In most Canadian provinces, home sellers are required to use a real estate lawyer for their real estate transaction. This is because only real estate lawyers can access the various registration systems that facilitate the transfer of property. In fact, they are the only ones who can even search for land property records. However, as the experts at GLG LLP Lawyers explain, real estate lawyers shouldn’t be viewed just as something you have to have. Instead, they provide several valuable services to home sellers.
Legal Document and Agreement of Sale Review
Selling a house is a significant transaction and it shouldn’t be left to chance. A real estate lawyer ensures that the Agreement of Sale and any other legal documents related to the transaction protect your interests. You should never depend on the sellers or third-party document processors to write a document that benefits you. This is because sellers want to get the best deal for them as possible and third-party document processors don’t have a stake in the agreement at all.
You need someone who is looking out for your interests on your side. This is the main job of a real estate lawyer and they take it seriously. They want the agreement to be beneficial to you and will work to create an acceptable deal. While you might not get everything you want in the end, the agreement definitely won’t be skewed to the buyer’s interests.
Negotiation of Terms and Conditions
As the seller of a property, you have the power to write in terms and conditions of the sale that must be met before the property is transferred to the new owner. For example, if you need to stay in your house for a month after closing so that you have time to find a new place to live, that can be written into your agreement with the buyer.
Of course, the buyer can always come back with a counteroffer and it will be the responsibility of your real estate lawyer to negotiate these terms. They will ensure they are as beneficial to you as possible and if you have any hard lines that have to be drawn, they will take care of them in the agreement terms. If a buyer can’t meet those terms, they will protect your interests by not accepting a deal from them.
Transaction Closure
Your real estate lawyer will be in charge of the transaction closure, which involves getting all the paperwork signed, preparing the deed to the property, dealing with and remedying any title issues, ensuring that all legal and financial conditions have been met, and exchanging legal documents and keys with the buyer’s lawyer.
Conclusion
Essentially, as a seller, you don’t have to do anything except direct your lawyer to accept or reject anything that comes up during the negotiations. They handle everything else from offer to close and turn over your money at the end. Of course, you’ll be expected to help them out with any information they need from you, but otherwise, your transaction is in the hands of a professional.
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