Dealing with real estate law can be an overwhelming and overly complicated task to navigate if you do not already know the law or if you have never been trained in this field before. Not only, but the step-by-step of buying or selling properties only becomes natural if you have experience—which you gather by having hands-on contact with the process—, and so it is very hard for the average person to be able to deal with real estate on their own.
Having Calgary real estate lawyers with you throughout the process of buying or selling a property, for example, will be one of the best decisions you will make. Their experience will come in handy when dealing with contracts and all the steps involved. They will help make sure you do not need to worry about the legalities and the whole process involved with your matters and take care of it for you.
But when will you need a real estate lawyer, exactly? Here are some examples..
Purchasing a Property
Maybe the first thing that comes to mind when thinking about real estate is the process of purchasing a property—and while there is so much more to this field, this is probably one of the most important parts of it. Purchasing a property is a big step for anyone involved in it. It will consist of a series of documents being signed, and a compromise to the deal that is in no way low in cost. Townhouses rose 14.3% on a year-over-year basis averaging $335,000 in the third quarter of 2022, and when dealing with this kind of compromise, a lawyer is always welcome.
Purchasing—and selling—a property involves multiple steps and different documents being drafted. A real estate lawyer in Calgary can help you navigate those documents in your favour always protecting your best interests.
Selling a Property
Similarly, selling a property must come together in mind with purchasing it. Being on the other side of the deal does not mean in any way less work. There are multiple documents to be drafted and responsibilities associated with selling a property.
Working on it with a real estate lawyer will ensure you are not skipping any legal requirement by mistake and all documents are accurate to minimize chances of issues appearing, and if they do, a real estate lawyer will quickly resolve it for you.
Obtaining a Mortgage
Purchasing a property is stressful enough by itself, but most times buyers will need a lender to come up with the money so they can actively purchase the property and pay the lender in time. This is called a mortgage.
A real estate lawyer will make sure all mortgage documents are reviewed and signed so that the money arrives orderly and in time to conclude the purchase. Your legal representative will also help you negotiate with the financial institution so you can get the best deal for you. Many people underestimate the importance of having a lawyer by their side when speaking with banks, but the reality is that doing so can be of great benefit.
If you think all problems stop after the whole ordeal of purchasing a property, then you are thinking wrong. While less common, you may still face issues such as contractual, title, land use or zoning, and even boundary or ownership ones. All of those things will be extremely hard to work around if you do not have a seasoned and experienced real estate lawyer with you.
This legal representative can and will deal with those situations for you, even if it goes to Court, by defending your rights and interests.
Leasing Agreements and Disputes
Even when you are not actively purchasing a property, but just leasing it for a determined time period, you may come with different issues. Some tenants can be a headache just as much as some landlords can. The best line of defence is having a real estate lawyer with you to review and draft those documents to protect yourself and your rights.
The earlier you have a real estate lawyer with you during this process, the better to keep yourself protected as the law can be complicated and its nuances are better interpreted by someone with experience.
A real estate lawyer can help you with leasing from beginning to end: from drafting a contract to court disputes.
Besides the advantages previously mentioned in the topics above, it is important to remember the “background” advantages of having a real estate lawyer with you. While hiring a lawyer may seem like a large investment, financially speaking, it can save you a lot of money and time when the legal process you are going through goes smoothly, or when your contract is properly reviewed protecting your rights further down the road.
If things go wrong down the line, it can be much worse and require an even larger money investment. A real estate lawyer will safeguard your investment and fight for your rights and best interests.