When buying or selling a property, it is essential to have all the required information at your disposal for a safe and successful transaction. Part of being prepared involves having a team of professionals by your side. Of course, to generally ease the process, inform you of all details you may have otherwise missed, and to overlook legal issues regarding a deal, a real estate lawyer (also called a real estate attorney) is no only highly recommended, but required.&nbsp;First, we should look at what real estate lawyers do. Real estate attorneys are licensed lawyers who choose to focus their practice on real estate law issues. They may be hired to draft contracts of sale, review leases and mortgage documents or discuss provisions in a real estate sale contract. These lawyers’ practices are largely transactional, meaning that they do not usually engage in court litigation.&nbsp;A real estate lawyer is required when buying or selling a home in order to register the transfer of property with your province’s land registry office.&nbsp;Real estate lawyers act on the sides of both the seller and the buyer. In any real estate transaction, it is a real estate lawyer who is responsible and possesses the necessary legal knowledge to ensure seller and/or buyer rights are observed and protected. Real estate lawyer duties are quite complex for both buyers and sellers sides. &nbsp;On behalf of a buyer, a lawyer would review the Agreement of Purchase (legally binding contract between a buyer and a seller of a property), check for insurance claims on the property, help a buyer with title insurance (protection for ownership), check on the property’s property taxes and whether they have been taken care of, look at land-transfer tax, assist in mortgage documents, and other legal documents. While title insurance protects you from certain issues with the property’s title, a buyer’s real estate lawyer will still check the property’s records. This includes checking for any liens, such as an unpaid mortgage or other outstanding debt from the previous owner, as well as known title defects. It also includes reviewing your property survey and looking for any encumbrances, which can include restrictive covenants, easements, and municipal by-laws that might restrict your use of the property. If, for example, any property disputes or outstanding liens come up, your lawyer would be able to resolve these issues before you list the home for sale, or make sure that these issues are resolved before closing.A buyer's real estate agent might also conduct an off-title search. This will find issues that won't show up on a property's title, such as unpaid property tax and unpaid utilities, by contacting the relevant municipality and utility companies.Real Estate attorneys have several tasks for sellers: again, looking at the Agreement of Sale, transfer legal documents and documents of ownership to the buyer, and close the deal.&nbsp;A real estate lawyer can help with negotiations during the home sale around terms in the purchase agreement, such as additional conditions on the offer. Without a qualified legal advice, you might not be able to personally identify these conditions that might be unfair or unnecessary. Your lawyer will be able to negotiate conditions and clauses on your behalf.A real estate attorney also facilitates the closing. The seller’s real estate lawyer will hold the keys to the home in escrow. They will be the one that prepares the statement of adjustments and to receive the funds from the buyer’s lawyer. Once the money has been received, the seller's lawyer will first pay off any existing liens, such as a mortgage, unpaid property taxes, or other outstanding debt secured to the property. The seller's lawyer will also pay out real estate commissions from the proceeds of the sale to the listing agent and buyer's agent. The lawyer will then send the remaining amount to the seller of the home.According to WOWA, only lawyers are qualified to deal with and access the Ontario Electronic Land Registration System, a database that allows the transfer and search of property documents and records. Without a real estate lawyer in Ontario, you won’t be able to register property and purchase a home. This is also the case in Nova Scotia and Alberta, although in Alberta it does not have to be a real estate lawyer that specializes in real estate law.Real estate lawyers will use their knowledge of the law to help you avoid falling into dangerous contractual traps and unfair deals. Importantly, licensed lawyers have professional liability insurance, a huge asset when working with legal documents. With the expertise, experience, and assets that most regular people don’t have, buyers and sellers alike, real estate lawyers will be best suitable for facilitating the transaction.&nbsp;You may be wondering, “why can’t my real estate agent just help me?” That is a valid question, considering real estate agents know the ins and outs of the process. However, real estate agents are not legal professionals. Without a formal legal training which culminates in passing of the necessary bar exams, nobody is equipped or permitted to provide legal guidance. A lawyer is a legally protected title.How much a real estate lawyer is it going to cost you? According to some recent data, the cost of a real estate lawyer on average runs around $500-1,500 CAD flat fee per transaction. While this might seem high, if we compare the fee to the average cost of a house in GTA which are mainly high transactional value properties, it is clear that the legal services are well worth it. For just a fraction of the property price, you can get a peace of mind and be confident that your property deal is papered up properly.Legal fees do not cover any costs that the lawyer needs to pay to complete the transaction.&nbsp;For example, your real estate lawyer will be the one that will pay upfront for the title insurance premium, land transfer tax, title search fees, and registration fees. These costs are known as disbursements, which your lawyer has paid upfront on your behalf, and you will need to reimburse your lawyer for these costs. Application and registration fees can add up to hundreds of dollars, but in most cases, land transfer tax makes up the largest cost. So you will also need to compensate your lawyer for any disbursements, such as application fees, land transfer tax and registration fees.Real estate lawyers offer both buyers and sellers the protection they need in all steps of the transaction process. You can always look up any legal professional’s credentials via free public resources available. In Ontario, for example, the Ontario Bar Association website has a Find-a-Lawyer Directory. As well, as a streamlined integrated service provider, RIFO offers free legal consultations from qualified and vetted real estate lawyers as part of any real estate transaction for its customers. It is a cost effective and time saving solution. In any case, if you are a Buyer, a Seller, or a Real Estate Investor, you should seek a qualified legal advice early on to ensure your interests within any given deal are properly protected.

A Real Estate Lawyer: Should You Hire One?

 If you are a Buyer, a Seller, or a Real Estate Investor, you should seek a qualified legal advice early on to ensure your interests are properly protected.

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