5 Most Common Cases for Real Estate Lawyers in North York — Explained
Expert MB Law real estate lawyers help clients with all kinds of situations, from title search to closing issues. North York is one of the priciest locations in the whole Great Toronto Area, if not the most expensive one, with plenty of real estate deals occurring every day. Not all of them go well, and, unfortunately, sometimes it’s impossible to resolve the dispute without the help of a professional real estate lawyer. Here are the most common cases — and why they happen so often.
What Do Real Estate Lawyers Do?
Legal professionals are responsible for resolving any issue regarding property rights, even if they are not the ones responsible for the dispute. They also ensure that property titles are transferred between buyers and sellers in accordance with the law, and their main responsibility is to work out all disputes regarding real estate issues. A professional real estate lawyer can initiate legal actions against the irresponsible party if no solution can be found. This time-consuming process is very costly and requires the advice of a professional real estate lawyer.
Most Common Real Estate Law Cases In North York
Here are the situations that anecdotally happen more often than others:
1. Land Title Search
A title search is the first step in preparing for a real estate deal. It determines who the legal owner of the property is, thus confirming that what has been stated in the contract is true. You can do a title search yourself, but it will take months or even years to complete. Having a real estate lawyer do it will save you time and money by expediting your results.
2. Purchase Agreement
A purchase agreement is a legal document that is signed by both parties at the time of a real estate deal. It protects both parties from any claim against each other and lists all relevant provisions, such as the amount to be paid for the property, the down payment, and the closing date. If you do not complete this procedure correctly, either party can sue you for misusing their property rights.
3. Residential Purchasing And Selling
The Residential Purchasing and Selling Agreement is a legal document that is signed by both parties to finalize the property purchase/sale agreement. It is also called a PSA. In some states, it is even required by law. It describes all of the legal rights and obligations of each party involved in the contract, including how they will use the property, where they will live, how they will share expenses, etc. If you fail to adhere to this agreement in detail, then you may be sued for breaching real estate law.
4. Title Transfers
Transferring the title of your property is a necessary step in the selling process, especially if you’re selling a high-end home. A title search will determine whether there are any liens or encumbrances on your property or not, and it will specify all of the debts and obligations you still have, such as how much money you owe. A real estate lawyer can complete these for you for free, and save you valuable time.
5. Assignment Sales
If you have a property that is not part of the title, then you can still sell it by creating an Assignment. This is a legal document that indicates the buyer’s interest in purchasing a property that is not registered on the title. It must be created by a real estate lawyer, as it is tricky to transfer ownership in this way.
When You Need A Real Estate Lawyer In North York
The list above, of course, does not represent the whole expertise of real specialists, like MB Law. A good, experienced, and reputable real estate lawyer should be able to help you with all sorts of situations:
- Free title searches for people who own a property and want to sell it, but don’t know how to do it themselves. If you do not complete a title search, then you will lose the opportunity of selling your property for the highest price possible;
- Assistance with property purchase agreements and closing documents;
- Property status analysis;
- Sale of a second home by assignment, which is a legal document that transfers ownership of an unregistered (secondary) property to another person in such a way that the original owner can remain in possession of it, without having to register it as his/her personal property;
- Expertise in title searches, closing issues, and other matters specific to the property you wish to sell. If a real estate lawyer doesn’t know how to do it, they may get confused or make mistakes and mess up your deal;
- Representation in court proceedings to defend your right as the owner of a property;
- Proper documentation for all transfers of title in order to prevent anyone from taking ownership of your property without your consent or knowledge;
- Assistance with transferring ownership to the right buyer.
Getting a good deal on your new home will likewise require a lawyer’s help. You need to be sure that the property you buy is legally yours, and that it will not be used against you later. A title search will help you determine this, as it ensures that no property is being transferred in violation of the law or other agreements. Moreover, a real estate lawyer’s assistance can help you with leasing contracts, closing issues, and other aspects of buying and selling real estate in North York.