Real Estate Closing Lawyer

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What Does A Real Estate Lawyer Do?

A real estate lawyer specializes in property law. They assist clients with buying and selling property, drafting and reviewing agreements, verifying property records, and resolving disagreements and disputes.

These legal professionals work collaboratively with realtors, lenders, and insurers to make sure the transaction is closed without problems.

How Much Does a Real Estate Closing Lawyer Cost?

When buying and selling property in Ontario, hiring a real estate lawyer is a requirement.

Pricing can vary based on the complexity of the transaction and the property's location.

Typically, residential real estate closings are quoted with a "Legal Fee" ranging from $1,000 to $2,000.

It's important to ask whether or not your quote includes additional costs such as "Disbursements" and HST.

Legal Fees

Legal Fees are the price of the actual legal service rendered by the lawyer working on your file.

They compensate for the various tasks of your transaction such as drafting legal documents, conducting due diligence searches, and representing your interests throughout the closing process.

Legal fees are usually subject to HST.

Disbursements

Disbursements are expenses that a real estate lawyer pays on your behalf during the legal process. These costs are separate from the legal fee discussed above and are necessary to complete the transaction.

Disbursements vary from file to file depending factors such as location of the property, type of property, type of transaction etc.

Some examples of common disbursements include:

• title searches (and off -title searches)
• registration fees
• software transaction charges
• banking fees
• office expenses
• title insurance

Disbursement charges vary between law offices, so it’s important to ask for an estimate with your quote. If a lawyer refuses to provide a range, it could be an indication to stay away.

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When Should I Contact a Real Estate Closing Lawyer?

When choosing a Real Estate Lawyer, you want to focus on their experience level, communication style, reputation, and fee structure.

Transparency is key. Be sure to let your legal professional know the details of your situation, whether you're a first-time buyer or a seasoned vet - and expect the same back from them.

Look for someone who specializes in real estate law, don’t choose a lawyer who practices “real estate closings on the side”.

Virtual Real Estate Closings

The world has gone digital – and this applies to the real estate market. From virtual walkthroughs, online mortgage applications and beyond - you want to choose a real estate lawyer who is willing to adapt to the world as it changes.

Virtual real estate closings allow people to buy and sell property online without the need to attend the office physically. They are a convenient way to complete property transactions without limitations such as geographic location or not being able to take off work - all while considering the environmental impact a typical pen-to-paper transaction has.

Virtual meetings and signings make things easier for everyone involved,
ensuring a smooth closing process for you. As a Buyer or a Seller, you can review documents online at your own speed, without feeling rushed by a tight deadline or sifting through piles of paperwork while in the presence of the lawyer. After your virtual meeting, you will have immediate access to the digital records which makes it easier to refer back for any pressing questions you have.

While not suitable for all situations, virtual closings are becoming increasingly more common - be sure to ask the lawyer if they offer remote services during your search.

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Summary

Real estate closing lawyers play a crucial role in property transactions - from ensuring that all legal requirements are met to protecting the interests of buyers and sellers. The cost associate with closing a real estate deal are broken down into the legal fee, and disbursements. It's advised to get a real estate lawyer on your side as early as possible when dealing with a transaction - ideally one who specializes in real estate law and can offer virtual closings as an option.

Contact Us

If you have questions about the role of a Real Estate Closing Lawyer, or any other real estate legal matter, we're here to help. As real estate law specialists, our mission is to provide the clarity and direction you need to protect your property rights.

Contact us today to schedule a free consultation.

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