Step 8: Meeting with a Lawyer

You are so close to owning the home you had an accepted offer on. But unless a deal is legally binding, it simply isn't a solid deal. That's why we're jumping right into Step 8, where you will meet with your lawyer!

This is an important step in the home buying process, and one that you can't skip. At the Blue Coast Team, we work with some solid, highly reputable and experienced lawyers we can recommend to you.

If you have a specific lawyer or firm you like, go ahead and use them. As long as the lawyer is licensed to practice in Ontario, you're good.

Why Do You Need a Lawyer?

You need someone legally qualified to basically do any of the things they do for you. Legal documentation is incredibly tedious to go over. Even if you could understand it all the details, you'd likely be spending hours and hours going over it, and would assume the risk if you missed something. A good real estate lawyer has experience in all kinds of legal situations, and experience is worth its weight in gold.

Lawyers are educated and trained to make sure proper procedures are followed and details aren't missed during the purchase of property.

What Do Lawyers Do?

They ensure that the sale of your home is legal and binding, and will protect your interests throughout the transaction.

The main document your lawyer will examine is the Agreement of Purchase and Sale, which is the document you submitted to the seller's agent when you made an offer. You need a legal expert who will catch all the details and make sure you're legally protected.

Lawyers do this by going over the documentation with a fine tooth comb, and zeroing in on important elements like the property's zoning, the deed, property tax, land transfer tax, and arrange for title insurance. You can ask about estate planning as well, so your family is best looked after in case of events like incapacity or death.

Legal Action

Lawyers work hard to make sure you avoid legal issues. If any legal action needs to be taken that involves the home purchase, your lawyer will figure out the best action to take, while looking after your interests.

How Much Are Lawyer Fees?

It depends entirely on whether you're the buyer or seller, and the complexity of the deal. Call around to get an estimate from some local lawyers.

Now that things are all figured out with your lawyer and paperwork, we're ready to move on to Step 9: Closing Day!

Check out our episode of Ryan Out Loud, Ft. lawyer Colin McElrea from GMSB