What Is The Role Of Your Lawyer?
Posted on: Monday April 04, 2016
Lawyers are there to assist clients throughout their transaction to ensure that they are protected, advised accordingly and that they fully understand their legal obligations. Purchasing property is possibly the largest investment a person will make. Clients want to make certain they have the right lawyer to not only protect their legal rights but also to save them time, money, stress and risk.
What Law Firms Do
- An Agreement of Purchase & Sale can be quite lengthy, especially for new build purchases. Prior to signing the Agreement it may be beneficial to retain a lawyer. The lawyer, for example, may be able to:
- For new build homes, recommend capping the closing costs and adjustments that are charged in addition to the purchase price.
- For resale homes, recommend further clauses for your anticipated use of the home.
- Lawyers will review documentation (i.e. deeds, agreements, mortgage documentation) and advise of each party?s rights and obligations. They will recommend changes in order to better protect client interests.
- Title Search: When purchasing property the law firm will conduct a Title Search to confirm that clients are acquiring a valid title that is free from outstanding liens, debts, title defects etc.
- Execution Searches: are required for all registered vendors and purchasers, who are obtaining a mortgage, to determine if they have any writ(s) or execution(s) filed against them. Essentially, to ensure that there has been no judgements filed against their names.
- Law firms will prepare the necessary documentation for any mortgage(s) being obtained.
- They will obtain title insurance policy to protect your title to the property from such things as title or mortgage fraud.
- Lawyers will prepare the Statement of Adjustments which will reflect the overall cost of purchasing property.
- They will register the property with the Land Registrar Office.
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Written By: Edward Kossev, B.B.A, L.B.B., Associate Lawyer