When you are buying or selling a home, it is important to have a real estate lawyer. A lawyer helps ensure that the details of your home sale are handled correctly at closing. Real estate lawyers should be involved beginning at offer time leading up to closing day.
Why do I need a real estate lawyer?
When selling a home, the seller has to follow a very complicated process. The seller requires a real estate lawyer to verify and collect the closing costs, ensure that the title and ownership are transferred to the correct parties and ensure that the municipalities update their tax roles, remove the mortgage and liens from the property, ensure that land transfer taxes are paid by the buyers, and file all necessary paperwork. It is best to engage a lawyer who specializes in real estate.
What do real estate lawyers do specifically for sellers?
Your lawyer works to ensure that the proceeds from the sale of the property are delivered to their rightful place, including paying off any mortgages or liens, deducting all associated fees, and returning the balance to you and any partners. If the home is sold due to divorce, for example, your lawyer will make sure that the division of assets is accurate according to the separation agreement. They also deal with second mortgages, liens on the home, and unpaid taxes—essentially resolving anything issues on title that could hinder the closing of the property.
What qualities should my real estate lawyer possess?
Because you want to see your sale go as smoothly as possible, make sure you work with a real estate lawyer who is an expert in real estate, has experience with the type of property you’re selling, and is conveniently located for document signing.
How much are legal fees?
Your real estate lawyer will charge a base fee, which varies depending on the size of the sale. You’ll need to factor in disbursements like photocopying, mailing and courier fees, as well as registration fees like title registration and insurance.
Here’s a rough guide for how much you can expect to pay:
Professional services: $750 – $1500
Disbursements: $200 – $500
Title insurance: $250 – $2500
Tip: Title insurance isn't mandatory, but it protects buyers from problems regarding the title or ownership of the property. This includes protection against title defects, pre-existing liens on the property, errors in public records, and other title-related issues. The cost of your title insurance will depend on how much you're paying for the house.
How do I find a real estate lawyer?
Ask your agent, friends, family, or even your lender for recommendations. If someone you trust recommends a lawyer, you’ll feel more comfortable working with them.
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