Real Estate Lawyers

Lawyers

Buying a Property

Real Estate Lawyer Victor Hussein explains what a lawyer does when acting for the buyer in the purchase of a home.

"A search of the Title will be conducted on the property you are purchasing. This search is completed at the Land Registry Office ("Registry"). The search at the Registry will allow your lawyer to ascertain, amongst other matters, any claims/liens, mortgages or title problems registered against the property."

Your lawyer will also conduct other searches, including:

• A search with the local Sheriff Office to ensure that no liens/judgments are registered against the Seller personally
• Various municipal, city, and utility searches

In addition to conducting a host of searches and clearing up any discrepancies, various documentation is prepared for your execution prior to closing.

The above outlines some of the more common searches conducted in real estate transactions. Other searches are often required and are dependent upon the particular situation.

Selling a Property

Real Estate Lawyer Victor Hussein explains the role a lawyer plays in the closing of your property.

"Generally, the Seller's lawyer is there to ensure that title is transferred to the Buyer and the Seller has fulfilled their obligations pursuant to the Agreement of Purchase and Sale. One of the major roles of a real estate lawyer is to prepare and review documents. In the case of acting for a Seller, some of the more common work a lawyer performs includes:

• Preparing the Statement of Adjustments, ensuring the Seller is credited for any amounts they have prepaid, such as property taxes and condominium maintenance fees
• Preparing and signing the electronic Transfer/Deed of the property, which legally transfers the property from the Seller to the Buyer
• Responding to title search requisitions, paying out and discharging any existing mortgages or liens registered against the property, and commissioning declarations to be sworn by the Seller

The lawyer will meet with the Seller prior to the closing date to review and execute all documents that are required to be signed to transfer the property.

On the closing day, the real estate lawyer for the Seller will receive the money for the sale from the lawyer for the Buyer. Once the title to the property has been legally transferred to the Buyer, the Seller's lawyer will use the sale funds to pay off any existing mortgages registered on title, realtor commissions, legal fees and any other debts as required. The net sale proceeds are then given to the Seller.

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