Buying a house is one of the the biggest transaction of your life. That fact alone should make you think about real estate lawyers. You want things to run smoothly. You need security from a legal point of view.
Many realtors use the regular AREA (Alberta Real Estate Association) Contract standard house-contract form. This is a document you, as a buyer, will need to sign. It’s always a good idea to understand everything you’re signing.
Here’s how real estate lawyers are the secret behind successful home acquisitions:
Reasons to Hire Real Estate Lawyers
In some provinces, it is mandatory to have a real estate lawyer for closing the deal. Even if this is not the case for you, it is always a good idea to have one involved in the transaction.
You’ll most likely be buying from someone you don’t know. So, you can’t really trust that person. They might have their own lawyer who will not be looking out for your best interests.
It is wise to look for real estate lawyers in your area. They will know more details and can provide top-notch legal advice.
When you’re buying a house in a subdivision development, you should really use a lawyer. These properties usually have homeowner-association rules you need to understand. Lawyers are almost always mandatory when the property is in foreclosure.
Particular situations don’t end here. Generally, real estate lawyers in your area are legal experts. They know the property’s past. They know who owned it and what problems previous residents faced.
Contingencies in the Purchase Contract
A real estate purchase contract usually includes several points. Most of them are:
- The mutually agreed price
- A “good faith” deposit
- House address and description
- Terms of sale
- Date of closing
- Buyer’s conditions
While some of these points can be handled without a real estate lawyers’ help, others can’t. It is a good idea to hire a lawyer because he/she can help you a lot.
They have done this thing before. Their experience is useful for finding and solving the most common problems.
If an unfortunate event does occur such as a house flooding prior to possession they can help you through the situation and are a safety net. In case something unfortunate happens, you can sometimes even have the contract annulled. .
That is useful when you fear that your mortgage might not come through because of the unforeseen event, for example.
Get an Attorney for Title Search
The title search is a vital step in the home-buying process. The lawyer regularly performs it. That is done to make sure the property is free of any liens or judgments.
This search is done to verify that the person selling the house has the legal right to do so.
Making sure all liens has been satisfied is important. A lawyer can provide evidence for you. They can also convince the seller to give you a discount in case you have to wait.
Real estate purchases are complex processes. Having legal counsel makes the difference between a failed and a successful transaction. Understand that real estate lawyers want the deal to go through as much as you do.
Weary & Co. Law Office has been in the game for over 30 years. Our experienced team of attorneys provides legal help to the St. Albert and Sturgeon community.
If you have questions or are looking for real estate lawyers, call us or contact us online.