Buying or selling a home successfully requires perseverance, diligence, knowledge and careful attention to the law. It requires a deep understanding of the market as well as the process to get it done. In lieu of this knowledge, buyers and sellers can hire a top flight legal team to execute the deal to perfection.
Real estate transactions have to keep in mind several important issues. One of the most important is the transfer of title. Lawyers must make sure that their client properly transfers or receives title at the appropriate time. This is the key to the entire sale. The transfer is usually conditioned upon all of the money being placed in an escrow account, or at least obtaining the money and the financing for the property. The lawyer must check that everything is in order before allowing the transaction to proceed.
The lawyer must also make sure that all taxes and fees are paid to the authorities. Every transaction has associated fees and if they are not logged properly, the transaction could be considered invalid. That might create a huge loss of capital. The major fees include the land transfer tax, the title insurance, the broker fees and the legal fees.
The Ontario real estate market has been hot in recent years as foreign buyers enter the market. In addition, with the weak Canadian Dollar, local companies are able to sell goods abroad which has spurred growth and innovation. That has helped to increase jobs and incomes which always helps home price values.
However, without proper legal help, taking advantage of the rising prices might end up in shattered dreams. Good lawyers help to negotiate important contractual terms as well. For example, some developers want to extend the construction dates after you have already paid your deposit. While it is legal to extend for up to 120 days, depending on the contract you may have legal options.
An experienced real estate lawyer will also have experience with construction, building materials and adjustments. They will understand the obligations to provide an adequate environment with heating, water and other facilities. They will also understand the required building adjustments. These adjustments after purchase can actually add to the price between $2,000 and $10,000.
Real estate investors require a high quality and ongoing relationship with lawyers. That is because they are negotiating contracts constantly and trying to squeeze every advantage possible. A real estate lawyer can help identify areas where the builder or seller have overlooked. They also have a wide net of other clients that can provide good deals.
For example, perhaps a bankruptcy lawyer provides a referral that one of their clients is in distress. A real estate lawyer can bring the information to the attention of an astute investor that can place a bid 15% or 20% under market value. The investor might put in provisions such as an “all cash closing” or “15 day close” rather than 30 or 90 day close that would allow the seller quicker access to cash.
In addition, the lawyer could put in provisions that allow for the investor to get some of their cash back if there are maintenance or building improvements that were not disclosed (and there always are). The investor can then flip the property quickly to make up the huge difference in price, all because they had a good real estate lawyer.
Oakville Real Estate Law is a leader in helping buyers and sellers achieve their goals. The firm is led by Robert Rose who has decades of experience and has helped to close over 12,000 real estate deals. He is one of the most skilled and professional residential real estate lawyers in the country. For more information, please contact us.