Why You Need a Real Estate Lawyer
We all know just about all lawyers can take care of a real estate transaction. This is not the issue as many can follow the basic lender mortgage instructions and get the deal done and registered.
The issue is how smoothly will the transaction progress
Lawyers that specialize in real estate transactions normally have at least one paralegal or assistant to help prepare all the paperwork and inform the client of everything they will need to complete the mortgage documentation.
They prepare all the formal paperwork for the lawyer and arrange a time for you to come in and sign the paperwork. They inform you how much money to bring in to the closing meeting; this includes their fee and any remaining down payment.
You meet the lawyer, sign the paperwork and the paralegal makes sure it all gets registered with the local land titles office.
The assistant or paralegal is the key to your smooth transaction.
The lawyer will take the credit but the assistant is the key to a smooth deal. They ensure all the details are taken care of and ready for the meeting between you and the lawyer. (to all my lawyer friends, I am saying this with tongue in cheek).
They ensure the paperwork is registered and ready for your possession date. Then they make sure all the money is paid to the seller’s lawyer in a timely fashion on the day of possession.
The lawyer witnesses your signature and reviews your ID and reviews the new mortgage details with you. The assistant makes sure everything else gets done.
When you use an un-experienced lawyer who does all his own work you may find they miss a step or become overwhelmed by the time factor and close the deal late. You may get a great deal on the price but if the deal fails to close on time you face penalties and this can quickly eat any savings you may have received.
A good real estate lawyer is worth his weight in gold.
Don’t be fooled, you may pay less for an inexperienced lawyer but using an established and experienced lawyer will save you time and money in the long run.
You can shop around for deals on the cost of a lawyer but make sure you are shopping for lawyers that are experienced and can do the job.
Look for referrals from your realtor or mortgage broker. They deal with lawyers every day and can normally provide you with at least one or two names to call and interview.
These referrals can and will save you money in the long term so don’t try to be penny wise when dealing with a lawyer.