Do You Really Need a Real Estate Lawyer?

Toronto real estate lawyer Jay Teichman understands that residential real estate transactions can be a very intimidating process. However, the complex nature of these critical dealings can be far less daunting with the expert guidance of a qualified, professional real estate attorney.

Financial Safeguards

Buying and selling real estate is usually the largest financial transaction in any person’s lifetime. Legal counsel can greatly reduce anxiety and stress. Legal representation is designed to alleviate the legal pressures and complexities of real estate transfers. Many issues may arise that can even contribute to real estate malpractice between brokers, agents, sellers and buyers.

Similar to doctors in the medical profession, lawyers specialize in many areas of the law. General attorneys, though competent, have a more narrow margin of knowledge when it comes to real estate law. This is usually because of limited experience with real estate transactions, which can be very nuanced.

Protecting Interests

Lenders typically have teams of lawyers behind them, ensuring that their lending instruments are legal and that all transactions are in their best interests. This is why a buyer or seller of real estate needs to have the same kind of access to competent legal advice. That is the only way that you can be assured that your best interests are also being attended to.

The landscape of residential transactions has become quite complex. The range of lending circumstances and rules surrounding real estate have been changing exponentially. For example, the real estate procedures, laws, regulations and required documentation are continuously evolving.

This makes it even more critical to retain the services of a real estate attorney because it simply makes sound financial sense. Aside from loan documentation and contracts, below are some key elements that a competent real estate attorney will attend to.

  1. Home Inspections. One example of a critical part of the home buying and selling process is home inspections. Buyers likely hire home inspectors to find any defects or problems with the property. It is essential that a qualified home inspector be engaged for this important task that can determine the price point for the property.
  2. Deeds, Titles and Supporting Instruments. Attorneys also review important documents such as deeds and title reports on the buyer or seller’s behalf. Relying upon real estate professionals to do this task is risky because they are not in a position to provide legal advice of any kind.

Lenders create the loans and the title company generates the title. All of these services are very important and each is performed by individual professionals in those distinct areas.

However, those functions all need to be overseen by an outside professional. This is necessary so that the purchase and sale documents may be interpreted and explained with your best interests at the forefront.

For most people, a home is the largest investment that they will ever make. Only an attorney who is well versed in residential real estate transactions can provide the kind of service necessary to safeguard that investment properly.

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