This article gives a few examples of why homebuyers should talk to a real estate lawyer.
As CBC News reports, while home sales in the province have cooled lately, demand is still high and finding an affordable place remains a challenge. For most people who are buying a house, getting a real estate lawyer is something of an afterthought. In most situations, the real estate lawyer is only brought in once the purchase agreement has been finalized and in order to handle the funds transfer, the title search, and to register the transfer. However, instead of looking at a real estate lawyer as somebody who simply ties up all the loose ends in a real estate transaction, homebuyers should consider the lawyer an integral part of the entire home buying process, especially with demand remaining high when the pressure to sign an agreement can be intense. That’s because a lawyer can spot problems and red flags early on that may otherwise go unnoticed by the buyer or their realtor.
A real estate lawyer does more than just review a purchase agreement to make sure it complies with all legal technicalities. Instead, the lawyer can help homebuyers spot problems in an agreement before they become expensive issues.
A lawyer can also help when it comes to obtaining financing. Many offers are conditional on the buyer getting financing from their bank, but what many homebuyers overlook is the importance of specifying that they need to get the financing they want. Otherwise, a lender may offer financing, but with much higher interest rates than the buyer was looking for. Unless the offer specifies that the buyer’s offer will stand only if they get the financing they want then they may find themselves locked into a costly mortgage.
A real estate lawyer is also especially useful when it comes to buying a condo, especially if the condo has not actually been constructed yet where a lawyer can help you review the filed Disclosure Statement. Additionally, many condos are marketed with enticing offers, but some of those offers can be misleading once the fine print is reviewed. For example, the Globe and Mail points to the example of a condo developer offering two years of free maintenance. However, upon closer inspection what was actually being offered was a rebate on what the developer considered two years of maintenance to be worth rather than the buyer actually getting two free years of maintenance.
Buying a home or condo is the biggest transaction most people will ever be involved in. That’s why it is so important for homebuyers to contact a real estate lawyer early on. An experienced lawyer can help buyers spot red flags and other potential issues that could otherwise go unnoticed until they become costly issues months or years into the future.