things you should ask your realestate lawyer when buying a new home

by Prof. Junior Turner Sr. 8 min read

The information the lawyer must gather is as follows: your full name; your business address and business telephone number, if applicable; your home address and home telephone number; and your occupation.

Thankfully, choosing a real estate attorney doesn't have to be a hard process if you ask these eight questions.
  • What Credentials Do You Have? ...
  • What Experience Do You Have? ...
  • How Much Do You Charge? ...
  • How Many Clients Do You Serve? ...
  • How Much of Your Work Is Dedicated to Real Estate?
Aug 28, 2019

Full Answer

Do I need a lawyer when buying a house?

Mar 30, 2017 · ABOUT. Whether you own a new home or condo, are considering buying one, or just love to dream about it, the Open Door blog is here to share stories that can help you protect what is likely the biggest investment of your life.. The Open Door blog is published by Tarion, a non-profit corporation that administers Ontario’s New Home Warranty Plan and registers all …

What questions should you ask when buying a house?

13 hours ago · You must ask such a question that what alternative you will provide during uncertainties. Here, you must know what will happen to the paid advance fees and what payment the clientwill get if they are not able to proceed further. Therefore, it is advisable to get a quote signed by the main lawyer if you are willing to hire that real estate lawyer.

When should you hire a real estate lawyer?

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.

Why hire a real estate lawyer to sell your house privately?

Oct 13, 2021 · Have a seller cover some closing costs can be especially helpful for first-time buyers. Contingencies, on the other hand, are the conditions you have attached to your offer that need to be met ...

What are good questions to ask when buying a house?

15 Questions to Ask When Buying a House
  • What Questions Should You Ask Before Buying a House? ...
  • What's my housing budget? ...
  • How much should I save for a down payment? ...
  • How much are closing costs? ...
  • Do I need to save for moving expenses? ...
  • How will I furnish and decorate? ...
  • What's the neighborhood like? ...
  • What are the schools like?
Sep 24, 2021

What advice would you give a buyer trying to purchase a home?

10 First-Time Home Buyer Tips
  • Pay Off All Debt and Build an Emergency Fund.
  • Use the 25% Rule to Know How Much House You Can Afford.
  • Save a 10–20% Down Payment.
  • Don't Forget to Save for Closing Costs.
  • Get Preapproved for a Loan Before House Hunting.
  • Find a Home for Sale in Your Price Range.
  • Research Neighborhoods for Best Fit.
Apr 14, 2022

What are the big things to look for when buying a house?

Below are the top 10 considerations you should take note of when viewing properties.
  • House Size. You should have a general idea of what size house you want before you even find a real estate agent. ...
  • The Ideal Yard. ...
  • The House's Exterior. ...
  • Bedrooms. ...
  • Bathrooms. ...
  • Living Room. ...
  • Heating And Cooling Systems. ...
  • Basement.
Dec 13, 2021

What questions should I ask a realtor when touring a house?

Questions to ask before the home tour:
  • Do you have any concerns about the home or the price? ...
  • How quickly do you think the home will sell? ...
  • Can you tell me about the neighborhood and benefits? ...
  • Why are the previous owners moving? ...
  • Is the home located in a flood zone? ...
  • What's included in the sale?
Feb 1, 2021

How much money should I save before buying a house?

If you're getting a mortgage, a smart way to buy a house is to save up at least 25% of its sale price in cash to cover a down payment, closing costs and moving fees. So if you buy a home for $250,000, you might pay more than $60,000 to cover all of the different buying expenses.Dec 3, 2021

What are closing costs on a house?

Closing costs are the expenses over and above the property's price that buyers and sellers usually incur to complete a real estate transaction. Those costs may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees, and credit report charges.

What percentage range is a down payment usually?

The average down payment in America is equal to about 6% of the borrower's loan value. However, it's possible to buy a home with as little as 3% down depending on your loan type and credit score. You may even be able to buy a home with no money down if you qualify for a USDA loan or a VA loan.

What should you not do when buying a house?

7 Things you should never do before buying a house
  1. Don't finance a car or another big item before buying. ...
  2. Don't max out credit card debt. ...
  3. Don't quit your job or change careers before buying. ...
  4. Don't assume you need 20% down. ...
  5. Don't shop for houses without getting preapproved. ...
  6. Don't go with the first mortgage lender you talk to.
Sep 14, 2021

When buying a house which credit score is used?

The commonly used FICO® Scores for mortgage lending are: FICO® Score 2, or Experian/Fair Isaac Risk Model v2. FICO® Score 5, or Equifax Beacon 5. FICO® Score 4, or TransUnion FICO® Risk Score 04.Feb 2, 2021

Who pays for closing costs?

Closing costs are paid according to the terms of the purchase contract made between the buyer and seller. Usually the buyer pays for most of the closing costs, but there are instances when the seller may have to pay some fees at closing too.

What is earnest money when buying a house?

Earnest money, or good faith deposit, is a sum of money you put down to demonstrate your seriousness about buying a home. In most cases, earnest money acts as a deposit on the property you're looking to buy. You deliver the amount when signing the purchase agreement or the sales contract.

Can you ask what the highest offer on a house?

