What do Real Estate Lawyers Actually Do?

What do Real Estate Lawyers Actually Do?

What do Real Estate Lawyers Actually Do?

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Written by Evan Sage

Sunday, 22 March 2009 10:16

On the buyer side of a real estate transaction it is imperative to have a lawyer to protect your rights and ensure you get everything that you have paid for. The lawyer you select should specialize in Toronto real estate transactions and have significant experience in the field. Although the chances are low that you have a problem during your deal, it is reassuring knowing that you have a good lawyer incase something does come up.

by EvanSage

On the buyer side of a real estate transaction it is imperative to have a lawyer to protect your rights and ensure you get everything that you have paid for. The lawyer you select should specialize in Toronto real estate transactions and have significant experience in the field. Although the chances are low that you have a problem during your deal, it is reassuring knowing that you have a good lawyer incase something does come up.

Typically a lawyer will either charge you a flat fee or an hourly rate. In both cases be sure to understand all of the services that are included in the charge. If you opt for an hourly rate be sure to get a quote and have the lawyer alert you once you get close to the quoted amount.

In Toronto there has been an established max tariff that a lawyer can charge to transact a real estate deal. This tariff was established by The Law Society of Ontario and is set at such a level that most lawyers charge much lower than this amount. It is important when selecting your lawyer not to pick the lowest price, there are other areas that you should look to save money, not on your lawyer.

A lawyer provides many different functions, some of which include the following:

Before the offer is signed: 1. Prior to signing the offer you lawyer will review conditions of the deal and advise you as to their legal impact.

After agreement is accepted: 1. Outline all of your exact closing costs 2. Search title 3. Search taxes, utilities, building and zoning 4. Mortgage and other financing arrangements 5. Confirm insurance documentation 6. Write any letters to the vendor to resolve any problems

Before closing: 1. Deal with Provincial sales tax 2. Prep mortgage documentation 3. Deal with statement of adjustments 4. Prep for land registry 5. Accept closing funds 6. Outline everything that is to be signed

On close: 1. Exchange mortgage documentation for money 2. Meet with vendor's lawyer at registry office 3. Complete final title search 4. Transfer money 5. Register deed and mortgage in buyers name 6. Pay land transfer tax 7. Get keys

After close: 1. Send you all of the documents 2. Send you a invoice

About the Author:

Evan Sage is one of only a handful of award winning Toronto real estate agents. He demonstrates a superior knowledge of Toronto real estate by providing a wealth of free resources on his website evansage.com to educate buyers and sellers in Toronto.

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