21 Aug What Does A Real Estate Lawyer Do?
Deciding on which home you’d like to buy is only the first step in the process – from there comes a LOT of paperwork and small transactions. There is quite a bit of coordination involved throughout these steps to ensure that the bigger picture comes together and that you have not skipped any steps along the way towards owning your dream home. While most people know what a criminal or family lawyer does, they are often left in the dark as what the day to day tasks of a real estate lawyer are like. Beyond helping to ensure that you haven’t missed out on any important documents, your real estate lawyer brings a lot to the table throughout the act of buying a property.
Here’s what they’ll help you manage:
Land Transfer Tax
When you buy a home, you will be required to pay tax on the process of transferring its land. These fees range by province and sometimes even by city. Your real estate lawyer will help you calculate exactly what this amount is, as well as be responsible for handing over these funds to the corresponding government office before your purchase closes.
Buying a home involves a seemingly endless amount of technical, wordy documents – all of which your real estate lawyer will need to review to ensure that your best interests are kept at heart and that you’re not getting the short end of the stick in the deal.
Think of your lawyer as your encyclopedia when it comes to all things about title fraud, environmental concerns, encroachment issues and beyond. You’re hiring an expert who can clean up any unforeseen problems before they snowball into a bigger challenge. You will thank your lawyer later when they advise you against purchasing a home that would have been rife with downfalls.
Your lawyer will help you navigate the world of title insurance, which insures your mortgage lender against financial loss from defects in title or the invalidity of mortgage loans. This is a necessary component of the mortgage process, to protect the lender or yourself in place of a dispute over the property’s ownership.
Do you have questions about buying a new home or hiring a real estate lawyer? Give Capital Mortgages a call today and one of our advisors will be happy to guide you through the process.