When buying or selling it is a far more complicated procedure than you think. By the time you realize this, it may already be too late and you could have just lost thousands or even tens of thousands of dollars.
Since buying or selling a home is a significant financial transaction you should not be considering saving money when it comes to legal fees. Hiring a lawyer for legal advice will definitely be expensive but in the long run you will realize that your interests are protected and it was worth every penny.
The procedure involved when buying or selling a home contains reading and drafting of legal documents; it does require some familiarity with the standard in real estate transactions.
For a seller, it is recommended that you consult with a lawyer immediately early in the process; normally before you sign the listing agreement with a real estate agent. As a seller, you should understand exactly what is in the listing agreement. Some things you should keep in mind would be the real estate agent’ commission and what could happen if you want to cancel your listing or the real estate agent wants to cancel the listing.
When you do sign the listing agreement after you have had a lawyer look through it, you will know what you have signed and exactly what are the terms and conditions within the agreement.
As a buyer it is not necessary to consult with a lawyer until you enter the process to being making an offer on a home and of course before the purchase contract are finalized. You have to be aware of the terms of the offer you are accepting.
Hidden costs are always a possibility and it can come to a shock for those who have exacted a budget. You do not want to be kept in the dark until the last moment of you signing away your home or buying a home. A lawyer will help make sure you do not get any surprises and will let you know what you are getting into before you sign anything.
A lawyer will be able to give you advice and help you in your negotiations; they always will ensure that your interests are protected. In any event that occurs where the deal goes wrong; your investment will be secure knowing that you have not done anything without having your lawyer go through it. You will have peace of mind knowing that you have done everything you can in order to secure your home in any transaction.
Julian Merry is a Broker with Royal LePage/Johnston & Daniel Division. Julian is a regular contributor to the Muddy York Toronto Real Estate Blog. Julian’s website is located at www.julianmerry.com.
