Real estate purchases are complex transactions that involve several steps. The purchase and sale agreement, or contract, is often the central document prepared for the sale. It outlines key terms, such as sale price, for both the buyer and seller. This document is legally binding and should be reviewed carefully before signing.
Given the risk involved in such a substantial investment, you may want to seek advice from a professional with knowledge of and experience in real estate. That’s where a real estate lawyer comes in. Without consulting a lawyer, you could, for example, make a deposit payment on your dream home and commit yourself to the property before you have taken legal steps in the contract to protect yourself. Remember, a contract is a negotiable document between the buyer and the seller, and you may want to be aware of legal options that you have available to you before you commit to the transaction. Real estate lawyers can help you reduce the risk of buyer’s remorse by advising you of certain terms that you may wish to be aware of or to include in the contract that can provide assurance to you even after the property completes and transfers to your name.
Here are some reasons to consult a real estate lawyer before signing your contractꓽ
A real estate lawyer protects your interests
The most important reason to get a lawyer to review your contract is that your legal advisor looks out for your interests. A lawyer can explain any legal ambiguities and intricate details which may be confusing. Understanding the contract will help you to advocate for better terms. A lawyer also ensures that the conditions are fair to you and help protect your investment. While a real estate agent can help you find your dream home, your real estate lawyer can help you view the home from a legal and more objective perspective.
Real estate lawyers’ consultation fees are likely less expensive than the costs of negotiation and litigation if problems crop up after the completion. The cost of having your agreement reviewed beforehand is significantly lower than the time and expense that you may need to incur after you’ve already committed to purchasing the property.
Furthermore, real estate purchases typically involve large sums of money. Costly mistakes can arise if the transaction is not properly conducted. A lawyer helps ensure that the contract includes contingencies to help you to avoid these mistakes. These contingencies may include your right to inspection and appraisal, financing, or even a review of the property’s history and strata minutes.
Having your real estate contract reviewed thoroughly before signing helps you identify possible risks and helps to prevent surprises later in the process. Real estate lawyers ensure that judgments on title or title defects are appropriately disclosed, helping to mitigate the risks involved. Your real estate lawyer may suggest certain steps to take in order to reduce the risk of existing issues such as the discovery of an oil tank, roof leakages, or anything significant which may impact the value and liveability of your property after the completion. Retaining a real estate lawyer to review your contract will help you understand what you’re getting with the purchase and may help reduce the risk of future litigation.
Peace of mind
Real estate is the largest investment many people make in their lives. Given the size of the investment, naturally, it can be a stressful process. Having someone who can review the paperwork and provide advice and guidance helps mitigate this stress. Although a real estate lawyer isn’t always required for a property purchase, it is beneficial to have a legal advisor to explain the legal complexities of the property transaction.
Buying or selling property in Vancouver
When buying or selling property, the benefits of having a good real estate lawyer are innumerable. If you are buying or selling property and seeking legal advice or an office to help with your conveyance transaction, contact Bernard Lau & Co. Our team of legal professionals will provide guidance and protect your interests. Our firm has a strong reputation for delivering high client value. Let us help you achieve your real estate dreams. Contact our office at (604) 285-5240 to schedule a consultation today.