For anyone buying or selling a property in Canada, having guidance and support from a real estate lawyer can make all the difference, especially if you’re not particularly knowledgeable in real estate and have little to no understanding of the legal procedures involved.
From the beginning of the transaction, right through to the very end, Edmonton real estate lawyers will be right by your side, helping you navigate the process for a smoother, less stressful experience.
Let’s take a closer look at the role of a real estate lawyer:
Handling contracts and other documents
There can be a lot of paperwork associated with real estate, and a property lawyer will take care of all of it on your behalf. From drafting the contracts to preparing and reviewing mortgage agreements and home inspection reports, among others, a real estate lawyer will ensure that every document is drafted in a way that protects your rights and your best interests.
Assessing and resolving disputes
Legal disputes aren’t uncommon when buying and selling real estate, and homeowners may even experience issues related to the property that also involve the neighbours or the local authorities. Fortunately, guidance from a real estate lawyer can help resolve these amicably and professionally.
Carrying out title searches
A property’s title is a legal certificate stating who owns the property and who has rights over it. A real estate lawyer will carry out a title search during the final stages of a deal, with the intention of discovering the following:
- The rightful owners of the property
- The date it was registered
- A description of the land
- Whether there are any encumbrances (such as liens or mortgages)
- Whether there are any easements or rights of way
- Whether there are any other current restrictions that have been registered against the property
Closing the transaction
When an agreement is reached by both parties, the transaction is then considered as being closed, and when closing a sale, real estate lawyers can work closely with real estate brokers, who can expedite the deal.
Navigating real estate laws
These can be complex and are subject to change, so having up-to-date guidance from a real estate lawyer is essential during any real estate deal.
Exercising due diligence
A real estate lawyer will carry out due diligence to assess issues, liabilities, and any other risks that might be present. Covering financial, legal, environmental, and physical due diligence, a lawyer will also conduct a meticulous review of each legal instrument connected to the property.
Representing clients in court
It’s not unheard of for legal disputes or conflicts to arise when buying or selling real estate, and should they do so, the buyer or seller can be represented in court by property lawyers in Edmonton, who will work for their client to achieve an outcome that’s favourable for them.
While it is true that the direct involvement of a lawyer is not required in every real estate transaction across Canada, in many provinces, their support and guidance are a mandatory part of the process. In provinces like Alberta and Ontario, for instance, a lawyer’s participation is legally required to finalize the sale and transfer of property. In other jurisdictions, such as Quebec, a notary is essential and fulfills a similar key role.
Even where not strictly mandated, issues can always arise in a transaction, and if you’re not prepared for them, the process can become overwhelming, costly, and time-consuming. For many, hiring a real estate lawyer simply gives them the peace of mind they need during what can be a stressful period in their lives. It helps them have the confidence to buy or sell property, knowing that all legal and financial aspects are being handled correctly, even if they don’t have the time or inclination to manage every detail themselves.
