Lawyers and Mortgages

April 23rd, 2014

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Every real estate transaction needs a lawyer, for many reasons. The most important thing you can consider when you’re hiring a lawyer is to make sure that he or she is a real estate specialist. Real estate is very specific and very detailed, and you need someone who’s hip-deep in the real estate world all the time to ensure that your mortgage funds are on time and that you get the keys to your new house on time.

They need to not only register the mortgage correctly on title and make sure that you’re accurate on title as the owner of the home, but they also work for the mortgage lender to ensure that all the documentation is in hand in a timely manner. The lawyer’s job is to make sure that all legal matters from the mortgage holder’s perspective and the lender’s perspective have been taken care of completely and correctly.

In a private sale situation, your best friend is going to be your lawyer because the lawyer will ultimately be responsible for actually writing up the offer to purchase to make sure that your best interests are represented. The vendor – the person selling the property – will have their own lawyer to avoid any possible conflicts down the road.

Having to find your own lawyer – specifically a real estate lawyer – can be confusing. We can simplify the process by referring you to a lawyer who practises on-site, in our building.

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