Having a qualified team of professionals is important for the big step of buying or selling a home in the Shuswap because you want to make sure you have the support and knowledge of experts who can make sure you’re protected throughout the entire real estate transaction. One of those key professionals is your Real Estate Lawyer or Notary.
The main difference between a lawyer versus a notary is that your lawyer can represent you in a court of law and, traditionally, lawyers have extended educational and hands-on training for a wider range of areas they can provide legal advice; whereas a notary simply acts as a witness to documentations and agreements, and can certify documents to be original copies.
When it comes to the role of a real estate lawyer, the tasks they complete are different depending on whether you’re buying or selling property. Here’s a list of some of the various responsibilities your lawyer would manage on your behalf:
If you are the BUYER, your real estate lawyer should take care of the following:
- Review the Agreement of Purchase and all other legal documents
- Ensure there are no claims listed against the property
- Arrange for Title Insurance
- Ensure you have a valid title upon closing
- Ensure property taxes are up to date
- Calculate the land transfer tax due on closing
- Draw up the mortgage documents
- Close the transaction and ensure all legal and financial conditions are met
- Exchange legal documents and keys with the seller’s lawyer
If you are the SELLER, your real estate lawyer should take care of the following:
- Review the Agreement of Sale and other legal documents before you sign
- Review the final negotiations of the terms and conditions
- Prepare the deed to your house
- Deal and remedy title issues as they occur
- Close the transaction
- Ensure all legal and financial conditions have been met
- Exchange legal documents and keys with the buyer’s lawyer
It’s crucial to understand the importance of having a trusted real estate lawyer or notary on your side to best represent you throughout your real estate transaction. If you’re in need of other professional referrals when we work together to find you the home that’s right for you, I can connect you with a team of partners that I work with often to see if they are the right fit for you. Connect with me today to begin the adventure of buying or selling your Salmon Arm home!