It is not every day that you purchase a home. It is an important life decision and should be carefully planned. When buying a home, speeding up your decision is a costly mistake that you don’t want to make. If you are considering buying a home or investment property, consider if you need a real estate lawyer besides your real estate agent. While it is understandable to want to reduce costs, it is important to remember that these two professionals have different objectives. Ideally, you want to have both an agent and a lawyer working on your team to make sure your transaction runs as smoothly as possible.
Being a leading Real Estate Lawyer in Toronto, we always get asked simple but complicated questions. As real estate attorneys, our primary job is to legally advise our clients–something you will not get to know while working with the real estate agent. Here are some major differences you normally ignore during the initial meeting:
What Does An Estate Agent Do?
A real estate agent consults and interviews their clients to discuss their interests. Once they clearly understand what the client is looking for, the professional researches the listings that fit their needs. They plan and organize a property showing and answer questions buyers ask during property visits. A real estate agent also helps in reviewing paperwork and all the other tasks, such as hiring, drafting contracts, and negotiating with different stakeholders.
A professional real estate agent is well-known for property and can help you find the best mortgage, broker. In short, a real estate agent provides his clients with complete support at every step of the home purchase process, helping them to make a piece of information.
How Can A Real Estate Lawyer Help?
A real estate lawyer will help you navigate the legal outlook when buying a property. When dealing with real estate laws, there is no such thing as a one-size-fits-all. Property laws may vary from state to state.
A real estate lawyer can assist you in understanding and complying with the laws of your state. Many states only allow a real estate lawyer to prepare house purchase documents, carry out a title search, and close the case.
A real estate attorney can perform all the duties such as:
- Answering your questions
- Assist with advice
- Explain your opinion
- Secure you at closing
- Take over from a real estate agent
Should You Hire A Property Agent Or Real Estate Lawyer?
Some real estate lawyers assist with multiple tasks. They provide not only advice on legal matters but also help in selling the properties. In various cases, a real estate attorney in Toronto, however, does not have in-depth knowledge about specific neighborhoods. A lawyer cannot assist you with a competitive market analysis report, negotiate repairs, and identify defects during a property visit.
However, a real estate agent cannot answer legal questions. Legal advice is prohibited under the act.
Both real estate agents and real estate lawyers play a vital role in the process of home buying. When purchasing a property, hire an experienced lawyer to provide invaluable advice.
How Do They Get Paid?
A real estate agent receives a commission of work after the deal is successfully transacted. While, real estate lawyers charge by the hour, or have fixed charges for some services, such as preparing real estate closing documents.
Some buyers prefer to pay a commission to the buying agent to maintain the complete honesty of the agent. However, there is an inherent conflict of interest when the purchasing agent, who is supposed to represent the purchaser, is paid by the vendor. Regardless of whether you choose to pay the buying agent yourself, you should not hesitate to ask them directly who the agent represents.
Lawyer Approach is a professional Real Estate Lawyer in Toronto. Our unique and expert combination can help you in selling or purchasing a home or property with legal guidance and the right process to achieve your desired interests. Our top attorneys assist you in buying a property at a cheap price. Contact us now by calling +14372918267. We are waiting impatiently to assist you with all of your local Toronto real estate needs.