Real Estate Lawyers
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Real Estate lawyers play a crucial role in every real estate transaction. Just like all other professionals involved, we need to be confident about real estate lawyers too.
F.A.Q.
Real Estate Lawyers
What is the Role of a Real Estate lawyers in the typical real estate closing transaction?
Their job is not to advice you if the deal is bad or good. Deals fall apart or get delayed when the lawyer tries to takes the role of a buyer or seller without knowing the full details.
Your real estate lawyers job is to the check the documents, if they exactly reflect what you intended to accomplish in a transaction & it complies with the law of the jurisdiction its taking place in.
Who does the lawyer represent?
In a typical real estate transaction where major banks/lenders are involved as a first mortgage lender, lawyers represents the bank, not the buyer client.
Yes, client pays for the service BUT the lawyer represents your lender.
It is different however with private home equity mortgages like second mortgage.
In Ontario one lawyer can legally represent both the lender and borrowers if the amount is less than $50,000.
Two separate lawyers are needed to complete a transaction if the borrowed money is more than $50,000.
In all of the cases its the borrowers who pays for the legal cost unless agreed upon otherwise.
What questions do you ask any lawyer before you hire them for your real estate transaction?
Alright, my third question is a little tough, so I’ll give you a quick list of questions;
- How long have you been in the business and/or industry?
- How many deals have you completed successfully, that are similar to mine?
This is very important when you are a Real Estate investor, and are involved in Vendor Take Back, Joint Venture partnerships, Private Sales etc.
- Are you the only one taking calls, booking appointments etc.? Do you have an administrative employee to coordinate and support?
- Will you take responsibility for my financial losses?
Why hire a real estate lawyer?
You hire a real estate lawyer for their legal expertise.
Generally speaking, Lawyers can not be a decision maker.
A good lawyer is very important for any real estate transaction. Not every lawyer is the same.
Mortgage delivery guy encourages everyone to take their time to interview several lawyers before choosing one for your next real estate transaction.
Be sure to share this article with your family and friends, help keep everyone informed! Thank You for joining me on my blog post about lawyers role in real estate.
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