Buying a Property Which is Yet to be Built
Developers in large urban or inner-city areas frequently offer incentives to induce buyers to sign on the dotted line as quickly as possible. These could be anything from ‘free’ maintenance contracts to extra luxury fittings. However, these incentives can often prove to be completely different to what a buyer is expecting. In a situation like this, the expertise that a real estate lawyer can bring to the table is invaluable when it comes to understanding just what a buyer is getting from the purchase agreement. They can also point out all the ‘add-ons’ a developer can load onto the headline purchase price and which buyers are often unaware of until the final purchase costs are added up. A real estate lawyer can negotiate on your behalf to cap the closing costs so that there are no unexpected shocks at the end.
How to Choose a Real Estate Lawyer
Choosing the right real estate lawyer for you should be something you take your time over wherever possible. A good lawyer should first of all be independent and impartial. Always do your research beforehand, don’t just pick a name at random out of the phone book. Personal recommendation from family or friends is often the best way but if you don’t have access to this method then you could try the Law Society Referral Service. Make sure the one you choose can demonstrate a portfolio that is predominantly real estate work to get a lawyer highly experienced in the field. An added advantage to this fact will be that the lawyer’s clerical staff will also be well versed in the field of real estate conveyancing.
When to Get a Real Estate Lawyer
Many home-buyers believe that it is not necessary to bring in a lawyer until almost the very end of the transaction in order to do the essential legal searches and money transfers. However the point at which you bring in your real estate lawyer can make a huge difference when it comes to the overall time and money spent. By getting a lawyer to oversee and review paperwork early on in the process this can help to point out any pitfalls and anomalies and put them right before they have the chance to cause any delays or unnecessary expense. Your real estate lawyer is there to protect your interests so it makes sense to have one in place right from the start.
How much will be my total Costs, including Land Transfer Tax and Title Insurance?
We get this question asked frequently. Our Real Estate Lawyer Etobicoke Fees structure is transparent and we charge fixed Legal Fees. However, some clients wish to budget their closing costs and wish to know Total amount being spent on Land Transfer Tax as well as Title insurance. We have our Closing Cost Calculate to help our clients get an estimate of their Total Closing Costs. Our Clients can download the results of our calculator. Please click here to learn more : Closing Cost Calculator.
At Shaikh Law Firm we provide Free Consultation over the phone for 15 minutes with no obligation to retain us.