10 Reasons to hire a real estate lawyer early

Whether it is the first or third purchase, it seems that purchasers like to wait until the last minute before hiring a real estate lawyer to help with closing of their house or condominium property. Here are 10 reasons to line up a lawyer as early as possible:

1. Your lawyer can not do the searches required to confirm any outstanding property taxes or utilities owed which usually take about 6-8 weeks to obtain a reply;
2. Mortgage companies usually need 2-3 weeks to obtain all the supporting documents so that they can issue funds;
3. The municipality requires 6-8 weeks to confirm that there are no outstanding work orders or building permits on the property (house);
4. The Vendor has to obtain a lawyer and find and bring in their documents such as property tax, utility and mortgage statements;
5. The Vendor’s lawyer has to write to the mortgage company and confirm how much of the mortgage is still outstanding;
6. The Purchaser also has to obtain Land Transfer tax money for closing – a double whammy if you live in the City of Toronto;
7. Title insurance has to be obtained to protect your purchase and the mortgage amount;
8. Your mortgage company usually requires you to obtain property/fire insurance prior to closing;
9. IF the purchaser’s lawyer is unable to find out any problems prior to closing – the purchaser not have any remedies such as an abatement in the purchase price;
10. You may be stuck purchasing a property even if you did not get funding

You want to be the owner and you want to be able to enjoy your property and not deal with any issues left over from the Vendor – help your lawyer do the very best for you and have the time to conduct the proper searches.

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