Are you looking for a real estate lawyer in Mississauga to close your real estate transaction?
Whether you are selling your property or buying your first home, a real estate lawyer will close the deal successfully.
If you wish to buy a property in Mississauga or anywhere in Ontario, our partner lawyers can assist you. You can rest easy knowing your real estate lawyer will simplify the process for you and complete your transaction fast.
Compare real estate lawyers serving Mississauga by filling out the short online form on this page.
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Why hire a real estate lawyer for your transaction?
If you are buying, selling, or refinancing a property, you need a real estate lawyer.
Any real estate transaction involves a significant amount of money. Due diligence is necessary to protect your investment.
Searches must be extensively performed on the property by an experienced lawyer to ensure that everything is vetted. This will ensure you don’t get any unpleasant surprises after closing the deal.
One of the first tasks of a real estate lawyer is to draft, review, and organize the numerous documents needed in a real estate transaction. From purchase agreement, transfer of title, to mortgage agreements, your lawyer will help you to understand the complexities to avoid any oversight that could negatively affect your investment.
Hire a real estate lawyer in Mississauga for your transaction to ensure the transaction satisfies legal requirements. By having a lawyer by your side, you can avoid future disputes.
Who are real estate lawyers?
Real estate lawyers are legal professionals who are experts in real estate law. They can handle contract disputes, property transactions, and all other real-estate related matters for buying, selling, or leasing.
They don’t just deal with the paperwork. They also help their clients navigate the complex aspects of real estate transactions to protect them from fraud or risky transactions.
Negotiate confidently with help from a real estate lawyer
You can negotiate with total confidence regarding your home sale or purchase with a real estate lawyer to represent you.
Real estate lawyers are solid advocates in a negotiation. If you are selling your property, your lawyer can increase your profits by closing the deal in the best terms possible.
For a homebuyer, a real estate lawyer will check thoroughly that the property is free from liens or encumbrances or any unresolved disputes.
His assistance extends to reviewing all financial arrangements including mortgage contracts to avoid unforeseen issues that could result in a financial burden.
There are high stakes involved in a real estate transaction. Your real estate lawyer will provide sound advice to protect your interests.
Buying Title Insurance
An important part of real estate transactions is title insurance purchase. Title insurance protects you from title defects, encroachment problems, or title fraud.
A real estate lawyer facilitates the purchase of title insurance to meet your needs.
Title insurance is not required by law but banks and lenders may require it as part of a mortgage. The premium is paid only once and costs from 250 to $400. It remains valid for as long as you are the owner of the property.
You can also compare real estate lawyers offering the title insurance policy that you need.
Hiring a real estate lawyer to buy a property
If you are buying a house in Mississauga or anywhere in Ontario, hiring a real estate lawyer is required. The law in Ontario mandates that a lawyer complete the purchase or sale of a property.
He needs to register the transfer of the property ownership from the seller to the buyer. This important step completes the change in ownership legally.
But real estate lawyers don’t just complete the sale. They also ensure that the transaction is compliant with the law. This protects buyers from financial or legal issues after the sale.
Real Estate Lawyers for Sellers
As mentioned earlier, all real estate transactions fall under the laws and regulations in Ontario to protect both buyers and sellers.
However, certain instances may force a buyer or seller to go back on their decision. What happens if a homebuyer walks away from a real estate transaction?
The Purchase Agreement
In Ontario, a real estate transaction usually starts with an Agreement of Purchase and Sale or APS. This legal document indicates the terms and conditions of the sale – the price, amount of the deposit, closing, and conditions or contingencies.
Once the seller and buyer has signed the APS, both are bound by its terms.
The Rescission Period
Buyers have a period during which they can back out of a deal without any negative consequences. This period is known as the rescission period which lasts 10 days after the buyer gets a copy of the signed APS. This period is given to let buyers review the contract, get legal advice, obtain financing, etc. This applies to buyers of new condominiums and new freehold homes.
For other residential properties, there is no free cancellation period without penalty if you decide to back out. There can be legal and financial backlash for reneging on a home sale after signing a contract.
If the buyer cannot close the transaction, he could be charged penalties or forfeit his deposit. A seller can choose to cancel the sale due to delays in closing but a buyer can seek legal remedies if the reason is legitimate.
