During the closing phase of any deal, the more insurance and assurance you have, the better. During the closing of a real estate deal, you need more than that. At that time, what you might need is a real estate lawyer. A lawyer or attorney that has complete knowledge of the real estate law surrounding the deal and will know the ins and outs of what needs to be done. But what exactly is the role of a real estate lawyer at a closing? We take a look in detail and try to understand how a lawyer present at a closing is supposed to help you.
You know how big real estate moguls and companies have entire teams of lawyers present at every deal? Well, this is exactly the role of a real estate lawyer at a closing. Given their knowledge of the law and knowledge of how matters should proceed, especially at a crucial stage like closing, you need a real estate lawyer by your side. Period.
Let’s look first at what a real estate lawyer is, and then we’ll move on to their role at a closing.
Who is a real estate lawyer?
A legal professional well-versed in all matters related to real estate; that is what a real estate lawyer is. Beyond that, they will help ensure all the paperwork is correct and ready, whether or not the deal or process is legitimate and doing their due diligence on a project. These are some of the many responsibilities a real estate lawyer or attorney will have. So, you can pretty much understand the role they have in deals and especially during a phase as critical as closing.
Role of a real estate lawyer at a closing
There are many roles that a real estate lawyer will have not only during closing of a real estate deal, but also throughout the process. These roles will be discussed in detail below.
As an advisor
The first and foremost role of a real estate lawyer during closing will be that of an advisor. While the real estate lawyer is supposed to advise their client throughout the process of the deal, during closing, advising is especially critical, since the deal is in its final phases, and everything needs to proceed as smoothly as possible. A real estate lawyer will advise on a range of things: everything from pricing, negotiations to the legality of the matter and the potential fallout (if any) comes within the ambit of the real estate lawyer. Expect a clear-headed approach to the deal during its closing when you have a real estate lawyer on hand.
As a vetting authority
The particulars and details of deals and business processes may change over time, and with a process like closing, the details always make the difference. By that, we mean that the more thorough and closely you have understood the details, the more likely you are to have an edge during negotiations or during the closing of the deal. That is another one of the roles of a real estate lawyer; as a vetting authority who makes sure that all the details line up nicely and are in accordance with any legal requirements or requisites that the state or province may have. Also including in federal regulations, the real estate lawyer during closing will ensure that everything lines up perfectly.
Ensuring legal, financial interests
Another role, this time a really important one, is the role that a real estate lawyer plays during closing: ensuring the legal and financial interests of the party that they are representing. This is imperative, because the primary responsibility of a lawyer, above all else, is ensuring that their client gets the most out of the deal. Ensuring that means that the real estate lawyer will have to work towards securing the legal and financial interests of the client. Legal interests mean ensuring that the deal is legitimate and does not put the client in any future legal war over specific details. Financial interests mean that not only is the deal economically feasible, but the negotiation part too; dealing with the other party on behalf of the client to secure something extra. All of that falls in the domain of the real estate lawyer, and that will shine through the most during the closing.
Preparing documentation, executing title search
Specifically for the closing of a real estate deal, the real estate lawyer will do both: prepare documentation that concludes the deal and execute a title search. Paperwork is part of due diligence that you get when you have a real estate lawyer by your side, and ensuring that not only is the paperwork correct, but error-free and encompasses all the relevant details is the responsibility of the real estate lawyer. Executing a title search means that you conduct checks on the public record of the property and whether or not any outstanding dues exist against it. Again, part of the responsibility of the real estate lawyer prior to finalizing the closing part of the deal.
The final responsibility and role that the real estate lawyer plays in the closing part of the deal is the disbursement of the funds necessary for the transaction. This is handled by the lawyer to ensure it is done in accordance with the laws of the land, whether they be federal or at the provincial level. Having the transaction done through a real estate lawyer means that not only will the funds be disbursed properly but will be done strategically should there be a certain tax in place that can be avoided. Since a real estate lawyer is very well-versed in matters related to taxation as well as real estate laws, you can be sure that even the process of fund disbursement is beneficial to you.
Having a real estate lawyer at a closing: why is it important?
Aside from these roles and the responsibilities that a real estate lawyer has, it is imperative that a real estate lawyer be present during closing. They will ensure that the process goes smoothly, and no issues arise during any part of the deal and the transaction. Since the other party will also have a real estate attorney present, you need to have a real estate lawyer as well; from negotiating certain aspects of the deal to ensuring your legal and financial interests are met, there are only upsides in having a real estate lawyer and not having one during closing, could unfortunately mean disaster for you; not only during the closing itself, but even afterwards, since you could become a target for claims or misrepresentations during the process. A real estate lawyer will help prevent all of it.
Siddiqui Law Office: your real estate closing partners in Toronto
Real estate closing? Worry not! With Siddiqui Law Office, your each and every move is covered and protected by some of the most experienced and dedicated real estate lawyers and closing attorneys you can find in Toronto. Bringing their expertise and extensive experience to every transaction, you can trust Siddiqui Law Office to go above and beyond with every closing. Since a real estate closing is one of the most monumental processes a person can go through, the lawyers will ensure that the closing goes as smoothly as possible and will make this process an absolute breeze for you.
With a reputation built on integrity, professionalism, and a steadfast commitment to delivering the best, Siddiqui Law Office will also help you get the edge on these matters:
- Property sales
- Property purchases
- Title transfers
- Survivorship applications
- Interim/ occupancy closings
- Reviewing purchase and sale agreements
- Reviewing status certificates
- Drafting, reviewing private mortgage agreements.
For the best results and an impeccable service that puts you above everything else, choose excellence, choose Siddiqui Law Office.