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The Importance of Using a Real Estate Lawyer when Buying/Selling a Home
Buying and selling real estate can be both worrying and incredibly rewarding. With large sums of money involved, you don’t want to risk making an expensive mistake. An experienced Real Estate Lawyer can help you invest in or sell real estate confidently and mitigate any of the risks involved.
There are numerous legal matters concerning real estate transactions which realtors cannot assist with. That’s when a Real Estate Lawyer steps in. They provide several essential services to support clients in the sale or purchase of a home or property.
Several important reasons why you should use a Real Estate Lawyer:
· With a qualified lawyer by your side, you save valuable time navigating complex legal documents on your own.
· The Real Estate Lawyer you choose must be someone you trust and feel comfortable around. He or she can take care of all legal matters in the home buying or selling process and give you the peace of mind that your best interests are being represented every step of the way.
· Your lawyer reviews key details in the Agreement of Sale, Purchase Agreement, and additional legal forms. They can safeguard you from missing items like outstanding property taxes, claims against the property, tax consequences from a purchase, and further details. Should you misinterpret a legal document without the aid of a lawyer, you may find yourself dealing with unpleasant financial consequences.
· Your lawyer will further ascertain there is a valid title and determine land transfer tax due upon closing a sale.
· A Real Estate Lawyer can instruct you on the appropriate course of action required if your home inspector discovers contaminated materials, such as asbestos, or structural problems in the home. This helps you avoid making an unwise investment in a hazardous or damaged home or property and save you hundreds of thousands of dollars.
· When selling a home for a large profit, a lawyer can notify you in advance of income tax penalties.
· Furthermore, he or she can guide you as to appropriate legal action to evict an existing tenant.
· He or she can safeguard you from mistakes of a prior homeowner and uncover any lawsuits or liens that might be against the property.
· Your Real Estate Lawyer can prepare all closing documents, such as the mortgage and property transfer tax forms.
· He or she can assist you with selling a home with an uncooperative partner as well.
· Your Real Estate Lawyer can guide you to the best choice in a home that you may wish to renovate or a property you can subdivide in the future. He or she will also alert you to building permits you must file.
· In the event a seller attempts to back out of a signed contract, a lawyer can be invaluable.
There are countless decisions you need to make when buying or selling a home or property. Your lawyer can provide continued legal advice going forward to protect your investment.Get in touch with Stevens & Company Law Corporation today for your next sale or purchase of real estate. Email us from our website or phone 250-248-8220. Our law office is located at #326-198 East Island Highway in beautiful Parksville, BC.