Real estate lawyers are licensed professionals who handle the legal aspect of matters relating to a property. They assist in everyday real estate related transactions as well as dispute resolution. Real estate attorneys also mediates between buyers, sellers, and other parties in a transaction.
A real estate attorney can help you avoid problems with the sale or purchase of a house. With the amount of legal and financial issues that could come up in a transaction, you need the services of a qualified attorney. The process of buying or selling a house may appear to be simple, but not having a real estate attorney can be really dangerous.
Let’s consider some ways a real estate attorney can help you.
Legal Guidance
Real estate laws cover all such aspects of property transactions as the selling, buying and transfer of real property including single and multi-family houses, condominiums, all types of buildings, and lands. Real estate attorneys are well versed in all aspects of real estate law and transactions. They provide legal guidance throughout the entire process of a property transaction to ensure the protection of a client’s legal and financial interests.
It is better to have a real estate lawyer when buying or selling real property. That’s because they ensure that real estate transactions are legal, binding and most importantly, in the best interest of their clients. Real estate lawyers in Ottawa can spot problems that their untrained clients may not recognize. They prevent their clients from falling for unseen legal traps.
Drafting Documents
A real estate lawyer prepares various legal documents necessary for a real estate transaction, licenses, and purchase agreements, and deeds of assignment once the buyer and seller reach an informal agreement. These formal written contracts are very important documents in any real estate transaction. They carry the details of the items being purchased as well as the terms and conditions. The lawyer must confirm that the agreement does not violate any extant laws and serves the interest of his clients.
A real estate lawyer is responsible for preparing leases and rental agreements, as well as financing agreements. Even though real estate agents can sometimes help clients fill out these types of documents, only a licensed lawyer can draft and revise these documents. In a situation where a lender is financing the purchase, the lawyer prepares the HUD-1 Form and other necessary documents for fund transfer for the buyer’s lender.
Negotiate Property Transactions
The services of a real estate attorney are very important to both first-time home buyers/sellers and savvy investors. They help clients negotiate favorable deals and answer such questions as the income tax on a property sale. Real estate attorneys work with brokers, developers, and investors to provide top-notch legal advice.
When buying a property, a real estate attorney will usually help to run a comprehensive search on the property’s title. He then prepares the title insurance policies and all closing documents, as well as handle the transfer of funds for the purchase.
Mortgage and Foreclosure Proceedings
It’s very common for people to finance some part of the cost of the home with a mortgage loan from a bank or lender. Some real estate lawyers are specialist in mortgage and trust deed foreclosure. They may represent either the borrower or the lender.
A property lawyer can provide quality advice on choosing the best mortgage loan. That’s because mortgage loans are so complex that it requires the expertise of a real estate attorney who has vast knowledge in the current mortgage lending practices.
Dispute Resolution
When there’s a dispute on real estate contracts or problems with title chain or plot encroachment, a real estate lawyer helps to resolve the problems. He gathers facts from all concerned parties and tries to amicably resolve the dispute in a way that satisfies the interest of everyone involved. A real estate attorney will research the case law, partner with other attorneys to prepare strategies, and negotiate settlements.
Engage in Litigation
When transactions do not turn out as expected or in case of a conflict, a real estate attorney represents his clients in litigation. He drafts and files legal pleadings with a judge argue in favor of his client, question witnesses, and file appeals when necessary. He also bargains settlement agreements with opposing counsels.
Cost of Hiring a Real Estate Lawyer
Although most real estate lawyers bill their clients by the hour, some charge a flat fee for the services they offer. Many of them charge affordable prices, typically ranging between $150 and $200. If you need assistance in finding dependable real estate lawyers in Ottawa then Consult with these Ottawa Lawyers and Legal Advice Firms for the right information.
Antares Drive, Suite 530 Ottawa,
Ontario, Canada K2E 8C4
Tel. (613) 232-8832
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