Ehow contributor Lee Mason discusses the basic role of lawyers in real estate transactions, explaining that their expertise cannot be replaced by those of agents who claim to have the ability to do what lawyers can do for less. According to Mason, there are complexities involved in a real estate transaction, including title chains, legal reposts, and vital disclosures. He points out that a real estate lawyer can help prevent surprises on buyers’ moving day, eventually translating to a peaceful start in their new home.
Home to around 18,000 companies, 50 of which belong to Canada’s Fortune 500, Mississauga is one of the steadily booming cities in North America. Despite some economic issues it’s facing at present, the real estate industry in the city is as strong as ever; according to the Missisauga Real Estate Board, the total value of all residential real estate sales as of June this year is $522 million, a percent higher than last year’s figure. The resilient growth of the realty industry still provides abundant opportunity for any real estate lawyer in Mississauga who seeks to serve homebuyers.
A real estate lawyer is a professional who deals with a variety of legal issues relating to acquiring, financing, developing, and selling residential and commercial real property. According to Mason, those who are purchasing real property may be faced with complex transactions that come with a mountain of legal documents. When compared to what a real estate agent can do for them concerning these matters, an experienced real estate lawyer in Mississauga is far more competent.
Encumberances, as explained by Mason, is one aspect that makes property purchase too complex for regular citizens who only wish to move easily and peacefully to their new home. Defined as a burden, obstruction, or impediment on property that lessens its value, an encumberance is something a homebuyer does not want to acquire along with the property he is purchasing. Law firms like the Balasunderam Law Office have real estate lawyers who can guide them through the process to remove all liens that make the purchase entangled.
Aside from having the right person to fix the encumberances that weigh down the purchase, a client can delay decisions “contingent on attorney’s approval” if he’s being supported by one. Not only can this give the client time to review the status of the property, it also gives the lawyer time to fix all matters that have to do with the property in question. Furthermore, a client can always be protected by the Errors and Ommisions Insurance, a type of insurance that settles damages caused by an attorney’s negligence.
Homebuyers want to avoid as much complex transactions in their purchase as possible. Hiring a lawyer can help them concentrate on moving and veer away from potential problems in the purchase of their new home. Real estate lawyers indeed play an indispensable role in the growth of the real estate industry.