FAQ

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– there still may be confusion about a real estate lawyer does.

Buying

If you are purchasing real estate, your lawyer may:

• Arrange & view title search;
• Ensure conditions are satisfied;
• Deal with lender & handle funds;
• Conduct business with seller’s lawyer;
• Counsel & defer to you: the client.

Selling

If you are selling real estate, your lawyer may:

• Obtain & review parcel info;
• Receive & respond to requisitions;
• Acquire funds from buyers for encumbrances or mortgage;
• Conduct business with buyer’s lawyer;
• Counsel & defer to you: the client.

For both buyers and sellers, we recommend contact a real estate lawyer 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’s a few tips to keep in mind when searching for your real estate lawyer

• They specialize in real estate law
• Competitive and transparent rates
• Experience with the type of property you’re looking to purchase
• They know the area you’re planning to buy or sell in

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:

• Title insurance
• Fire insurance fee
• Mortgage acquisition fees
• Adjustments for taxes or interest depending on your purchase timing
• GST for a new home purchase

Peter B Mason offers flat rate pricing plus disbursements for our clients

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.