Contingencies & Conditions of Sale
Many buyers, on advice of their lawyers, include conditions in the APS for their protection. Examples of common conditions are satisfactory home inspection report, successful mortgage financing, or contingent on the sale of the buyer’s property.
If such conditions are not met, the buyer could back out of the deal without forfeiting the deposit. Both buyers and sellers must agree to this conditions and understand them well to avoid disputes.
Buyer Default
If a buyer reneges on the sale outside of the rescission period, the situation becomes complicated. The deposit could be forfeited.
In the absence of a valid reason, the seller could keep the deposit as compensation for time lost. The deposit is a percentage of the purchase price as indicated in the APS.
A dispute can arise regarding the deposit. The seller could also claim compensation for damages suffered.
It is recommended that sellers work with a real estate lawyer to determine if legal action can be pursued and the cost of such action.
How much does a real estate lawyer charge?
Reputable lawyers are transparent about their fees. Real estate lawyers in Mississauga may charge from $500 to $1,500 + HST for the purchase, sale, closing, or refinancing of a property. Of course, these fees vary based on the complexity of the transaction.
Other real estate lawyers could also charge an hourly rate of $300 to $450 + HST and disbursements.
Many of them offer flat fees but you may be charged extra if you provide documents just a few days before the closing date.
For example, a home sale transaction could cost $750 in legal fees, disbursements not included. For a homebuyer, legal fees could cost $950 + disbursements for preparation and mortgage registration.
To refinance a property, a real estate lawyer could charge around $650 plus disbursements. Please keep in mind that HST applies on all legal fees.
To get actual quotes from real estate lawyers in Mississauga, fill out the short online form on this page and compare free offers.
Real Estate Lawyers for Property Disputes
While real estate lawyers get a lot of work from buyers and sellers, they also help settle property disputes.
It is not uncommon for homeowners to get into a dispute with a neighbor due to issues on encroachment, noise, right of way, etc.
Homeowners in Mississauga have rights such as the peaceful enjoyment of their property, the right to utilize right of way, adverse possession, etc.
Real estate lawyers can also help with problems regarding:
- Zoning;
- Encroachment;
- Noise and parking issues;
- Building code violations;
- Trespassing;
- Property line disputes.
If you have a problem regarding property rights, you may also find the right real estate lawyer to help you. If you are experiencing problems with your neighbor, don’t wait until it escalates to hire a lawyer to handle it for you.
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FAQS on real estate transactions and real estate lawyers
Here are some FAQs on real estate transactions and real estate lawyers to guide you and help you make the best decision.
I’m selling my house. When do I need a real estate lawyer?
Before you list your home for sale, you will likely work with a real estate agent to determine the value of your property. Your agent or broker will be prepare the home for sale, give you advice on increasing its value and appeal, showcase the house, and receive offers of purchase.
When you receive an offer from a prospective buyer, you should ask a real estate lawyer to review it before you accept or make a counter-offer. A lawyer can identify potential risks or recommend steps to protect your interests.
Can a real estate lawyer work for both buyer and seller?
Typically, a real estate lawyer cannot represent both parties in a real estate transaction.
This is to avoid conflicts of interest. A lawyer must also keep client information confidential and cannot divulge it to the other party. There are some exceptions such as if the seller and buyer are one and the same. For instance, a seller may also be buying a property at the same time.
What costs are related to real estate transactions?
Aside from closing fees, a homebuyer must also pay the Land Transfer Tax, Harmonized Sales Tax, and additional Land Transfer Tax. There is also the legal fees to consider.
Why do I need a real estate lawyer to refinance a mortgage?
It is advisable to have a lawyer when refinancing a mortgage. He can give you legal advice throughout the process, review mortgage documents, and negotiate with your lender, if necessary. A lawyer will also make sure that your interests and rights are protected.
How to choose the right real estate lawyer in Mississauga
Real estate lawyers offer dynamic solutions tailored to your needs based on property or real estate laws. They work on a variety of commercial real estate, title issues, property disputes, home sale or acquisition, and leasing.
To choose the right real estate lawyer for your transaction, compare our partner lawyers and their services and fees.
All you need to do is to fill out our short online form to get free quotes with no obligation.
Our partners at JURIGO have many years of experience in real estate law, including litigation practice.
Whatever type of real estate transaction you have, whether it is residential or commercial property, you can be sure to find the best legal expert from our network.
Get started today by connecting with reputable and experienced real estate lawyers in Mississauga using our short online form.