4 Ways An Edmonton Real Estate Lawyer Can Save You Money

We’ve all heard the funny and grim lawyer jokes, and probably even told a few for laughs. But when it comes down to almost any transaction using the services of a lawyer can only work in your favor.

If you are considering purchasing a house, condo or just a plot of land you will get so bogged down in legalese that only an Edmonton real estate lawyer will be able to help decipher the heretofore’s as well as words like amortization. Most people avoid legal services because they do not want to pay the fees but the truth is that a good lawyer can save you thousands of dollars, maybe more, by checking your contracts for discrepancies.

Buying real estate is a decades-long commitment and you need a good real estate lawyer on your team to make sure you get the fairest deal possible. Here’s how:

Contract Review

Whether it is reading over your mortgage loan papers or negotiating the terms of sale between you and the current owner, you’ll need your Edmonton real estate lawyer to make sure you understand everything. These types of agreements are often pages long and filled with words and phrases not used in everyday conversation.

 

It is the job of your real estate lawyer to make sure your interests are preserved. That means making sure the loan terms are understood, checking the chain of ownership on the home to make sure the current owner actually owns the home or property. They will check for liens and anything else that could cost you money once the real estate has been transferred to your name.

Clean Title

One of the reasons people look to Edmonton real estate lawyers is because running a cursory check online often isn’t enough. Your attorney will make sure that the property title is clean and free from financial encumbrances.

There may be claims against the property that the owner—whoever that is—will be liable for, but that does not prevent the property from being sold. Without a real estate lawyer you may find it difficult to learn of an easement, an existing lease, legal disputes or mortgage on the property. Your Edmonton real estate lawyer will negotiate on your behalf to make sure you are not financially liable for these encumbrances.

Without the services of a real estate lawyer you may end up paying for someone else’s debts on your new property.

Official Ownership

The most important part of any real estate transaction is ownership and before ownership is officially transferred there are plenty of legal documents that must be signed and registered. Often when the buyer and seller attempt to conduct these transactions without Edmonton real estate lawyers, there are missing signatures or registration seals that leaves ownership in the hands of the seller.

This can cause tons of problems as you make improvements to the property or begin building, when you do not yet legally own the property. A real estate attorney will sit down with you and the seller to make sure every document is signed, initialed and registered so that you receive an official property deed in your name.

If you happen across an unscrupulous seller, having a real estate lawyer on your side can put your mind at ease and keep a few dollars in your pocket.

Associated Costs

The main reason people balk at using Edmonton real estate lawyers is because they don’t want to incur additional costs, but the truth is that without a real estate lawyers your costs may be higher. The few hundred you spend on legal services can save you in forgotten or unpaid fees and taxes.

New homeowners often fail to account for municipal taxes, fees and commissions associated with the transaction. Your Edmonton real estate lawyer will make sure you are clear on exactly how much money you will need when the property transaction is finalized and the total amount of debt you now owe.

When it comes to real estate transactions it is easier to do things the right way initially than it is to undo or correct mistakes. Using a real estate lawyer will make the transition of property smooth for a nominal fee.

To get started or if you have any more questions you need to get answered: