Buying or selling a home can be an exciting time. It usually means a new beginning and a chance for a fresh start. But there’s no room for error during a real estate transaction with the amount of money on the line and commitments being made. That’s why, in Ontario, a lawyer must sign off on your real estate transaction.
The good news is, despite all the costs of buying or selling property, you can still save on legal real estate fees and hire a lawyer you’re confident will protect your interests while ensuring the transfer of title, money and mortgage happen seamlessly.
Use this guide to help you find the right real estate lawyer for you.
Table of Contents
1. Use a Lawyer Who Specializes in Real Estate
Just as you would only want a criminal lawyer to defend you if you were charged with a crime, using a real estate lawyer protects you during the largest transaction of your life. That friend of a friend may charge less, but it’s not worth the risk. Even if the transaction seems to come off without a hitch, it could be years down the line when you want to install a new fence, renovate your home or sell it when you learn that your lawyer didn’t cover all the details – details that a real estate lawyer knows to look for.
2. Look for Transparent Fees
Some people are wary of hiring a lawyer because they’re afraid of accumulating costs every time the lawyer looks at their file. Some real estate lawyers have been in practice long enough to know how much work is involved and charge transparent, flat fees for their service. This makes it easier to make a final decision on who to hire, and it helps you budget your closing day costs.
3. There’s No Substitute for Experience
You may think that your real estate transaction is straightforward and routine enough that any lawyer will do. Nothing could be further from the truth. Life is unpredictable and real estate transactions are complex. They require a professional who knows how to ensure that nothing gets missed and can handle unexpected challenges. In other words, you’ll feel more comfortable trusting one of the most important transactions of your life with a lawyer who’s seen and done it all before.
4. Shop Around
Like everything else you spend your hard-earned money on, it’s essential to know that you are getting expert, reliable real estate legal service at an affordable rate. Check online reviews and ask for references from the lawyers you speak with. This can help you get a better picture of the level of service you can expect from each.
5. Keep Convenience in Mind
Buying and selling real estate also requires a lot of running around. The last thing you want to do is use a paid sick day, vacation day, or worse, lose income, to meet with your real estate lawyer because they’re only available on weekdays or during business hours. When shopping around, don’t forget to factor in location and availability. You’ll probably have to meet up with your lawyer a few times before the sale closes. If you have to drive far and pay around $2 per litre for gas, you’re spending money you could be saving for your closing costs.
Consider using an online real estate law firm to save yourself time and money and get legal real estate services in the comfort of your own home.