortable position– always hire a real estate lawyer when selling a property! Nominal fees are all you need to cover to avoid hemorrhaging money in the future. Contact or visit Heritage Law today for a full assessment of your real estate law needs. Our expert staff will take care of your best interests thanks to their years of experience.
