Is a Lawyer Required When Buying a House?
Is a Lawyer Required When Buying a House?
There is a lot to do when you’re buying a house with many unexpected expenses and requirements. It’s easy to get overwhelmed by the process and bogged down by details but hiring a lawyer when buying a house will help you manage the costs and the risks.
In Alberta, it’s recommended to work with a lawyer when buying a house and often a mortgage company requires you to use a lawyer. Using a lawyer when purchasing is a benefit to you as it ensures your rights are protected. A lawyer specializing in real estate will make the home buying process less stressful and save your livelihood in the long run.
What is the Role of a Real Estate Lawyer for a Buyer?
A lawyer serves several purposes and performs many explorative and regulatory duties when you are buying a home. A lawyer can protect your rights when you are purchasing a house and help you avoid unwarranted costs.
A lawyer ensures that your interests are taken care of, informs you of any potential legal issues or legal responsibilities, and much more. A few main roles that a lawyer will provide during a real estate transaction are:
- contracts: The contract you sign to purchase a home must be legal. That sounds simple, but it’s a fact that people may overlook. A lawyer will review the terms and conditions that are stated in the contract; verify the fixtures and chattels included in the purchase price, and ensure that all warranties, conditions, restrictions, and agreements are complied with.
- title searches: The lawyer will search to determine if there are any restrictions on the title to the property you are buying. They will not only confirm that the property title is valid, but they will also check if there are any charges or claims registered against the property, ensuring that you will receive the title free and clear.
- property transfers: A lawyer will make sure that the transfer of the property from the seller to the buyer is legal. They will explain everything that you will need to know about the transfer in comprehensive terms and make sure that you understand everything you are agreeing to.
The lawyer will also adjust property taxes, deposits, and other relevant matters that are required by the contract and law. It is also the lawyer’s responsibility to handle the closing transaction. This means ensuring that the transfer of funds occurs.
- filings: It is the lawyer’s responsibility to prepare all documents for filing purchase documents with the land registry office. This is a crucial step that the legal representative thoroughly completes to ensure the property is registered in your name along with any mortgage you may obtain to purchase the property..
As you can see, a real estate lawyer performs many duties when you are buying a home. It is important to ensure that your rights and interests are protected, the transfer of the property and the funding transactions used to purchase the property are handled legally and correctly.
How Much Do Real Estate Lawyer Services Cost?
There are misconceptions surrounding real estate lawyers. It is assumed that their services are prohibitively expensive, that there is no way to know what you will be charged, and that lawyers will start charging you the second you start communications.
The reality is that a real estate lawyer will let you know their fees in advance and be happy to answer questions you may have before you decide to work with them.
Finding a Real Estate Lawyer Near You
Most lawyers will be happy to speak with you and address any concerns you have before solidifying a professional relationship. You want to work with someone you trust and with who you can communicate without misunderstanding. To find the lawyer that is right for you to help complete your real estate transaction, please give us a call at (780) 229-3533 or contact us online.
