should you consult a lawyer when purchasing a residential property

Do I need a lawyer when buying a house?

If you’re buying a house, a real estate lawyer can help advise on the ins and outs of inspecting and then legally purchasing a house. Real estate attorneys should also be well versed in all landlord/tenant matters, and should be able to advise you in any disputes.

Why should I hire a real estate attorney before buying real estate?

Since a house or condo is such a huge investment, you need to make sure it is protected. A real estate lawyer can help you make sure you are buying exactly what you think you are. A seller’s lawyer will check the agreement of purchase and sale to protect them and deal with any title issues that may arise.

How do I find a good real estate lawyer?

Nov 30, 2018 · Most people know that it’s a good idea to seek advice from a lawyer when buying a property. If you’re signing a binding legal document that involves the biggest financial transaction you’ll probably ever make, it makes sense to get expert help. If you’re not sure where to find a lawyer, you can ask family or friends for recommendations or check out …

What legal work do I need to do before buying property?

Jun 21, 2016 · Accordingly, care should be taken when entering into a contract. We recommend that you consult with one of the experienced real estate attorneys at Gibbons Neuman to advise you as to your legal rights and to assist you in creating a contract which meets your needs, before you sign the contract. in Real Estate Share

What do commercial real estate lawyers do?

Commercial real estate lawyers deal with construction and development projects, as well as zoning issues. If you don’t own a business, you probably won’t ever have to deal with a commercial real estate lawyer.

Is Rocket Lawyer a substitute for an attorney?

Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.

How long have you been practicing in this industry?

Before hiring a Toronto real estate lawyer, it can be helpful to figure out how much experience they have in the industry. Although, it is not always necessary to find a seasoned professional with decades of legal work on their resume, finding a lawyer with many years of experience will be extremely valuable.

What do your closing fees include?

Upon the time of closing, many people are surprised at additional closing costs. These additional closing costs may include title insurance, legal fees, land transfer tax, disbursements and home insurance. Make sure you know what your attorney will charge and what rate you will receive as fees and services can vary.

How will you bill me?

To avoid unpleasant surprises in the future, it is important to know the fee schedule for your attorney. Most attorneys work on an hourly schedule and will charge a certain amount per hour they work on your case. For simpler matters that won’t take as much time, you may be able to negotiate a price.

Do I need to hire title researcher?

It’s very important to conduct a title search on the property you have purchased because it ensures that the seller has full legal rights to sell a property and that there are no outstanding encumbrances such as a lien or a mortgage.

Do I need to hire a home inspector?

Sometimes the seller of the property will arrange for a pre-listing home inspection. This usually involves hiring and paying for a professional, certified home inspector to examine the home and provide a written report of the condition of the house. This report is then made available to potential buyers.

Do I really need a lawyer if I sell my house privately?

There are many benefits to hiring a real estate lawyer in Toronto to privately sell your house. They oversee the process to ensure the interests and rights of their clients are preserved and respected. Purchasing a home is one of the biggest investments most people will ever make and real estate closing is a complicated legal process.

How Can Zinati Kay – Real Estate Lawyers Help Me?

If you are looking for fixed closing costs lawyers in Toronto, consider Zinati Kay – Real Estate Lawyers. We are a full service residential real estate law firm that provides fixed closing costs to buyers and sellers when they buy, sell, mortgage, or title transfer their property.

What is settlement day?

Settlement day is when the property transfer goes ahead, and the house becomes yours. This day is the culmination of a lot of hard work and stress, but before you start celebrating, several things need to happen in sequence between your lawyer, the seller’s lawyer, and your bank or lender.

What is a LIM file?

A LIM is a council file that includes all the information held about a particular property. These files can be chunky, complex and full of very detailed information about resource consents, zoning information, natural features that affect a property (like flooding) and more.

Is a sale and purchase agreement binding?

Remember, a sale and purchase agreement is a legally binding document and there’s no going back once you have signed on the dotted line. Buying a home is a big financial decision, so it’s well worth taking the time to ensure you’ve done your due diligence and received the advice you need.

What does a seller want to sell?

Generally speaking, sellers want to sell for the highest price possible, make little or no representations concerning the property, be relieved of all liability following the closing, and typically want to make no repairs or improvements to the property prior to closing.

What happens if you don't sign a contract?

If all of the heirs or beneficiaries do not sign the contract, they may refuse to close the transaction. The Personal Representative of an estate may not have the authority to enter into a contract, especially if the property was the decedent’s homestead property. Repair provisions in real estate contracts frequently trigger disputes between buyers ...

What to do if you don't have a divorce attorney?

While having a divorce attorney for each side is usually needed when property is involved often times a real estate attorney will also be required to help draw up the proper paperwork to divide real estate amongst each other. If you don't have a divorce attorney representing you or they are not comfortable with the real estate aspect of the property division then you should also consult with a real estate attorney to make sure the property division is done according to the local laws.

Can a seller get in the way of a real estate transaction?

Before a real estate transaction is closed and considered final, buyers and sellers can get in the way of the process. Sometimes this interference is intentional like in the case where another buyer comes along and offers much more than the first buyer offered. Rather than going the direct approach and trying to end the deal with both parties in agreement the seller may delay doing certain things or do other things in hopes of ending the sale. Talking to an attorney will give you an idea of what your options are and what the costs may be if you decide to sue a seller to force completion of a deal or whether you can force completion of a deal.

Why is due diligence important in real estate?

One of the primary reasons why preliminary due diligence is important in commercial and residential real estate transactions is so that the buyer can properly analyze the property’s value to create an offer strategically. Plus, no one wants to be surprised by the home being out of the price range.

What is commercial property?

The term “commercial property” encompasses a large range of properties. If you’re thinking about buying commercial property, you have a particular purpose for the property in mind. Whatever this purpose may be, the property should fit your vision if you’re buying it.

What is title review?

Title Review. The title review should be the first item on your due diligence checklist. The title is the transferable legal right to the property. Note, the title review isn’t the same thing as the deed. The deed refers specifically to the document used to transfer property.

How long does due diligence last?

The due diligence period will typically last anywhere from 30 days after closing to more than 9 months after. The safest bet is to complete your due diligence duties before the closing. Remember, if you want to build a bar, you don’t want to buy property in a zone that forbids alcohol sales.

When should due diligence begin?

The due diligence period should begin before signing the contract but usually won’t begin until an offer is made. Once the offer is made, the due diligence period has absolutely begun, so you can begin reviewing the relevant documents and scheduling inspections. Examples of relevant documents are:

What is the fifth item on a due diligence checklist?

Completing proper environmental inspections should be the fifth item on your due diligence checklist. Environmental inspections are also imperative, especially for commercial properties with occupants that might purchase large quantities of environmentally harmful products. It’s possible that the property sustained previous environmental damage, and this may affect your intended usage.

What to consider before sealing a deal?

There are several things to consider before sealing the deal: the title search, the conditions of the property, the inspections, and the zoning rules. Additionally, there are numerous federal laws regulating various factors like the property survey, mortgages and other loans, insurances, and taxes.