A real estate attorney’s function is to assure the legal transfer of property from the seller to the buyer. These professionals deal with tasks such as preparing or reviewing documents, ensuring that the title is clear, and helping with the smooth transfer of funds.
A real estate lawyer Calgary exact functions will vary based on whether you, the seller or the lender hires them; what your state laws entail; as well as what’s obligatory for your home purchase to proceed smoothly.
What does a real estate lawyer do?
Real estate attorneys deal with “real property” transactions. Real estate is also called real property and signifies land and permanent structures that are fixed in place.
When it comes to purchasing real property home buyers, don’t have to go to court. Conversely, a real estate lawyer prepares or reviews the required documents related to your home purchase; for example, a contract, any added agreements made with the seller; documents from your lender, and title and transfer documents.
If you hire a real estate attorney, they will even attend the closing, either virtually or physically.
Should you hire a real estate lawyer?
Your decision to hire a real estate lawyer in Calgary mostly depends on the location where you’re trying to buy property. Provinces vary in what they deem as the “practice of law,”.So, what is fine for a real estate agent or notary to handle in one province, may require an attorney in another.
- If you are buying a home in certain provinces, including Alberta, provincial law requires you to retain a real estate attorney to handle specific parts of the transaction.
- In many provinces, the law requires that an attorney provide a title opinion. Such an opinion signifies that an attorney has reviewed the title abstract or examination and, does not see any obstacles to the property transaction.
- Even if real estate attorneys aren’t required in your province, you may just wish to retain one if you’re dealing with a dicey type of purchase; for example, a short sale. Or in case an issue comes up like a neighboring structure crossing over the property line.
- In certain cases, your mortgage lender will ask for a real estate attorney to be, part of the transaction. That can mean you’re off the hook for the lawyerchargesas the lawyer isn’t representing you as a purchaser.
- In provinces that require a closing attorney, remember that even if you hire and pay for the lawyer, they’re deemed as a neutral party; whose interest is just to facilitate the transaction.
Real estate attorney costs can vary based on what services you need, and how they bill you. The lawyer could charge a flat fee that covers a particular set of services (such as checking the title abstract and providing a title opinion). Or an hourly fee. Real estate lawyer’s-charges are often paid as part of your closing costs. You’ll find it on your loan estimate document under “services you can shop for,” as it is not a set cost. The estimate mentioned within the loan estimate can vary according to the attorney you hire and your legal requirements.