Purchasing real estate, whether you are buying your first home or investing in property is likely one of the most significant and expensive purchases an individual may make.
It is very important that you ensure all decisions and financial transactions are reviewed by an experienced real estate lawyer to protect your interests and investment.
1. What does a real estate lawyer do?
The real estate lawyers at Stack & Associates offer a wide range of services for our clients involved in real estate transactions and disputes. These can include: ensuring all legal documents are prepared and completed in a timely manner, including preparing the initial Agreement of Purchase and Sale contract, necessary when purchasing or selling real estate. Our real estate lawyers will ensure that all property taxes are up-to-date, that there are no outstanding liens or other claims against the property and we will confirm if you will have there is a valid title certification listed on the property.
2. Can I buy a property without a real estate lawyer?
The real estate market is constantly fluctuating. But the one thing that remains consistent when buying and selling a home is the excessive amount of paperwork involved.
You are able to purchase real estate without hiring a lawyer, but it is quite risky. However, having an experienced real estate lawyer on your side will provide you with a full understanding of your rights and responsibilities when dealing with real estate, and can help avoid future legal problems that may arise during the transaction if certain requirements and certification of title are not fulfilled, or if a charge on title or lien is present.
3. If I am selling a property, when do I need to meet with my lawyer?
Our main focus when assisting in the sale of your home is to make this transaction as smooth and stress-free as possible for you. There is constant communication provided throughout the transaction to ensure our clients are aware of all steps being taken and the work being completed on their behalf. If you have an experienced and competent real estate agent then you probably have already completed your contract or Agreement of Purchase and Sale. Therefore, we initially just need to meet to review this document and start the process of preparing documents or requesting releases and so on. Our real estate paralegal works on these issues immediately. There is typically a meeting scheduled with your lawyer and that it is two-three days prior to the scheduled closing date to execute all documentation necessary for closing and address any concerns you may have. However, we maintain flexibility to our client’s schedules and lifestyles, and our assistants work with you to make the appointment that best suits you.
4. When should I seek legal advice on the purchase or sale of a home?
A lawyer’s role in the purchase or sale of your home typically begins once the real estate agent’s work has been completed. However, when you are either viewing new homes to purchase, or just listing your home for sale, it is never too early to touch base with your lawyers to let them know that you have taken your initial steps and to expect the upcoming paperwork. You may also request professional advice as to how to proceed with a specific concern, and we generally can advise you concerning same, all on a gratuitous basis.
5. What are the legal fees associated with real estate transactions?
Stack & Associates maintains an affordable fee with every purchase and sale completed for their clients. We are very competitive with other law firms, and if anything; charge less than most other law firms to close your transaction.
The costs associated with selling your home will vary based on the municipality in which you are selling and the terms of your Agreement of Purchase and Sale.
Much like selling a home, the costs associated with purchasing a home will vary based on the purchase price and the terms of your Agreement of Purchase and Sale.
We work with our clients to provide the most accurate quote possible, prior to commencing work on the file, to let our clients know just what to expect when the transaction closes.
6. How long does it take to close a transaction?
Stack & Associates real estate team prides themselves on closing their real estate transactions on the agreed-upon closing date as best they can. However, sometimes delays can occur, and unforeseen issues need to be resolved prior to closing. If this occurs, we work with our clients to get any issues resolved in the most efficient and cost-effective way as soon as possible.
More Questions? We have answers.
If you’re living in St. John’s or surrounding area and are in need of legal advice regarding Real Estate Law, please reach out to us:
135 Campbell Avenue, St. John’s, NL