Your Lawyer, Your Advocate: How Your Lawyer Safeguards Your Home Purchase!
When you buy a home, an important member of your team is the real estate lawyer you choose to hire. They play a crucial role in the closing process, ensuring a smooth transaction. In this blog, we’ll break down the key responsibilities of your lawyer and why their expertise is essential.
When Should You Hire a Real Estate Lawyer?
You may already know a real estate lawyer, receive a referral from a friend or family member, or get one from your Realtor or Mortgage Professional. If you’re purchasing a condo, it’s a good idea to determine who your lawyer will be early in your home-buying journey. This is because they will review the status certificate before you finalize your purchase. However, if you’re buying a freehold home, you don’t necessarily need to choose your lawyer until you have an accepted Agreement of Purchase and Sale.
Not sure what a status certificate is? We cover that in another post in our condo series, so be sure to check it out here.
What Does a Real Estate Lawyer Do?
Your lawyer handles several critical tasks, including:
- Reviewing the status certificate (for condos) and providing a report.
- Reviewing the Agreement of Purchase and Sale before submission or during the conditional period, if needed.
- Ensuring all parties adhere to the terms of the agreement.
- Arranging title insurance to protect your ownership rights.
- Facilitating the payment of Land Transfer Tax.
- Preparing and processing mortgage documents.
- Creating a statement of adjustments and managing all financial transactions.
- Ensuring you receive clear title to your new property.
Binge these Condo Corner videos next for everything you need to know about condo ownership in Toronto!
Why Having a Lawyer Matters
Your real estate lawyer works behind the scenes to safeguard your interests and ensure that every financial and legal detail is handled correctly. Their role is essential to a smooth, stress-free home-buying experience.
If you’re in the process of buying a home, make sure you have a trusted lawyer on your team to guide you through closing day with confidence!
Do you still have questions about buying a home? I’m happy to chat! Fill out the form on this page, call 416-909-9235, or email info@yaelandco.com today!
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