Monday, November 8, 2010

What Does Your Lawyer do on a Real Estate Purchase?

So what does the lawyer do anyway? Well, here's a brief list of a few things your lawyer's office is working on behind the scenes, to make your deal close smoothly! First, we sometimes get contacted by your agent to assist in drafting the Offer, if there are aspects of the deal which are out of the ordinary course. We also often get asked to review the Offer as a condition of firming up the deal. Once the Agreement is firm, we start working toward closing. We order a search of title and a tax certificate to ensure that what you think you are getting you are actually getting. We work with the Vendor's lawyer to deal with any title issues. We receive instructions with respect to your mortgage and we draft the documents for both the purchase and the mortgage. We review the Vendor's documents and comment on any issues needing correction. We meet with you to sign all of the purchase and mortgage documents, review your title and answer any questions you may have about the process. Throughout the process, if you have questions or concerns, your lawyer is there to help and is only a phone call away. Your lawyer, agent and mortgage broker should work as team to get your closing done. Once the deal has closed, we put together a package for you with our reporting letter, a copy of all of the documents including your Deed and Mortgage, and a statement of account which includes a trust statement showing all funds going into and out of our account on your behalf. The most pleasant thing that we do, however, is hand you the keys to your new home and wish you well! As always, if you have any questions, feel free to email me at jmcphail@burgarrowe.com

6 comments:

Barrie Condo Team said...

Joanne,

Great post. The process of getting your real estate purchase completed can be very easy when dealing with the right lawyer and real estate sales representative (agent).

In a future post, it would be great to discuss Barrie condominiums and how you would review a condo status certificate for your clients as part of a condo transaction.

Cheers,

Stephanie Adams
Barrie Condo Team

Marlin said...

Real estate lawyers are a big help in deciding which home to buy. They also make sure documents are filed in a systematic way especially when you are busy with your work. Since this is their expertise, they'll bring the best possible value.

Marlin Sayle

Collin Deck said...

It would be great if you find a competent and a very willing lawyer who will help and work with you throughout the process. You should get a lawyer who often manages real estate transactions, because he definitely knows the do’s and don’ts of the process. Checking their backgrounds and credentials will ensure you that you get a reliable lawyer.

Collin Deck

Kathleen Salazar said...

“Your lawyer, agent and mortgage broker should work as team to get your closing done.” – Spot on! For you to be able to work as a team, you have to be honest with your agent and your lawyer. For example, if there’s a part of the contract that isn’t clear to you, ask your lawyer right away. If you are quite uncomfortable with the terms, raise this concern to your agent and lawyer.

Kathleen Salazar

Javier Hoppes said...

“Throughout the process, if you have questions or concerns, your lawyer is there to help and is only a phone call away.”--- This is one of the major tasks of a lawyer. Surely, there are a lot of concerns that you have in mind and there are many legal actions and procedures that you’re not familiar about. Your lawyer will be the one to explain everything to you so that you understand the whole process.

Javier Hoppes

Layne Adams said...

Hi! nice post. Well what can I say is that these is an interesting and very informative topic. Thanks for sharing.Cheers!

- The real estate attorney wilmington ma