Why do you need a lawyer when you buy or sell a property?

Many people know that they need a Real Estate Lawyer when they buy or sell a home but are not sure what their lawyer does in the transaction. We hope to clarify this and help you make an informed decision when choosing a lawyer.

Buying a Home

When you buy a home the first step is usually to sign an Agreement of Purchase and Sale. This Agreement outlines each person’s rights and obligations and sets out what must happen before final closing. As such, it is generally a good idea to have the Agreement reviewed by a lawyer before you sign the Agreement. This will help prevent you from agreeing to something that is not in your interests. It is also especially important when buying a new home from a builder because of the numerous and lengthy provisions in the agreement, including those relating to extra charges and changes to the closing date. On the purchase of a resale home, however, the standard agreements are familiar to most agents and are drafted to balance the interests of the vendors and the purchasers. Most people will therefore not have this agreement reviewed by their lawyer before signing, although of course they may choose to do so.