Often buyers or sellers get concerned about when they should get their lawyers involved in their real estate transaction. Here is a list of 10 different points where you might want to get your lawyer involved in the deal:
At the Very Beginning
1.Talk about Process - I will get calls from clients who just want to know what to expect. They want to understand what they are getting into, and what kinds of professionals they should be using. A short conversation will help them feel secure about what they should be expecting.
2.Realtors/Mortgage Brokers discussion - Existing clients ask which professionals are good to work with. I try to identify some skilled people in the community that I have worked with, and what I perceive their strengths are. I’ll provide a couple of names when I am able that I think would make a good fit.
3.Listing Agreements - More on the rare side, but clients will want to know what the contract that they are entering into with their Realtor says, and what it requires them to do.
Halfway through the Transaction
4.New Construction Contracts - Every builder is different in what their contract requires. Purchasers should be aware of what commitments they are making, and what flexibility the contract provides the builder in their delivery date.
5.Condominium Documents - Have you made a conditional deal on a condo, but you do not understand what the documents mean? Send them to your lawyer for review. Fees, repairs, bylaws - we can walk you through them all.
6.Drafting Agreements - On For Sale By Owner listings, we have people looking for the firm to draft the Purchase Agreement for them. We can assist, but there is a fee involved. Occasionally, I’ll also have Realtors contact me to discuss how to draft a unique provision in their clients contract to deal with a special circumstance.
Contract is Complete and Conditions Removed
7.Completing Transfer/Mortgage Documents - This is the point where we are most commonly contacted. The deal is done between the parties, and you need us to complete the technical steps of the transaction. Often, we will receive the deal and mortgage before we have even heard from you or your representatives. We will contact you to get the information that we need to move the deal along, and schedule a time to meet and discuss.
8.Execution of Documents for another Province - Clients can buy or sell homes that are located in different provinces. While I am unable to complete the transaction for them, I can help them sign documents, and meet ID verification requirements of their lenders.
After Closing the Transaction
9.Dispute Resolution for Problematic Deals - The deal is closed and you find problems upon possession. We can discuss informal and formal dispute resolution methods to find an outcome that you can live with. We can discuss who should be responsible, if anyone, for the problem that you have run into, and how to resolve them.
10.Advising Condo Boards/ Owners on Issues - You’ve bought a new condo, and there is a takeover meeting from the developer. Get some advice on what the new board should be receiving from them. You are on a board now, and running into a problem with collections, bylaws, or any number of subjects. Get some advice on your obligations under the Condominium Property Act.
This is not an exhaustive list by any means. A friendly reminder that we can help the process along at any stage, and you should feel comfortable calling us whenever to assist you with your deal.