Buying or Selling: Why You Need a Real Estate Lawyer

Your offer has been accepted, and you’re ready to move in, so why do you need a real estate lawyer?

Good question. Let’s say you sold your Toronto condo. Finally, you got the price you wanted. The deal is done. 

Wait a minute. There’s that nagging doubt again. 

Why Do You Need a Lawyer?

No one likes reading fine print. No wonder you’re feeling a little uneasy when your thriftier friends ask why do you need a real estate lawyer anyway? Lawyers do it all for you, that’s why. They’re pros at going through the details of your real estate deal and advising you if anything is missing or amiss. 

Six things real estate lawyers do best. 

The truth is only a licensed Ontario lawyer can finalize a real estate transaction for you. It’s obligatory (In case you’re still wondering why do you need a real estate lawyer). Fortunately, Axess Law’s flat fee lawyers cost you less than other, more traditional lawyer services. That helps.

Which brings us to your next question.

What Does a Real Estate Lawyer Do?

What your Axess Law lawyer does for the buyer and seller is this. They: 

  1. Review agreements of purchase and sale to ensure you are adequately protected.
  2. Conduct title searches, and arrange title insurance.
  3. Review status certificates to confirm a condo unit’s financial status and physical condition.
  4. Request information and documents from the buyer’s or seller’s lawyer.
  5. Share your fire insurance binder with your lender and confirm it’s satisfactory.
  6. Receive your lender’s instructions for new mortgages.
  7. Discharge existing mortgages.
  8. Pay realtors’ commissions.
  9. Calculate your share of property taxes and utilities.
  10. Sign closing documents.
  11. And more.

What Does It Matter Anyway?

Agreements of purchase and sale seem simple. Why spend any more money? The fact is you could be agreeing to more than you realize. Like any contract, you are bound by what it says. Many buyers and sellers overlook extra charges for closing delays, or damages for backing out. Let’s face it. You’re excited about buying or selling. You could be glossing over costly details, like your home seller rights or purchase obligations.

What to do if a buyer won’t close

What Could Possibly Go Wrong?

If you’ve ever paid more than something was worth, you know the power of thinking things over. You may want to re-negotiate the offer price or terms. Our experienced lawyers can help you with that. The property valuation may be lower than hoped. Maybe your mortgage broker can’t offer the favourable interest rate you want. It could be your current condo sale isn’t going as quickly as planned. What if your home sale collapses? In Ontario, you risk forfeiting the good faith deposit.

Are You Ready for New Home Construction Pitfalls? 

Buying a new home under construction can have perils. The construction agreement may be lengthy. Extra charges for upgrades can be surprising. Do you have to accept the keys if the builder’s finishes aren’t up to par? Then there are the delays. Can you afford to rent if your custom built home isn’t ready on time or the builder goes bankrupt? See our Guide to Buying a New Build Home

Who Does a Real Estate Attorney Represent? 

Here are two more reasons why you need a real estate lawyer.

1. How Lawyers Can Assist Home Buyers

Axess Law’s real estate lawyers review buyers’ home purchase agreement. They sift through every detail and tell you what it means. They suggest changes to protect your finances and legal interests. “Firm agreement” takes on a whole new meaning in new construction. Your Axess Law lawyer practises due diligence on builder’s agreements. Just as importantly, they ensure the property title for a resale home is free of liens, debts, mortgages, or title defects. 

Why a firm offer can backfire.

2. When You Are Selling a Home

If you’re the home seller, your Axess Law lawyer can help negotiate terms and conditions. They discharge your mortgage or line of credit. Our lawyers are available 7 days a week, at your convenience, for a signing appointment to finalize the legal sale closing documents. They settle real estate commissions. You close the sales transaction with ease, and peace of mind.

Discharge mortgages you no longer need.

Exchanging the Keys to Your Final Sale

You’re almost there. Making the offer is just the first step until your home is sold, or you are the proud owner of a new home. With Axess Law, you can exchange the keys with confidence. We finalize the deal on time and on budget, or if you need more time, negotiate to amend your agreement of purchase and sale.

How to revise your offer to purchase.

Why Do You Need a Virtual Real Estate Lawyer?

Remind us why you’re not already using a virtual real estate lawyer. Axess Law’s remote lawyer services let you conduct real estate transactions without leaving home. You can use any home computer, laptop, tablet, or compatible mobile device to connect online. 

Make Appointments Today

Let’s get started. Call 647-479-0118 to make an in-person appointment at any of our Greater Toronto Area offices. Dial toll free to 1-877-552-9377 for Ottawa appointments, or to video conference with Axess Law’s virtual lawyer services anywhere in Ontario. Book online if you prefer. Our online booking form is quick and easy to use.

Axess Law has day or evening appointments, 7 days a week. Try our onsite parking or take the bus. We have easy transit access. 

Click here to learn more about Axess Law’s real estate services.

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