3 Situations When You Need a Professional Real Estate Lawyer
When large sums of money are involved, everything can easily go in the wrong direction. Given that the majority of people never experience problems during real estate deals, for those who do — it might be hard to catch the moment when you can’t do it all alone anymore and need the help of a lawyer. Go here to hire a professional real estate lawyer, and if you’re not sure, whether you need to do it — here are 3 of the most common situations when you definitely do.
What Real Estate Lawyer Means in Canada
For the sake of clarity, it will be important to understand the meaning of a real estate lawyer in Canada first. This is not a person you can call every single time you conduct a deal with property and expect them to help you out. In fact, there are only two situations when you should get a real estate lawyer involved:
- When you face serious problems;
- And when you feel like the deal will be troublesome.
For other situations, a real estate lawyer’s help is not necessary. It would be costly to hire them “just in case” every time you buy or sell a small plot of land or a condo.
When You Need a Real Estate Lawyer?
Here are the most common situations in which you definitely need professional legal help:
- Inability to Secure Closing Funds;
- Issues Arising After Closing;
- Failure to Close.
Now — let’s take a look at each situation in better detail.
Inability to Secure Closing Funds
Inability to secure closing funds means that you can’t obtain the funds to close the deal. This will be a challenge for most property buyers. You will need to prepare for this situation by preparing a proper budget. This issue arises in almost all real estate deals where the purchase price is large and the sum depends on a whole variety of factors, not just one buyer and their responsibilities. Firstly — you are to contact your lawyer and discuss the solution with him or her. If your lawyer is willing to help, he or she will make it clear that you need to make sure that you have a good title insurance policy in place.
Issues Arising After Closing
One of the most common problems arising after closing is title insurance claims. If you purchased a property, there might be a case that someone else is claiming that they have the right title to it. In such a case, you will need to hire an independent lawyer to address this issue. You should also do whatever you are asked to be able to resolve the issue. In other circumstances, you or another property owner might feel that something went wrong during the process and that you need the attorney’s help in order to have your interests properly protected.
Failure to Close
A failure to close means that something changed since you decided to purchase a new property. This issue is mostly related to changes in the real estate market and in your personal finances. This situation is very complex, so if you find yourself in it, make sure you hire a professional real estate lawyer. Many things can go wrong during a real estate transaction and result in failure to close.
How to Choose a Real Estate Lawyer?
When you face any of the difficulties described above, you will need to contact a professional real estate lawyer. How do you choose such a person?
Make sure they have a good reputation and expertise in the field. Do your research and make sure the real estate lawyer is reputable. In most cities and towns in the Toronto area, real estate lawyers are very active in their communities, so asking around should give you a lot of information. In addition, your real estate agent can recommend you some of the local professionals to consider. Review their experience and achievements and make sure they have the expertise for your particular case. It’s also important to verify that the lawyer has experience in the cases you will face during (and after) closing.
The Final Word
There are a lot of issues that can arise during real estate transactions. It is important to have professionals on your side in order to avoid any unnecessary and possibly life-threatening problems. As you can see from the above examples, you do not have to worry about this at all if you choose a good real estate lawyer in the Toronto area.
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