The 2-Minute Rule for Real Estate lawyers Kitchener



In an effort to save loan your clients might pick to pass up lawful representation in their sale or purchase of real estate. The lack of competent legal representation in the sale or purchase of real estate could not only cost your client more money in the long run, it could also jeopardize the entire transaction. A seasoned real estate attorney assists promote the closing, working with all the celebrations entailed- mortgage brokers, buyers, realtors and sellers- to guarantee the smooth closing of the deal. In my experience, there are 4 major reasons why your clients must work with a property attorney to assist with their transactions:

1. To Evaluation the Contract Prior To Implementation

Put simply, your customer should not sign the contract up until his/her lawyer has actually assessed it. If the events are in a time crunch- simply put the words "Contract subject to examine by [event]'s attorney" and also consist of a practical time frame. The other party will see that your client is serious about the sale/purchase and it will allow extra time for the attorney to review the contract. If it is printed on a standard form, you may find that your clients are comfortable signing the contract.

However, I have seen standard form contracts where the costs of title insurance were incorrectly allocated, financing contingencies unknowingly waived, and inspection periods extending beyond the date of closing. Mistakes happen. At a minimum, the attorney serves as a second pair of eyes, trained to catch errors and potential issues that may arise from the contract terms.

2. To Review and Clear Title

Having an attorney on board early in the deal will also assist with any title issues that may later arise. Even a small issue, such as an unreleased prior mortgage, appearing at the last minute can delay the closing for the transaction. Your client's attorney will be on the look-out for any possible title issues, and plan ahead, obtaining satisfactions, releases, corrective deeds, probate approval, powers of attorney, etc. in a timely fashion.

A real estate attorney is trained to understand the title and review commitment, which is prepared by the Buyer's attorney or title company. In transactions where I have represented sellers I have seen (and corrected) inaccurate title requirements that were unnecessary and would have caused the seller an undue burden and increased expenses. In such an instance it is essential to have a real estate attorney to communicate with the title company, the title insurance underwriter, and/or the buyer's attorney to amend the commitment and clarify. When your client is the buyer, having an experienced real estate attorney prepare your title commitment is both cost and time efficient- a correct title commitment needs to be prepared only once.

3. To Monitor Contract Dates and Requirements

The experienced real estate attorney will monitor the contract critical dates for the buyer's deposits, as well as all contract contingencies such as the inspections and financing. Missing a deadline can result in financial losses for the parties, including a potential loss of deposit or loss of the whole transaction. Simple matters such as calculating calendar days versus business days may make all the difference in some transactions. A party may try to use a missed deadline in order to avoid the contract or to make unreasonable demands on the other party.

Further, if the other party defaults, the attorney will address it properly, both representing your client's interest and working to salvage the deal. An experienced real estate attorney will keep your client's interest paramount, and will focus on meeting critical dates and requirements per the terms of the contract.

4. To Verify Property is Deeded Correctly

When most people purchase property they are not thinking about when they will be selling it. The experienced real estate attorney looks at the buyer's specific objectives when purchasing the property, making sure that the property is deeded correctly so when the property is sold in the future there will be no surprises. Your client's attorney will prepare the warranty and/or review deed and legal description, checking it for accuracy.

In addition, the different ways to title the property, affecting your client's real estate taxes and estate planning must be considered. Whether the parties want to be tenants in joint or common tenants with rights of survivorship, consequences of deeding the property individually, versus in the name of a company or trust, are all matters that should be determined well in advance of the closing. Incorrectly deeding the property at closing will cost your client more money later when the deed is corrected, including additional attorney fees, documentary stamps and county recording fees.

Fearing the cost of a hiring an attorney, many clients may try to handle their real estate transactions without one. However, your client may not realize that many real estate attorneys work on a flat fee, and are able to provide them both a fee and cost estimate before beginning any work. Advise your clients to hire an experienced real estate attorney, and let them know that they can request the fees and costs up front.


Your client's attorney will be on the look-out for any possible title issues, and plan ahead, obtaining satisfactions, releases, corrective deeds, probate approval, powers of attorney, etc. in a timely fashion.

A real estate attorney is trained to review and understand the title commitment, which is prepared by the Buyer's attorney or title company. In such an instance it is essential to have a real estate attorney to communicate with the title company, the title insurance underwriter, and/or the buyer's attorney to amend the commitment and clarify. The experienced real estate attorney looks at the buyer's specific objectives when purchasing the Criminal lawyer Kitchener property, making sure that the property is deeded correctly so when the property is sold in the future there will be no surprises. Fearing the cost of a hiring an attorney, many clients may try to handle their real estate transactions without one.

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