The Benefits of Hiring A Real Estate Lawyer When Buying A House

There are several benefits of hiring a real estate lawyer when buying a house.

1. Rights

The first benefit of a real estate lawyer is that they are going to be able to protect all of your contractual rights. In other words, the attorney can review the contract to make sure that you have the ability to understand your contractual rights. This also means that they can make sure that you are taking all of the necessary steps to protect those rights. The best example of this is they will make sure that the contract that you have for your home is going to include the right to inspect the home. 

It is a good idea that you ask to see the inspection report of the home before the time period of the inspections runs out. This will give you enough time to review the inspection report, discuss it with your lawyer, and decide how it is going to affect your decision on whether or not you are going to purchase the home. This will definitely need to be done before the time period expires because if you wait too long, you will not be able to see his report at all. This is a good reason to hire the best lawyers in Ottawa to ensure you get access to everything important. 

2. Advice

The second benefit of the real estate lawyer is that they will be able to give you some advice on taking the title. This is a good chance that you are not going to know the difference between the joint tenants, tenants in common, or joint tenants with the right of survivorship. But the attorney will be able to help to make sure that you are going to understand all of these terms. You also want some help with the different ways that you can take the title, the pros, and cons of all of your options, and then make sure that you are not going to have any costly pitfalls.

A good example of this is when the home buyer wants to take the title as the JTWROS, but you told the title company that she wanted tenants in common because she did not know the difference. Once a lawyer had a chance to talk to her, then they were able to fix the mistake and make sure there was no pitfall on her. 

It is the same thing if you are considering buying a property with the significant other or a friend that you have known for years, it is very important that you have the ability to understand the legal ramifications of having the title in both of your names if the relationship happens to fall apart.

3. Closing

The third benefit is that the real estate lawyer will be able to review any of the documents that are related to closing. This means that the attorney can make sure that you have all of the documents that you need in order to close on the date that you wanted to close on. 

Therefore, they are also going to make sure that all of these documents are accurate and want you are asking for. They will ensure that you are only going to be paying the amount that you have agreed with the seller of the home. This will include all of the things that the lawyer or agent bargained for you to get when you buy the home. The real estate lawyer should be able to answer any of the questions that you might have about the closing. “You never want to get charged for something that you did not agree to pay or swear to all of the items that are listed inside of the affidavit. Therefore, you will be able to close on the property with some ease,” says Laughlin Law, professional real estate lawyer Coquitlam.

4. Title

The fourth benefit is that the real estate lawyer will be able to guard the title of the property. Most of the time, when you are buying the property, you are going to want to purchase the title of the property. This is because the title companies can produce an insurance policy for the property. The real estate lawyer will be able to review the title policy so that they can minimize the amount of the exceptions of the coverage. 

This is because it is going to be in the best interest of the homeowner to make sure that there are not a lot of exceptions on the title for the insurance company. A good example of this is when a client was closing on the home; the title issued a commitment to the homeowner with a variety of boilerplate exceptions. After sending out a title objection letter, the title agent agreed to remove all of the exceptions that included the exception that would have excluded the coverage. 

This is especially true if the mineral rights of the owner entered onto the property and started to drill for the different materials. The lawyer will be working on your behalf to limit the liability that you will be under when it comes to the title of the property. The lawyer will be the extra support that you need during this whole process.

5. Peace of mind

The fifth benefit is that the real estate lawyer will be able to provide you with some peace of mind. This is because you are going to feel more at ease to have someone else read through all of the morass of the language. This is going to be someone who is going to understand the whole process of the closing and all of the documents that are involved. There is going to be a lot of words that are scattered throughout the documents before you make the biggest purchase of your life. This is because they will be able to provide more legal insight compared to the real estate agent.

6. Negotiations

The sixth benefit is that a real estate lawyer will be able to help you with any of the negotiations of the price of the home. This means that they will be able to increase the chances of you getting a better deal on the home.

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