5 Reasons Why You Need A Property Lawyer
May 23, 2016
A person set out to buy a property in foreign lands, thinking that he would make a good deal without any assistance. Everything went well and in his favor. He happily paid the price and signed the deeds. But when he decided to reconstruct the property to turn it into a luxury hotel, he came to know that property laws were against it.
Upon consulting a property lawyer, he found out that the property can only be sold or rented to one party (as per the laws of that place) and according to the will of the person who was still holding the title. Further investigations brought more bad news, as he came to know of many people to whom the property had been sold earlier. Eventually, that person had to lose his property in just two months.
Same could happen to you if you think anyone can handle a property transaction. You still can, but you need a qualified and experienced real estate lawyer at your side. Following are the ways a real estate lawyer Toronto can help you.
Property Attorneys Know What to Draft
One of the major job responsibilities of a real estate attorney is document drafting. The kinds of documents prepared by real estate lawyers include:
- Deeds for transactions
- Rental and lease agreements
- Financing agreements
- Purchase contracts
Here, real estate agents will help you fill out these documents according to your requirements. The documents are submitted for review and the attorney reviews and gives his suggestions. Only licensed attorneys can draft or review these documents.
What if Transactions Don’t Seem to Workout
If property transactions don’t work out, affected party involves takes the matter to the court. Real estate attorneys represent their clients in lawsuits and perform following duties:
- Draft legal pleadings
- Participate in hearing
- Trial with the judge
- File appeals
- Bargain with opposing party for agreement settlement
Always hire experienced Wills & Estates Lawyers in Toronto, such as Lawrence D. Weltman, for better results.
Real Estate Attorneys Can Negotiate a Deal Successfully
Because of their experience and qualifications, real estate lawyers may be asked to negotiate terms and conditions of particular property deal. For negotiation, your attorney works with the following people:
- Other attorney
Attorneys usually have a lot of experience of this particular area. In fact, commercial contractors and builders take their services to negotiate deals.
Professional Eye for Transaction Review
This is the sole responsibility of a real estate lawyer. In fact, some attorneys only offer this particular service, and it normally happens in residential property transactions. Buyer and seller negotiate a deal and sign contract. Then they ask real estate attorney to review the contract with “Due Diligence”. The attorney would review the following:
- Legal title issues
- Environment issues
- Other related documents and contracts.
For Lenders and Borrowers
Real estate attorneys can specialize in trust deed foreclosure and mortgage law. They are hired by lenders and borrowers.
- Attorneys representing lenders guide them through foreclosure process. It may include filing a lawsuit.
- Attorney representing borrowers challenge mistakes in foreclosure process and make lender’s life difficult. They also negotiate with lenders on behalf of borrowers to settlement agreement with respect to foreclosure.