If you are planning to purchase real estate, you may be familiar with the fact that a lawyer is required in such a transaction. Whether it is your first or one of many, you might still be confused about what a real estate lawyer does.
If you are purchasing real estate, your lawyer may:
If you are selling real estate, your lawyer may:
We recommend contacting a real estate lawyer for both buyers and sellers as soon you’re ready to sign an offer to purchase. This is a legal document that you’ll want a lawyer to review, so you understand the implications. A lawyer can explain this contract to you in plain English, so you’re familiar with the legal jargon. You’ll also need the help of your real estate lawyer when conditions are met, and you’re ready to close.
Here are a few tips to keep in mind when searching for your real estate lawyer
The costs can vary depending on how your lawyer charges ( hourly or flat rate fees ). There may also be additional disbursements they might incur or pay for on your behalf. Some additional fees that may apply include:
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Disbursements are basically the expenses incurred by your real estate lawyer from working with you. They may pay for these expenses on your behalf ahead of time, like faxing, photocopying, carrier fees, or things like title searches. The legal fees are often a flat rate, our hourly fee that the lawyer charges for their time.
The title registration is essentially changing the title of the home from the seller’s name to yours. However, title insurance is designed to protect you from liability should an undetected title defect be found. If, for example, there is a violation of the municipal zoning bylaws, an existing work order, or outstanding property taxes, this could affect your title. Both title insurance fees and registration fees are paid for when you close.