The Role of Real Estate Lawyers in Estate Plans
If you’re considering purchasing real estate property, your first step is to find a real estate lawyer. There are plenty of ways a real estate transaction can go wrong and when transactions like these go wrong, things can get terribly bad for your long term financial future. A real estate lawyer will make sure you are protected and that your real estate transaction is sound.
The next step is to get acquainted with the responsibilities of your real estate lawyer. One example of their many responsibilities is to act on the buyer’s behalf to perform a title search.
The title search is necessary for various reasons; such reasons include:
- To verify the property’s legal owner
- To find the property’s mortgage provider
- To check if any amount is owed on the mortgage
- To confirm the mortgage expiration date
The title search is a crucial step in every real estate transaction and is quite possibly the most important step in ensuring everything in the transaction runs smoothly. During the title search process, your lawyer will determine if legislation concerning the PA (Planning Act) has been contravened; non-compliance with this legislation is fatal to any real estate transaction.
Your lawyer can also determine if there is any registered owner on the property. If there are any registered liens discovered, it is the responsibility of the lawyer to address the issue immediately to avoid any problems or delays to the transaction.
When conducting a search, time is of the essence for the lawyer. Your lawyer is able to act on the your behalf with a requisition letter on hand regarding any potential issues associated with the property. The letter is a series of requests and inquiries that the property seller must comply with.
When the seller or their representative receives the requisition letter, he or she is obliged to resolve any occurring issues that are detailed in the letter. In some scenarios, this letter can serve as a starting point from which communication begins between the two parties — the seller and the legal representative of the buyer to resolve any legal issues related to the property in question.
Once the title search is done, the lawyer will be in a position to provide a legal opinion regarding the property to the relevant parties which includes prospective lenders who would rather choose to secure their loan(s) after getting legal advice on the property’s legal status before lending to the buyer.
Insurance providers may also require a legal report from a real estate lawyer — for example, they may request the buyer’s lawyer to provide a legal opinion with regards to the status of the title. They do this to ensure the well-being of the title insurance policy before it is provided to the new owners.
Your real estate lawyer can provide invaluable help when you are considering purchasing a property — especially when the property is known to have some issues. Always consult a real estate property lawyer with experience in real estate property law to make sure you make a financially sound purchase.