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Finding a lawyer to assist in the real estate transaction

Selling a home, like purchasing one, means legalities and legalese. If you find jargon confusing and the whole legal process intimidating, you are not alone. However, having the right lawyer can help.

If you were happy with the lawyer who assisted you in purchasing your current home, you may wish to use his or her services again. He or she would be familiar with your property and its specifics and you would have already established a good working relationship.

However, if he or she is unavailable or you would like to go with someone else, ask friends, family and colleagues to refer a lawyer, preferably one with substantial experience in handling real estate
transactions as opposed to, for example, litigation. You can also visit The Law Society of Upper Canada 's website to find a lawyer in your area. Your REALTORŽ cannot recommend or endorse a particular lawyer (that would be unethical); however, he or she may be able to give you the names of several lawyers versed in real estate law to contact. You could also try contacting the Lawyer Referral Service (1-800-268-8326, toll-free) and specifying what City you are from and what kind of lawyer you are looking for. They will then put you in touch with suitable professionals in your area, who will provide you with a thirty-minute, free consultation over the phone, at the end of which you can determine whether you would like to retain their services.

When you interview prospective lawyers, determine the extent of their real estate experience and ask how accessible they are on weekends and evenings, as that is when most offers are presented. Ask about their fee structure. Do they charge a flat fee for services rendered? If so, what services do they offer for how much money, and how and when will they let you know if costs are likely to exceed the figure quoted? Some lawyers charge by the hour and will probably give you an estimate on how many hours your transaction is likely to take. Make sure you understand what factors could result in the job taking more hours than originally anticipated.

In addition, make sure to find out what other legal costs could be incurred so that you can budget for them, but don't let your decision hinge on fees. There isn't always a direct correlation between a lawyer's fees and his abilities. Go with the lawyer with whom you are comfortable. . . and one whom you feel has the experience and expertise to do the job right.

Working with a lawyer to sell your house

Your lawyer will work on many aspects of the transaction when you come to sell your home. One of the most important service he/she will provide you with is a review of any offers submitted by purchasers. When you and the buyer sign this document, you are legally committed to price, terms and conditions of the sale, so it is vital to ensure that the offer is a sound one, with no loopholes or catches. Be aware, however, that your lawyer cannot advise you concerning the price contained in the offer.

After the conditions of the offer have been met, your lawyer will begin gathering the documents needed to complete the transaction and transfer of title to the new owner. He or she will also be in contact with the purchaser's lawyer and will respond to any questions or issues regarding title or requirements in the agreement that have to be resolved before closing.

If you have an existing mortgage on your property that you plan to pay off from proceeds of the sale, your lawyer will obtain a copy of the mortgage statement from your lender. He or she will also send a letter to the purchaser's lawyer that confirms the mortgage will be discharged from the proceeds.

A Statement of Adjustments, detailing the credits each party is to receive for deposits and prepaid or unpaid realty taxes will be prepared by your lawyer, along with a calculation of the balance due on closing. Many lawyers prepare a separate Financial Statement that is not part of the Statement of Adjustments. It shows how much was received and then disbursed. The balance (your net proceeds of the sale) is payable to the clients.

Your lawyer will also ensure that the paperwork required for transferring title and for registering the required documents is received by the land registry office by closing day. He or she will receive the proceeds of the sale and distribute them, discharging your mortgage, expenses and whatever other items are listed as payable in the financial statement. You will then receive a cheque for the net proceeds.

Finally, your lawyer will also send you a reporting letter setting out the services performed and provide you with any appropriate documents from the transaction for your records.

To find a Lawyer in your area, visit The Law Society of Upper Canada 's website. .

This information is provided by the London and St. Thomas Association of REALTORSŽ.
The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.