You’ve probably heard it said before that you should hire a real estate lawyer to help you complete a real estate transaction. But what exactly does a real estate lawyer do and why do you need their help?
A real estate lawyer is a lawyer who specializes in legal matters relating to the buying and selling of real estate and other real estate matters. Real estate refers to real property—land and any building on that land. Additionally, real estate covers the rights to the airspace above the property as well as the underground rights. Real estate lawyers know the rules and regulations regarding real estate transactions. Therefore, they can help you with a variety of legal real estate matters.
Here are some things a real estate lawyer will do:
A real estate lawyer will help with the real estate contract
One of the crucial documents to be signed whenever a property is being sold is the Contract of Purchase and sale real estate contract. This contract must clearly outline the terms of the sale and the purchase, including the price, the deposit and the day you will gain possession. When purchasing real estate, you must ensure you read this contract carefully and understand the terms. If you have any concerns regarding any section of the real estate contract, a real estate lawyer will provide clarity. If you are the one selling the property, a real estate lawyer can help you create a real estate contract as well.
A real estate lawyer will do a title search
Whenever you are considering the purchase of real estate, you must find out whether the property has any judgments, outstanding deed of trusts or mortgages, unpaid taxes, defective deeds or any other legal problems. This information will be necessary if you are obtaining a loan from a financial institution. Even if you are not using a loan for the real estate purchase, this information is still important to have before you make such a big investment. A real estate lawyer will be able to examine land records to let you know the status of the property you would like to purchase.
A real estate lawyer will apply for title insurance
When a title search is done, there are some defects that might not be discoverable in the process. Such defects include forged deeds, clerical errors, missing heirs and similar issues. To protect yourself against such problems you will need title insurance. When you hire a real estate lawyer, he or she will apply for title insurance on your behalf.
A real estate lawyer will handle closing
Closing is the final step in executing a real estate transaction. There is a lot to do before a real estate closing. The property will need to be surveyed and inspected, you will need to acquire hazard insurance and so on. Your real estate lawyer will advise on all the matters and will prepare all the necessary closing documents and explain said documents, schedule the closing and execute the process.
Do you need a Surrey real estate lawyer?
If you are searching for a Surrey real estate lawyer, contact us at Nirwan Law Corporation. At Nirwan Law Corporation, we offer both residential and commercial conveyancing services. For residential properties, we deal with the purchase and sale of houses, mortgages, title searches, family transfers and more. On the business side, we manage the purchase and sale of commercial properties, leases, assignments, construction contracts, joint ventures, due diligence, and other matters. So, what are you waiting for? Give us a call today to schedule an appointment with our experienced Surrey real estate lawyer.