RESOURCES

Over the course of a real estate purchase or sale, buyers and sellers will encounter all manner of professionals who will assist with various aspects of the transaction. Real estate lawyers in particular play an important role in assisting with various legal aspects of buying or selling a property. Here are a few key ways in which real estate lawyers can help:

• Conducting title searches:  Real estate lawyers conduct titles searches to verify the legal ownership of a property and ensure that buyers are obtaining “good title”, that is title free from defects such as liens, mortgages, spousal interests, third-party interests, etc. The list of possible encumbrances, or issues affecting title, is non-exhaustive and a large part of a real estate lawyer’s job is to first identify such title issues or potential issues, and then determine how best to reconcile those issues, which ostensibly involves the collaboration of the lawyers on both sides of the transaction. Real estate lawyers are also knowledgeable about title insurance and can help determine whether certain title issues can be resolved with title insurance coverage.

• Reviewing and drafting legal documents:  Real estate lawyers review and prepare all manner of legal documentation relating to purchase and sale transactions, such as agreements of purchase and sale, mortgage documents, mutual releases, general closing documents, and many other ancillary documents which might be applicable in any given transaction. Lawyers can protect buyers and sellers by ensuring that all documentation accurately reflects the terms of the agreement, and that their clients adequately understand the rights, interests, and obligations which arise as a result of signing such documents.

• Closing facilitation:  Real estate lawyers facilitate the legal closing process of a firm and binding agreement between buyer and seller. This process involves coordination with various parties, such as the opposing lawyer, the lawyer’s client, mortgage lenders, and title insurance companies. Lawyers provide clients with guidance on the steps involved in the closing process, as well as providing legal advice along the way as required.

• Dealing with legal disputes:  Legal disputes can arise at any point during the course of a purchase or sale transaction, and a real estate lawyer can provide legal representation and advice and help their clients navigate the dispute resolution process, whether that involves negotiation, mediation, or litigation.

The above is a simplified overview of the role of a real estate lawyer in a purchase or sale transaction. If you have any specific questions, please reach out to one of the knowledgeable lawyers at Kormans LLP for assistance. Simply email us info@kormans.ca or call (905) 270-6660!

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Reem Haroon is an Associate Lawyer with Kormans LLP. You can reach Reem at rharoon@kormans.ca.

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