“Ninety percent of all millionaires become so through owning real estate.”– Andrew Carnegie
Real estate can be an excellent investment for people – it’s highly secured and guaranteed to give more profits in the long run. You don’t have to worry about losing your property overnight and you now have a permanent address! It’s like achieving the American dream! If you’re new to the realm of real estate, you’ll have to know one major mistake that most people do when buying such property – not hiring a professional real estate lawyer.
Why isn’t this a good idea? Well, real estate transactions can be very complex and quite difficult to navigate through without legal assistance. These can also take a lot of time and effort, which you might not want to put into. Here’s where a real estate lawyer can help you.
How Real Estate Lawyers Can Help You
The real estate lawyer can walk you through the legal process in which the transfer of ownership of property will take place. They’ll oversee all the legal work that’s involved in the transaction and ensure that the interests and rights of the client are preserved.
If you’re a buyer selling off your property, the real estate lawyer will check the sales contract and make sure you’re protected. He/she will check the chain of ownership and if there are any problems to the property. Moreover, the lawyer will go through all the mortgage documents and any other documents necessary during this transaction.
Other than that, real estate lawyers will:
- Review the sales contract
- Check for flaws in the transaction
- Ensure that the property has no other claims
- Assisting in negotiating suitable terms and conditions
- Preparing and reviewing the deed to the property
- Arranging and validating the Title Insurance
- Helping with updating the property taxes
- Calculating the land transfer taxes
- Preparing mortgage documents
- Ensure that all legal and final conditions are met
Should You Hire A Real Estate Lawyer?
Up until now, we’ve gone most of the services you can expect from the real estate lawyer. Now, should you actually hire one to facilitate your real estate transaction?
For most people, buying and selling off property seems easy. However, what they fail to realize is how complex and time consuming the process it is. It may take months for the transfer and there are a lot of paperwork and processes that take place.
In this case, real estate lawyers can help fasten the process and make it easier for you. The lawyer takes care of most of the work and helps to preserve your best interests. For this reason, they’re worth more than what they cost.
This is why most people recommend consulting with an expert real estate attorney before even starting the negotiation.
Other Responsibilities of Real Estate Lawyers
Along with preserving your best interests and taking care of the necessary paperwork, a real estate attorney will audit the property to protect their party from a financial loss. He/she will also check the federal and state laws to check if there are any loopholes to the property. For example, if you’re purchasing a property in Alberta, you can expect your real estate lawyers in Alberta to take care of the whole process where they go through each law and see if the property has something that can put you into future trouble.
In fact, they’ll also check to see if the pricing of the property is reasonable and if there’s missing paperwork that might be required in the future. There’s a lot that professional real estate lawyers can help you with!
Although real estate is considered to be one of the best investments, the purchasing process of the property can be very lengthy and troublesome. There’s a lot for you to consider; state and federal laws, condition of the property, price and other variables that might be important. Expert real estate lawyers can help you streamline this process, filing out the necessary paperwork, auditing the property, checking if it abides by the federal and state laws and if the negotiation preserves the client’s interests.
You can always depend on your real estate lawyer to bring you the best results. This is why it’s a valuable investment that you should make to save you from future trouble. Also, you can depend on the expertise of your lawyer to bring in the best results.
If you’re looking for an expert real estate lawyer, you can us. Osuji & Smith lawyers has a team of highly experienced lawyers who’re here to help you with all your real estate issues in Alberta. Consult with us and see for yourself if we fit for your needs!