The real estate market has historically shown itself as a resilient form of investment with the potential of providing long-term stability even in economic downturns. Good real estate investments can often act as a hedge against inflation. That is because property values and rental incomes can be directly proportional to the cost of living. Real estate can also provide new homeowners with a sense of security and help build equity.
Property ownership has the potential to provide you with an appreciating asset and owning real estate can also be an additional source of income generated from short- or long-term rentals.
However, because a home purchase can represent the largest, most expensive purchase of your life, property transactions can be complicated whether you are buying, selling, or renting. A qualified real estate lawyer is essential: they can help provide the legal expertise and guidance to help you navigate the intricacies of real estate law and help you avoid expensive pitfalls. Let’s explore what a real estate lawyer does and why we’re crucial advisors in your real estate journey.
What Does a Real Estate Lawyer Do?
A real estate lawyer is a licensed legal professional who has experience practising in real estate transactions and property law matters. They are often well-versed in the complex legalities surrounding property ownership and can assist clients with tasks like drafting and reviewing contracts, conducting title searches, negotiating terms and conditions, and advising you of your rights and obligations under the contract. Real estate lawyers can also:
Protect Your Interests
Purchasing or selling a property represents a substantial investment, and it’s essential to have someone on your side who prioritizes your interests. An experienced real estate lawyer is your advocate, crucial in safeguarding your interests, whether you are a buyer, seller, landlord or tenant. If disputes or legal issues arise during your real estate transaction, a real estate lawyer can help represent you in court proceedings or alternative dispute resolution situations such as mediation and arbitration. Their skills allow them to navigate complex legal procedures, protecting your rights and steering you away from common mistakes.
Uncover Potential Red Flags
A key aspect of avoiding problems is conducting a title search and reviewing the contract. A title search is a crucial step in real estate transactions, verifying ownership, identifying title concerns and assessing a property’s legal status. This process helps your real estate lawyer verify that the seller has the legal authority to transfer ownership and ensure that the property is free from liens that could complicate the transaction. The search reveals the property’s ownership, outstanding liens or mortgages, or other issues that need to be dealt with either before or after the completion. By providing insights into the property’s current status, a title search allows your real-estate lawyer to make informed decisions and mitigate potential risks. At the same time, a review of the contract can help uncover potential problems or difficulties that you may not have anticipated or expected, such as your obligations under the contract and the consequences of failure to comply. A real estate lawyer can help walk you through what it is you need to do under the contract, and when you need to do it, to ensure that your legal rights are preserved at all times.
Ensure Compliance
Real estate laws and regulations vary by province. An experienced real estate lawyer is familiar with real estate laws and ensures that your transaction complies with all the applicable regulations such as the Foreign Buyer Ban, the 3 day cooling period, or the requirements to file Land Owner Transparency Declarations or Reports. Real estate transactions involve significant paperwork, not just the real estate contract and agreement. Your real estate lawyer can help meticulously review, draft, or amend your contracts to ensure they are fair and legal and protect your interests – all while meeting any required deadlines.
Close the Deal
The closing process is the final stage of a real estate transaction. It can be detailed and time-consuming. During the closing, your real estate lawyer facilitates the transfer of funds, ensures proper documentation and oversees the exchange of property titles at the Land Title Office. They will attend to the completion and play a pivotal role in resolving legal challenges or disputes that may arise during close, including dealing with important matters such as non-residency tax issues, strata arrears or even holdbacks that remain in trust after closing.
Your Real Estate Lawyers in Richmond
Hiring an experienced real estate lawyer may seem like an expensive and unnecessary cost; however, it is a worthy investment that can save you time, money and stress when it comes to dealing with the most expensive purchase of your life. Entrust your property matters to the knowledgeable real estate lawyers at Bernard Lau and Co.
Call +1.604.285.5240 or complete our contact form to schedule a consultation.