Real Estate Law
Besides the fact that a lawyer is required to purchase or sell a home in many provinces, having a real estate lawyer helps to protect your interests in a transaction and ensures that it is legal. A home in Canada can cost hundreds of thousands of dollars, while legal fees for a lawyer might cost $1,000 or less. Paying a small fee for peace of mind and for protection should something go wrong is well worth it, especially for high-value real estate transactions.
ELS real estate & construction lawyer represent owners, developers, lenders, landlords, tenants, operators, contractors and others on matters related to real estate acquisitions, zoning, development, construction, leasing, management, finance, taxation and the disposition of new and existing properties. ELS also regularly represents clients in real estate-related litigation and assist clients in resolving controversies that arise in real estate matters.
Real estate lawyer review all documents and ensure that there are no errors and that your transaction is executed properly. Some of the documents your lawyer will review are as follows:
Purchase/Sale Contract – Real estate lawyer enforce this contract for both buyers and sellers to ensure that all parties adhere to what has been agreed upon.
Title searches – Your lawyer will review the current land title to ensure both buyers and sellers are protected against any unexpected encumbrances that are currently registered. Encumbrances can mean any mortgages, writs, liens or caveats that are tied to the current landowner.
Property tax searches – Your lawyer will pull a Tax Certificate to ensure that property taxes are up to date and that proper adjustments are made on closing.
Real Property Report and Certificate of Compliance – Your lawyer will review these documents to ensure that all structures and buildings on the land are within the property limits and comply with relevant municipal guidelines.
Participating in any real estate transaction involves a large amount of paperwork. Real estate lawyers use their experience to give you peace of mind.
With most purchases, refinances and new home builds, lenders will require the use of a real estate lawyer so that they can ensure that their investment is protected. Hiring the correct lawyer for this is essential.
Similarly, on a sale, if there is a mortgage on title, the buyer’s lawyer will insist that you use a lawyer so that the mortgage can be discharged properly.
