If you are planning to purchase a property, it is essential to have a real estate lawyer by your side. A real estate lawyer can help you navigate the process and protect your interests along the way.
In a purchase transaction, the lawyer will review the purchase agreement and other documents to make sure they are in your best interests. In most transactions, the agreement of purchase and sale will be prepared by the real estate agent. However, it is still important to have a lawyer review the agreement to make sure that it meets your needs and that you understand all of the terms.
The lawyer will conduct title searches to make sure there are no outstanding issues that could affect your ownership. The lawyer also acts for the lender and receives mortgage instructions from the bank. Once mortgage instructions are received, the real estate lawyer will prepare documents for you to sign prior to the closing.
Once the documents are prepared, the real estate lawyer will schedule a meeting to review and sign all of the necessary paperwork and pay any remaining fees or costs. Once mortgage funds are received, the real estate lawyer will coordinate with the seller’s lawyer and transfer funds. The lawyer is available to answer any questions you may have along the way.
If you are planning to purchase a property, make sure you have a real estate lawyer by your side. They can help you understand the documents, protect your interests, and ensure that the purchase goes smoothly.
The real estate lawyer will review the purchase agreement to make sure that it is fair and protect your interests. If an agreement has already been firmed, the lawyer will work within the agreement to protect your interests.
In ensuring your property is free of any outstanding debts or liens, the real estate lawyer will conduct a title search. The title search will also reveal any easements or right of ways that may be attached to the property.
Once documents have been prepared, the lawyer will schedule a time for you to sign them. The closing documents cannot be fully prepared until the lawyer receives mortgage instructions from your lender.
Once all of the paperwork has been completed and the mortgage funds have been received, the lawyer will disburse the purchase price to the seller. The real estate lawyer will also transfer the title to the property from the seller to the buyer.
The property's title is transferred from the seller to the buyer after the final step of exchanging money. The real estate lawyer will handle this and coordinate with the seller's lawyer.
A closing report prepared by a real estate lawyer will outline all of the documents connected to your purchase. The report is generally e-mailed within a week following the closing.
As with every law firm, disbursements are extra. In real estate transactions, these fees differ and depend on the type of transaction. These can include fees for title search, title insurance, deed registration, certified cheques and so forth.
Nothing is due until the closing day itself. Disbursements and the lawyer fees are drawn from the closing proceeds (if selling) or from the down-payment cheque (if buying).
Contact us for any questions or a detailed quote.
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