Conducting property business in Canada requires you to collaborate with several professionals, one of which needs to be a real estate lawyer. A real estate lawyer makes sure that the ownership of a property is exchanged between two parties without any delays or other legal issues.
Buying and selling a property is considered one of the biggest financial transactions you can make in Canada and a legal consultant can provide you with sufficient help in negotiation, problem-solving, and responding promptly.
Why Do You Need a Real Estate Lawyer as a Property Seller?
Seamless Exchange of Property Ownership
If you’re selling a property in Canada, you may need to ensure a seamless change of ownership and both parties need to willingly enter the legally binding contract and then diligently execute a series of tasks involving the utility and service providers, lenders, and provincial and municipal governing authorities and departments. Some misunderstanding and miscommunication can occur when a plethora of documents are exchanged between the selling and the buying properties as these documents often require extreme specificity.
A real estate lawyer may also guide you about your obligations as a seller and other important contractual commitments you should be careful about.
Preparing the Agreement of Purchase and Sale
Acquiring legal support helps you get legal consultancy and reliable support from a professional who may help you learn about certain issues that may arise and assist you in adopting a proactive approach to avoid them. They may also inform you about different issues specific to the land and dwelling you’re selling and make sure that all the material facts and disclosures are mentioned in the Agreement of Purchase and Sale contract.
A real estate lawyer may prepare the required legal documents and ensure that the financial proceeds of the property sale are delivered before you transfer the property title and offer the keys to your buyer.
Identify Land and Dwelling Issues
While most real estate sellers hire realtors to get an opportunity to list their property on the Multiple Listing Service, so they can sell it at the highest price in a shorter period, contacting a real estate lawyer before listing a property can allow them to identify issues related to the location, the dwelling, the land, and the title. This information can help you address these concerns before you enter the market.
At Nanda & Associate Lawyers, we have a team of highly professional real estate lawyers who can help.
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Disclaimer: This blog is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.
