If you’re buying or selling a property, you’ll need to work with a real estate lawyer at some point. Here are five important questions to ask your lawyer to help make sure the process goes smoothly.
What is your experience with real estate law?
Working with a real estate lawyer can be invaluable when buying, selling or otherwise working with real estate. Therefore, it is important to ensure you are comfortable with their experience level and qualifications prior to making any binding agreements. One of the best ways to do this is to ask them directly about the extent of their experience in matters of real estate law. By doing this, you can have peace of mind knowing that your lawyer has the ability to handle any issues that may arise around what can be a complex area of law.
Important things I need to know about real estate law
When it comes to real estate, laws differ by region and can change without warning. Therefore it’s essential to understand the legal details pertaining to your particular area. An experienced real estate lawyer in your province/country can provide you with reliable advice and informed answers to important questions about local laws. Five key things that your real estate lawyer should explain include title transfer procedures, purchase contracts, zoning regulations and building codes, confidentiality of information, and due diligence requirements. Knowing these basics is beneficial regardless if you are buying or selling a property–and having a knowledgeable legal professional on hand can ensure that all legal aspects are properly handled.
What are some common mistakes that people make when buying or selling a home?
One of the most common mistakes that people make when buying or selling a home is not speaking with a real estate lawyer. A real estate lawyer has the necessary legal knowledge to advise on the purchase agreement, closures and settlement procedures. Without their expertise, buyers might unintentionally sign agreements with unfavorable terms or miss out on important deadlines. Many seller mistakes come from not understanding their rights as landowner or not fully addressing liens they are unknowingly responsible for. Asking your real estate lawyer the five questions found in any good workflow procedure can help avoid these issues and yield just results.
What should I do if I have a problem with my home purchase or sale agreement?
When facing a problem with your home purchase or sale agreement, consulting with a real estate lawyer can be an invaluable resource. They can review the document in question and provide you with sound legal advice. Before meeting with them, it is a good idea to prepare and have answers ready for the following five questions: What is your timeline? How will you structure fees? Are any of the terms unclear or unreasonable? Do you need a legal opinion letter? Do you need to consult another expert? With their years of experience and insight, a real estate lawyer can help guide you through any issues that might arise.
How much will you charge me for your services, and what are your payment terms?
When engaging a real estate lawyer, it is essential to understand the payment she will ask of you for his services, as well as the payment terms associated with that. Asking this question before entering a legal contract ensures you and your lawyer are on the same page in terms of expectations, meaning both you and your lawyer can start off the relationship without any unnecessary confusion. This can also save time by getting out of the way any potential problems that could cause disagreements down the line. It’s not just important for a smooth working relationship – it could also save you money!
Be sure to ask your potential real estate lawyer these five questions before you hire them. By doing your due diligence, you can be confident that you’re working with a qualified professional who will have your best interests at heart. Refcio & Associates provides effective real estate law solutions and peace of mind for individuals and commercial businesses. Refcio & Associates has locations in London, Burlington, and Greater Toronto Area.