If you're unsure of the differences are between a real estate lawyer and a real estate agent, continue reading to discover the key differences between the role of a real estate lawyer and the role of a real estate agent. As if you're planning to sell or purchase a property in the near future, you'll require the services of both of them.
Why do I need a real estate lawyer?
A real estate lawyer can help you and your real estate agent draft up a legally binding home purchase contract which will stipulate the legal terms of your agreement to sell or purchase a property. Furthermore, a real estate lawyer can also help you perform a title search and can help your real estate agent finalize your property contracts.
What is a title search?
If you're unsure of what a title search is and why it's worth getting a real estate lawyer to perform a title search, a title search is commonly used by house hunters to confirm that the individual who is selling a property, has the right to sell the property which they have listed.
Through completing a title search your selected real estate lawyer will also ensure that the seller who you are negotiating a contract with will not be prevented from selling their property due to any commitments related to liens or mortgages. The last thing you want to do is to transfer funds to a seller who has no right to sell you the property. It may be difficult to get your money back in a short amount of time and you may have to go to court.
A real estate lawyer will also be responsible for ensuring that the deed of the house which you're purchasing or selling is successfully transferred after your contract has been signed. A real estate agent doesn't have the power to transfer property deeds without the help of a fully qualified real estate lawyer.
What does a real estate agent do?
A real estate agent effectively acts as a middleman who helps sellers and buyers connect with each other. Furthermore, real estate agents also can communicate with your chosen real estate lawyer and the real estate lawyer of the third party who you're selling a property to or purchasing a property from.
As in most property sales, both parties will hire their own real estate lawyer to ensure that their best interests are being taken of. So if you want to ensure that the contract which you plan to sign is fair, it's well worth hiring an independent real estate lawyer to look over any contract which you plan on signing.
So while you may still require the professional services of a real estate agent, either to help you find interested house hunters in order to purchase your listed property or to help you find a property which meets all of your requirements, it's also well worth investing in hiring a professional real estate lawyer!
Not intended to solicit parties under an exclusive contract with a brokerage. MLS®, REALTOR®, and the associated logos are trademarks of the Canadian Real Estate Association. RebateRealty Inc, is an Ontario licensed Real Estate Brokerage TREB® & CREA® The listing data is provided under copyright by the Toronto and Brampton Real Estate Board - TREB® and BREB®. The listing data is deemed reliable but is not guaranteed accurate by the Toronto Real Estate Board nor RebateRealty Inc., Brokerage. © 2017