What Does A Real Estate Lawyer In Surrey BC Do?
Whether you are getting ready to sell your home or you are looking at buying real estate, you might find yourself looking for a real estate lawyer.
Exactly what does a real estate lawyer in Surrey, BC do? Real estate lawyers are specific in their services and laws and regulations do change according to regions and locations. If you are looking to perform any type of real estate transaction it is best to have the assistance and guidance of a lawyer from that specific region. They will have ongoing relationships with local regulation offices, be up to date on any new real estate laws and will in many cases be able to save you time and money. Reach out to a real estate lawyer as early as possible in your transaction and if you are curious as to what services we offer here at Keystone Law Group then see our comprehensive list below or contact us directly at 604 593 3903:
Review the Contract of Purchase and Sale and all other associated legal documents.
A Contract of Purchase and Sale is legally binding once signed and your understanding of possible “escape” clauses may not work as you expect. Your lawyer will be able to spot any potentially detrimental clauses and protect your interests.
Ensure there are no claims listed against a property.
A property claim can involve damage to structures, and/or liability claims involving personal injuries, debts, mortgages, etc.
Arrange for Title Insurance.
A Title Insurance policy provides coverage against any losses due to title defects, even for defects that existed before you purchased your home.
Ensure you have a valid title upon closing.
A defective title is when there is potential for a third party to establish a right or interest which jeopardizes the existing property owner’s title to the property. When this is the case then the title is considered unmarketable and could cost a property owner a lot of money in legal fees to sort out or prevent them from selling the property in the future.
Ensure property taxes are up to date. If the property taxes aren’t paid, you could lose your home to a tax sale or be subject to a tax lien/judgement.
Calculate the land transfer tax due on closing. Property transfer tax rates are different across Canadian provinces and a lawyer will ensure you pay the appropriate rates.
Draw up the mortgage documents.
Close the transaction and ensure all legal and financial conditions are met. This is what we call “completion”.
Prepare the State of Title for your property. Once registration has been completed the State of Title is produced by the Land Title Office. 45 days typically.
Other residential transactions in a conveyance that we perform:
Family transfers. There are many reasons for family transfers of property including adding joint owners or gifting property. A lawyer will ensure that the process is performed correctly and that all requirements are met.
Refinancing. A lawyer can help you navigate the process of refinancing your property.
Private Mortgages. Private mortgages between individuals or companies can be complicated and to protect all parties involved, the guidance of a lawyer is recommended.
Land Development. Our land development services assist developers who create large residential, commercial or recreational master-planned communities, resort property, fractional developments, condominium hotels, and mixed-use strata-titled projects in being compliant with the BC Real Estate Development Marketing Act.
Municipal registrations. Municipal registrations in connection with land titles vary according to regions and provinces, a lawyer will guide you in the required registrations for where you live.
So to answer the question of what does a real estate lawyer do? Quite a bit as you can see! If you have any real estate law related questions or would like to know the costs of our services please call us today at 604 593 3903.
By Karuna Beckmann