| Real Estate Lawyer
– do you need one?
When buying or selling Kelowna real estate, it’s
always a good idea to have a lawyer as part of your
expert advisor team. Before signing any contract, you
always have the option to have the contract subject
to your lawyer’s review. Although the standard
contract of purchase and sale has been written and reviewed
by a team of lawyers, if a buyer or seller adds any unusual amendment
or crosses off any of the standard clauses, then it’s
a good idea to seek legal advice.
What to expect from your Lawyer if you are a Buyer.
What to expect from your Lawyer if you are a Seller.
List of Local Lawyers
So are you wondering
what this will cost? Fees are usually higher when buying
real estate rather than selling real estate because
the role of the buyer’s lawyer is more complicated.
Fees generally range from $500 to $1500 for the average
home transaction. Some charge by the hour and some charge
a flat fee. Either way, it’s a good idea to talk
to your lawyer and ask them what they estimate the costs
to be so that you can budget for it. Remember if you
don’t close you still have to pay your lawyer
for his/her time and the more complicated the transaction
becomes the more money it will cost.
Talk to your lawyer and remember that your lawyer belongs
to a regulated profession. They must meet certain standards
and they have insurance to cover damages if they make
an error or omission. You always want to be sure your
rights are protected and your duties to the contract are
clearly defined. Be sure to involve your lawyer from the
start.
If
you buying real estate in Kelowna then your lawyer should
complete the following services:
-
Help you understand the contract if there is any uncertainty.
-
Check that there are no liens, easements, convenants etc... registered on title that will hinder your use of the property.
-
Clarify details of the mortgage and work with your bank.
-
Prepare and register all legal documents.
-
Prepare the statement of adjustments including utilities, taxes and other costs to be paid before closing.
-
Meet with you to review all the paper work and get appropriate signatures.
-
Arrange for title insurance if required or recommended.
-
Make sure you have received a valid registered title subject only to the liabilities you have agreed to.
If
you are selling real estate in kelowna then your lawyer
should complete the following services:
- Review the Contract of Purchase
and Sale.
- Prepare the title and power
of attorney if necessary.
- Deal with any title issues
if they arise and help rectify them.
- Meet with you to review all
the papers and get appropriate signatures.
- Ensure the transfer of security
deposits.
- Arrange for insurance certificate
if required.
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