A real estate lawyers role in a real estate transaction is very important and necessary for the transaction to occur. Depending on the type of transaction your lawyer will do a variety of things to make sure the funding occurs. The legal fees to close a purchase transaction are part of your consideration’s for closing costs.
When you purchase a home, your lawyer:
- conducts land title search
- registers you home at land titles
- draws up the list of various debits and credits pertaining to the transaction- known as the statement of adjustments
- does the legwork to make sure the sellers property taxes are up to date, and calculates the balances owing between
- makes sure the sellers mortgage has been discharged
- title insurance for lender if required, and can add on owner title insurance if requested (a good idea!)
- facilitates the transference of funds on your closing (possession) day.
When you refinance your home, your lawyer:
- Conducts a title search to make sure there are no defects
- Registers your new mortgage amount at land titles
- facilitates the financial transactions- including the payout of any required debt
- draws up your financial documents from the lenders instructions
- some lenders offer the use FNF or FCT to complete your refinance transaction. They do the legwork of a lawyer but often the cost is less.
When you sell your home, your lawyer:
- Conducts a title search to make sure there are no issues
- drafts the deed of the home for the buyer
- calculates all of the closing cost you will be required to pay
- draws up the statement of adjustments
- ensures your mortgage has been discharged
- facilitates the transfer of fund on closing day
- pays out the refund to you after paying out any debts required from the profit of your sale, and the real estate commission, and legal fees required