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Real Estate Law & Family Law Blog
CBC News reports on the growing obsession of Canadians with the real estate market. Online home selling company Zoocasa together with Abacus Data recently conducted an online poll of 1,000 Canadian respondents, and found that up to 84 per cent of them always think about real estate, and about 85 per cent have shopped for a new home online in the past year. Zoocasa president Carolyn Beatty commented on the poll, saying, “Canadians seem almost obsessed with real estate”.
Buying a home is an investment, and for the majority of Canadians, according to Beatty, it’s the largest investment they would ever make in their lives. It is therefore important for Southern Ontario residents to find an experienced Mississauga real estate lawyer to ensure that all documents, agreements and financing related to the purchase are fair, if not advantageous, to them. This is especially true for re-sales which may have hidden issues on zoning, liens, encumbrances, and title, among others.
According to CBC News, up to 34 per cent of the country’s population say that either they or a family member is seriously preoccupied with real estate; this number goes higher in the Greater Toronto Area which has up to 47 per cent of its residents obsessed with it. When buying new homes, there are basically two to three players: the buyer, the seller, and the optional real estate agent or lawyer. Having a real estate lawyer instead of just an agent to assist you will take care of all legalities faster and more securely.
Ideally, it would be best to get the services of a lawyer the moment you decide to purchase a home. This would be before you submit an Offer to Purchase so that he can review all pertinent documents and discover red flags, if any. Many fail to realize the importance of a real estate lawyer, and only call on one when the Agreement of Purchase and Sale has been signed and problems start to crop up.
Know that a real estate lawyer in Mississauga, or any place in Canada, can, among other things, perform a title search to determine if it is presently under mortgage and explain its effect on your purchase, and consequently discuss the advantages of a title insurance. He can also advise you on financing arrangements, such as a mortgage, interest rates and payment terms. Generally, he will be with you from start to finish, and after the transaction is closed.
The article also mentioned that up to 28 per cent of the respondents confirmed that they have visited an open house in the past 12 months, which shows how serious they are about real estate. This further emphasizes the need to have a legal expert to look into the terms and conditions of the sale even before any offers are made.
Save yourself the trouble and regret of situations that may prove irreversible in the end. Get a seasoned real estate lawyer you can trust to help you get your dream home.
Ehow contributor Lee Mason discusses the basic role of lawyers in real estate transactions, explaining that their expertise cannot be replaced by those of agents who claim to have the ability to do what lawyers can do for less. According to Mason, there are complexities involved in a real estate transaction, including title chains, legal reposts, and vital disclosures. He points out that a real estate lawyer can help prevent surprises on buyers’ moving day, eventually translating to a peaceful start in their new home.
Home to around 18,000 companies, 50 of which belong to Canada’s Fortune 500, Mississauga is one of the steadily booming cities in North America. Despite some economic issues it’s facing at present, the real estate industry in the city is as strong as ever; according to the Missisauga Real Estate Board, the total value of all residential real estate sales as of June this year is $522 million, a percent higher than last year’s figure. The resilient growth of the realty industry still provides abundant opportunity for any real estate lawyer in Mississauga who seeks to serve homebuyers.
A real estate lawyer is a professional who deals with a variety of legal issues relating to acquiring, financing, developing, and selling residential and commercial real property. According to Mason, those who are purchasing real property may be faced with complex transactions that come with a mountain of legal documents. When compared to what a real estate agent can do for them concerning these matters, an experienced real estate lawyer in Mississauga is far more competent.
Encumberances, as explained by Mason, is one aspect that makes property purchase too complex for regular citizens who only wish to move easily and peacefully to their new home. Defined as a burden, obstruction, or impediment on property that lessens its value, an encumberance is something a homebuyer does not want to acquire along with the property he is purchasing. Law firms like the Balasunderam Law Office have real estate lawyers who can guide them through the process to remove all liens that make the purchase entangled.
Aside from having the right person to fix the encumberances that weigh down the purchase, a client can delay decisions “contingent on attorney’s approval” if he’s being supported by one. Not only can this give the client time to review the status of the property, it also gives the lawyer time to fix all matters that have to do with the property in question. Furthermore, a client can always be protected by the Errors and Ommisions Insurance, a type of insurance that settles damages caused by an attorney’s negligence.
Homebuyers want to avoid as much complex transactions in their purchase as possible. Hiring a lawyer can help them concentrate on moving and veer away from potential problems in the purchase of their new home. Real estate lawyers indeed play an indispensable role in the growth of the real estate industry.