Top 5 questions to ask a Real Estate Lawyer

The process of buying and selling your home is one of the biggest steps you’ll take in life and it can make a big impact on your future. It’s important to make sure you have the right people in your corner to ensure the transaction goes smoothly and you’re not left with any unexpected and even costly surprises.

Real Estate Agents and Mortgage Brokers are often a key component to the process, but Real Estate Lawyers are also a great resource to rely on for all  your legal questions and needs. Finding a reputable real estate lawyer is essential to ensure peace of mind and a stress-free buying or selling experience. Here are the top 5 questions to ask your Real Estate Lawyer before buying a home:

What experience do you have with real estate transactions?

Ensuring your lawyer has experience handling similar deals and has a good reputation in your city will ensure you’re entering into a business relationship with trustworthy representation. By finding out your lawyers qualifications you can feel comfortable knowing they’ll be able to manage your transaction and legal needs in a professional and efficient way. You can ask questions about where the lawyer went to school, if they can provide referrals and whether or not they’ve worked on transactions similar to yours. Not every real estate deal is the same and you want to ensure your lawyer has dealt with similar transactions in the past.

What parts of the process will you take care of for me?

An experienced real estate lawyer will be able to walk you through the buying and selling process and let you know in advance about what to expect. Lawyers can advise buyers what clauses to put in an offer, and what clauses to leave out. They can assist with land title transfer, and ensure you don’t enter in a contract that you’d have to fulfill on unfavourable terms.

What will my closing costs look like?

Closing costs include everything from legal fees and administrative costs to
reimbursement of property tax and utility fees to the seller. With closing
costs typically coming in between 1.4% to 4% of the total purchase price it’s
important to find out just how much you’ll be responsible to pay when the deal closes. You can also ask your lawyer how they bill, some offer flat fee service and others bill hourly so be sure to ask in advance to avoid any surprises. Other expenses to consider are fees for things like a home inspection, and land transfer tax.

What do I need to do before the closing date?

Real estate transactions can often be complicated so it’s important to know what steps you are responsible for taking throughout. Real estate agents, brokers and lawyers are there to guide you but ultimately it’s your responsibility to make sure you’re providing the proper information needed to complete the deal.

Can you clarify the terms?

Be sure to read any contracts or purchase offers in full before signing and if
there is a provision in a document that you don’t understand your lawyer is
there to help clarify. Be sure to ask questions until you do understand
something so you are fully aware of all the details and their impacts,
especially on such a large transaction.

By asking the right questions, being prepared and staying informed throughout the process, you’ll be moving forward with your new chapter in no time.

The post Top 5 questions to ask a Real Estate Lawyer appeared first on RealtyBizNews: Real Estate News.