The Role of Real Estate Lawyers

A real estate lawyer should be on your team of advisors when purchasing a home. Your realtor can help you find the house and negotiate the price and closing date. The lawyer can review your offer and make sure your rights are protected and your duties are clearly defined.

If you're ready to make an offer on a property and haven't retained a lawyer, then make the offer contingent on a lawyers review and approval before your sign a binder.

Remember this is not the time to do it yourself. Lawyers belong to a regulated profession with standards they must meet and insurance to cover damages if they make an error or omission. You can subscribe to a non legal service to assist if you want to save money. Some title insurance companies and mortgage lenders require you to use a lawyer to ensure that the title is good, there are no liens against the property, and the deal will close as anticipated.

You can request that the lawyer describe their work and fees in writing before you proceed. His role can be as broad as you want. When purchasing a home, your lawyer should help you understand the purchase contract, including how you will take title on the property. They will check that there are no covenants, easements, liens, etc. registered against the property that will impede your use of it. They will prepare and register all legal documents, clarify the terms of the mortgage and work with your bank, if necessary, to modify them. They will scrutinize the adjustments, including taxes owing and utilities costs paid, prior to the transaction closing. Attend the closing and review all the paper you will be required to sign. Arrange title insurance protection to protect you from losses due to title defects and ensure you receive a valid registered ownership, subject only to the liabilities you have accepted.

Typically legal fees are more expensive when you buy then sell because the lawyers role is more extensive. Most fees range from 500 to 1500 dollars. Some lawyers charge a flat fee for specific services and others bill by the hour. If your paying by the hour, make sure you understand what the final cost is and likely to be and insist on a regular accounting for charges. Usually a lawyer can estimate costs and his fees will only go higher if something goes wrong. Even if your deal does not go through you still owe your lawyer for his or her time.

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