Who needs a real estate lawyer when buying your first home when you have a real estate agent, right? Wrong! The purchase of a home is one of the biggest steps you’ll ever take. Especially if you’re a first-time home buyer, you will want to have an attorney to help you navigate through the process.
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The Process of Buying a Home in Canada
The process of buying a house in Canada is a seven-step process as follows:
- Save for a down payment and be able to prove where it came from.
- Organize your plan such as where and when you wish to move.
- Do your research to discover rebates and grants you may qualify for.
- Shop for the best interest rates you can find.
- Attain a pre-approval status from a mortgage company.
- Locate a home.
- Make an offer on the home and if all goes as planned, seal the deal.
Possible Complications of Buying a Home in Canada
There are a number of things that could go wrong during your home buying process. The home may not pass inspection. The seller could back out or attempt to back out of the deal and it would have to be decided how to distribute any money already on the table. A lien could be found on the home.
While hopefully your home buying experience goes smoothly and there are no complications encountered at all, you can’t count on it. Hiring a real estate lawyer is a small investment to help ensure your transaction goes down without any hitches. And, if there are problems, your attorney will help you solve them.
Benefits of Consulting a Real Estate Lawyer
Being a first time homebuyer is exciting. While those who have purchased a home before have some knowledge and experience under their belts, you may feel like a fish out of water.
Buying a home for the first time can be scary too. What if a problem pops up? What if you make a mistake? Hiring a real estate attorney brings a definite advantage. Here are a few of the many benefits you’ll have with a lawyer who specializes in real estate:
- A real estate lawyer is generally required, so you’ll be following the law.
- Your attorney will ensure the paperwork is drawn up and filed properly.
- Your real estate lawyer will conduct a search for any issues.
- Your attorney will negotiate a solution if a problem is discovered.
- An attorney will guide you through the processes of acquiring legal documents, having an inspection on the property, appraisals, and so forth.
- Your attorney will be familiar with all rules and regulations concerning home buying and will steer you through them.
How to Find a Real Estate Lawyer
If you are a first time homebuyer, you may not have a real estate attorney yet. You can easily find one by looking online for local attorneys near you or ask family and friends in your area who they recommend. Then, set up a meeting with the real estate lawyer to make sure the two of you are a good fit and if you have a spouse, be sure to bring him or her along since the three of you will be doing business together.
Once you have chosen a real estate lawyer, you can breathe a sigh of relief knowing you’ll have way less worries. After all, you’ve got enough to do.