A real estate transaction is potentially the largest single financial transaction of your life, planning and executing is critical for a result which anticipates both short and long-term goals and outcomes.
In many real estate transactions you might only meet with a lawyer once, however we think it is important that your lawyer is involved at all steps.
This transaction isn’t just selling or buying a bike on ebay, and many unexpected circumstances may occur.
Here at Catalyst, we create and execute a strategic plan which prevents mishaps to occur and if they do, we have the right tools in place to mitigate them.
Below are some of the ways that our lawyers help you:
Document creation and review:
In most Real Estate transactions, Lawyers are not involved until after the offer to purchase to purchase is signed, and conditions (financing, home inspection, etc.) have been removed. However we think it is important that Lawyers are involved in assisting agents from the start with the creation and review of conditions, terms, and schedules. This ensures that the transaction is set up correctly so that the flow of documents are frictionless. We ensure that our clients have the correct financing in place, home inspections are completed, and deposits are protected.
The role of the lawyer is also important in conducting searches for the transaction. This included title searches, tax information, water heater rental and/or water softener rentals to which can be adjusted accordingly. These searches ensures there are no unforeseen registrations that need to be addressed and that all adjustments are accounted for on both sides of the transaction.
Prepare, Sign and Register Documents
Lawyers roles also include preparing, signing, and registering documents for buyers and sellers. The purchaser’s lender will give instructions to the lawyer prepare, sign and register the mortgage documents and for the sellers, lawyers prepare and attend to the signing of transfer documents. A lawyers responsibility is to ensure all of the documents are prepared correctly and to both the sellers and the buyers satisfaction and include the correct registration of the property title. Mortgage funds are also collected by the lawyer and they work closely with the mortgage broker or the other lawyer to ensure that any issues arise are corrected.
Ensure Transaction Proceeds Smoothly
Lastly, Lawyers are present to assist and ensure the transaction runs as smoothly as possible. Lawyers protect any issues that arise and deal with them accordingly. Clients are encouraged to come to Lawyers with any questions/concerns before the transaction is closed.
This blog is based on the article by Jeffrey R. Norwig