Electronic Registrations – Choosing a Certified Real Estate Lawyer
Choosing a lawyer online can be quite easy provided you know how to search right. There are many other facets besides the usual quotation certificate and other legal cost structures. Get Electronic Registrations today. Here are the three foremost parameters that help you choose a good lawyer online.
1. How much experience does the Lawyer have in Residential Real Estate Realm?
A lawyer must have spent most of his career in the real estate industry. As a rule of thumb, if the lawyer has experience of less than 90% professional work in real estate, steer clear of such a lawyer. Today, real estate laws are getting increasingly complex and any amateur lawyer can land you in trouble for not handling the case in the right manner.
In this age of high efficiency and specialization, those lawyers who have spent more than 90% of their careers in the real estate sector can benefit you significantly. They can effectively manage all the issues that pertain to the real estate deal you are about to close. Also, they can handle any problems in the transactional phase of the deal along with the accounts department.
2. Can the lawyer close the real estate deal electronically?
As of December 23, 2011, all the area in the Toronto Metro (including Peel, York, Hamilton-Wentworth, Durham, and Halton) has started using electronic land registration systems. Thus, the Registry offices prefer that you make use of the electronic systems. Traditionally, the lawyer has to travel to the official registry office and wait in a queue to close the deal and complete the process. Earlier, the closing funds were not available until 5 PM on the day of the closing. It is a great convenience for the buyer as well as the seller to use the electronic system. Therefore, choose a lawyer who is familiar with the electronic system.
3. Can the lawyer obtain Title Insurance?
As per the Law Society of Ontario, it is required on the part of lawyers to inform the purchasers about the advantages of obtaining title insurance. Usually, lawyers include the fee for obtaining the title insurance in the initial quotation certificate. Inexperienced lawyers may get confused on a trivial concern such as inadequacy of a survey or some issues regarding the title of the property. The title insurance must be provided to the purchaser as the overall cost of purchasing title insurance is minimal and added to the legal fee as a one-time premium. The advantages of Title Insurance are:
1. Title insurance certification is broader than the realm of a traditional lawyer’s approach.
2. The seller can be restricted in terms of committing fraud and forgeries in the title.
3. It is nondeductible and no-fault insurance.
4. Title insurance is issued as a once-for-all certificate to the owner covering the entire period of ownership. This further includes the transfer of property to heirs or spouses.
Title insurance is a must for all the purchasers and not only when the lawyer deems fit. Even if there are no title or survey issues, title insurance must be provided by the lawyer and charges must be mentioned in the initial quotation certificate. Title insurance safeguards the interests of the purchaser and determines the integrity of the lawyer.
Confused with electronic registration? Contact our real estate lawyers at 1-866-660-6640 for the best solutions.