Buying a home is exciting; however, it is a complex process that can become very complicated if not done right. When preparing to purchase or sell a property, whether a house or a condominium, you should consider hiring a conveyancing lawyer. In real estate, conveyancing refers to the process of transferring property ownership from one owner to another.
Roles of a conveyancing lawyer
A conveyancing lawyer specializes in property purchase and sale transactions. They help to ensure that the process goes through legally and smoothly. There are four ways in which they can assist you:
Acting as a legal representative
One of a conveyancing lawyer’s roles is to act as a legal representative for the parties involved in the purchase or sale. They operate in the best interests of their clients and ensure due diligence is conducted on behalf of their clients. The due diligence process involves making the necessary checks such as reviewing a title search for liens, mortgages or other encumbrances and advising clients on how best to handle any issues arise that could affect the transaction, such as outstanding taxes, damage to the home, or liens on the property.
Giving legal advice
During a transaction such as a property purchase, lawyers can also provide legal advice specific to the client’s needs. The advice they provide helps buyers and sellers make informed decisions during the process. For example, it’s always a good idea for a lawyer to review and consult with you on your purchase and sale contract before signing off on it.
Preparing legal documents
Purchasing or selling a property is a complex transaction and requires the legal drafting of documents. Conveyancing lawyers prepare all the legal documents that are pertinent to the transfer of the property. They also compile all necessary records for the smooth transfer of ownership. These documents may include purchase and sale contracts, property transfer tax returns, property tax receipts and adjustments, title search, surveys, and renovation contracts. They also work with the counterparty’s representative to promptly register the required documents with the Land Title Office and ensure that sale proceeds are delivered, so that the closing process can proceed as planned.
Handling post-closing matters
Conveyancing lawyers can also sort out the property transfer matters and iron out the final details after completion. These details may include conducting a post-registration title search, paying the necessary strata arrears or holdbacks, and keeping track that the seller pays and discharges the remaining charges and mortgage on the property.
Benefits of hiring a conveyancing lawyer
1. Reducing stress
Although you can do your own research on the basics of buying or selling a property, some aspects may be confusing. Inexperience with such a complex process can cause stress, and a conveyancing lawyer is able to help by providing invaluable knowledge and expertise. Although some people prefer to transfer a property through private sale, the process usually still requires the preparation of legal documents and witnessing of document-signing by a lawyer or a notary public.
2. Simplifying the process
Conveyancing lawyers are familiar with the legalities of buying and selling property, which means they can navigate the process effectively. Experience allows them to complete the transactions and facilitate the transfer of ownership smoothly, making the interaction easier for both buyers and sellers.
3. Saving time and money
If you are unfamiliar with buying and selling property, you may find researching the legalities of property transfers cumbersome and confusing. You may also make costly mistakes. Conveyancing lawyers have accumulated expertise and knowledge to help buyers and sellers save both time and money.
4. Purchasing property in Metro Vancouver
If you’re looking for a real estate lawyer to help you with your property transaction, contact Bernard Lau and Co. We are a boutique firm specializing in real estate and conveyancing matters. Our experienced team is committed to providing clients with the best legal representation available.
We understand that legal issues may arise during the property-transfer process, and our team is equipped to handle these situations effectively. Our services include purchases and sales, title searches, mortgages and refinancing, title examinations, property lien removal, and real estate disputes and litigation.