Many times traditional sellers will receive multiple offers, but not ask for highest and best. In many states, the listing agent is required to tell all buyers when the seller receives other offers. When you are informed that there are multiple offers, don't wait around to see if they will ask for highest and best.Jan 6, 2017

I never expected my condo to be delayed this long

New home construction is complicated business. It takes a great deal of skill, material and time. Scale the project up, and you are sure to need more skilled trades, more materials and definitely more time. Condominium projects can take a long time to build.

Lessons Learned

Always use an experienced real estate lawyer when buying a new home.#N#Use Tarion as a resource while making the purchase.

1. How long have you practiced real estate law?

This is an important question to ask because the more experience an attorney has in this specialty, the better. A more inexperienced real estate lawyer may have the best of intentions, but they have probably not had as much exposure to unique situations.

2. What are your specialties within real estate law?

Some lawyers focus their practice on certain aspects of real estate law. They may be well-qualified in one area, but not as experienced in another. If you’re planning to get into real estate investment, then you’ll want an attorney who is well versed in this area of real estate law.

3. How long have you been practicing in this state?

Real estate laws may vary from one state to another. If you’re familiar with what it takes to become a licensed real estate professional such as an agent or a broker, then you’ll know that the tests to become licensed are different among various states because the laws are different.

4. Is their law degree from an accredited law school?

This is an important question to ask, but you may want to do a little research on your own. The lawyer that you are considering should have a verifiable degree from an accredited law school. The attorney should also have passed the bar exam.

5. Does the attorney have skilled staff?

Often, the staff of paralegals working for a real estate attorney does a lot of the legwork involved. It’s a good idea to inquire about the staff and a good way to do this is to check customer reviews online. Find out about what other people have to say about the services they received.

6. How much does the attorney cost for services rendered?

It’s never a bad idea to compare the prices that a few of the certified and reputable real estate attorneys charge. You don’t want to end up paying more than you have to for legal services. While you usually get what you pay for, it doesn’t mean that you need to break the bank with the highest priced attorney in town.

7. Has the attorney handled cases that are similar to yours?

This question is especially important if you’re dealing with a unique real estate case. There are so many scenarios that can arise, that it’s wise to retain an attorney that is familiar with the type of situation you’re dealing with so they won’t miss any important details.

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 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.

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.

11 questions to ask before you go house hunting

As you well know, buying a house is a significant investment. Before you start house hunting, think through your goals for homeownership. Why do you want to buy a house?

7 questions to ask when you interview agents

Contacting the agent listed on the for-sale sign of a house you’re interested in may not be the best way to protect your interest as a buyer. When you work with your own agent, that agent’s job is to represent your interests.

37 questions to ask when touring homes

This is an extensive list, and not every question applies to every situation. For example, if your goal is to purchase a single-family home, questions relating to condominiums don’t apply. However, this list of questions to ask when touring a house should give you an excellent start in making well-informed decisions when buying your first home.

11 questions to ask when making an offer and closing on a home

Real estate agents make offers on homes every day. Their job is to help you make the best offer while protecting you against potential risks with the transaction.

Does a closing attorney represent the buyer?

The closing attorney does not represent the buyer or seller. The role of the closing attorney is to facilitate the closing process. This means that the attorney handles the paperwork to get the deal closed and may also handle the issuance of the owner’s title insurance policy for the buyer.

What does a closing attorney do?

This means that the attorney handles the paperwork to get the deal closed and may also handle the issuance of the owner’s title insurance policy for the buyer. The closing attorney does not get involved in disputes between the parties and does not make a determination on whether one party is right or wrong.

What are the hazards of a house?

Common hazards to look out for: 1 Lead paint, which is common in homes built before 1978 2 Asbestos 3 Radon 4 Mold 5 Infestations

Is the sticker price of a house the actual price?

Unless you’re paying cash, the sticker price of a house is not the actual amount you’ll pay. And even if you are paying cash, there will be ongoing costs you should consider to make sure your home fits into your budget. And one more note: you won’t usually know the final cost upfront because of the many unknowns that go into this process. But you can get a ballpark.

What to ask before buying a house?

Before buying a home, don’t forget to ask about heating, cooling, electric, and internet costs! (And water, sewer, trash, recycling, etc.) To make sure a house will truly fit into your monthly budget, it’s essential to understand what utilities cost in a typical month.

What is an inspection in a home?

Inspection: The inspection evaluates the condition of your future home. More thorough than an appraisal, its goal is to identify anything that’s not in good working order (and therefore might cost you a lot of money in the near future).

What does homeowners insurance cover?

Taxes: You’ll pay property taxes every year, though often on a monthly basis, rolled in with your mortgage payment. They cover things like local schools, road maintenance, and other essential services in your area.

Is it better to buy the crummiest place in a nice neighborhood or the nicest place in

If want the value of your home to increase, it’s probably better to buy the crummiest place in a nice neighborhood than the nicest place in a questionable neighborhood. So if yours is the most expensive home on the block, you may want to ask some questions about why.

What does Pogofsky emphasize?

Pogofsky emphasizes the importance of working with an agent who genuinely understands the market where you want to buy. Without on-the-ground understanding, they may not be equipped to advise you on how to respond to various situations.