Looking to purchase a place to call home? Purchasing Real Estate is the single most important decision most people make – Don’t start that process on the wrong foot, retain a lawyer from the very start.
Purchasing a home, whether it be a house or a condominium, requires a lawyer. Since a lawyer is required, then it is highly recommended to start the process of purchasing a home by seeking out a lawyer that will provide legal advice every step of the way and finalize the transaction.
The process of purchasing a home involves securing financing, finding the proper home, and purchasing the home.
For most people, securing financing, means that they will require to be approved for a mortgage with a Bank or a lender. The process involves many legal documents to be signed which may bind the parties for many years to come. It is always advisable to seek the advice of your lawyer to ensure you are fully aware of what you are signing.
Once a pre-approval of a mortgage is secured, people tend to look for a home within the secured price range. Most people seek the help of real estate agents to guide them through that searching process. A real estate agent working for your interest requires a binding contract between you and that agent. The contracts are standard, but the advice of a lawyer is always advisable in order to ensure you know what you are signing.
Once a home is found, you will be required to make an offer on the home. In most cases, the real estate agent will have a standard contract for offers. The contract is binding on the parties once accepted; therefore, it is vital that you know exactly what you are signing. Seeking the advice of a lawyer may ensure that you get exactly what you are paying for.
Finally, once the contract is binding on both parties and a closing date is set the lawyer begins to search the title. There are several steps in this process and they must be done with great detail. The lawyer, representing both you and your bank, will receive instructions from your bank. The lawyer then acts in accordance of the instructions. At the end of the process, the title is registered in your name and a mortgage is registered on the property in favour of the bank which funded the transaction.
At the end of the day, a lawyer is needed to complete a real estate transaction. Approach a lawyer at the very beginning in order to ensure everything is done smoothly and seamlessly.
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