Once you and your real estate agent negotiate and draft the contract to buy or sell your home and all of the due diligence conditions are met, these agreements are normally transferred to your Lawyer to convey the transaction. Your Lawyer and their team of paralegals coordinate the details of the closing and enforce the terms of the contract on closing date. Selecting the best Calgary Real Estate Lawyer to coordinate the closing of your sale paves the way to a seamless transaction that allows you to focus on the enjoyment of your new home ownership. Here are some important factors in selecting the right Real Estate Lawyer for you.
Specialized: Choose a Lawyer who is specialized in real estate. Most larger firms will have a real estate division and Lawyers who specialize in this area of practice so if you have a lawyer that you are comfortable with in a larger firm you can be assured that they will refer the work to a capable associate. In smaller boutique firms it is much more important to ensure that the Lawyer has an abundance of experience in real estate and specializes in this area of practice. There are too many variations and permutations of issues that can arise in the closing of a sale to even start to list, however a Lawyer with years of experience will not only know how to avoid most of these issues before they arise (as with any experienced real estate agent) they will also know how best to handle them if they do come your way.
Ask about their team of paralegals: To properly convey a real estate transaction takes time and attention to the details. Even if you could afford to pay your Lawyer to spend the time to review all the details of your contract it would not be practical, so most Lawyers have a team of paralegals to handle all but the most crucial details of each transaction. This is cost effective and allows the Lawyer to deal with the most important issues rather than pouring over the minutia in your contract. Ask about the Lawyers team and their experience in real estate transactions – this part of the team is often as important as the Lawyer you choose. Many experienced paralegals are as capable as some Lawyers in this respect, so be sure to weigh this aspect of your legal team appropriately.
Convenience: Location is an important aspect of your choice as well as their flexibility of hours. Driving to a downtown location and struggling with parking can be a hassle that you could avoid during this already stressful period. Ask about their flexibility on hours to help alleviate you from taking a day off work to complete the legal work (do they work over the lunch hour or after hours?)
Cost: Conveying real estate transactions is a competitive business. You often get what you pay for, but sometimes a legal office that runs efficiently with a team of highly competent paralegals in a low rent location can spell efficiency and good service without compromising on the quality of the work or the service that you receive.
Once you’ve selected your Lawyer, here are a few important questions to discuss with them when you meet:
- Status of your real property report (survey), Does it require a compliance stamp from the city? What about the option of obtaining title insurance?
- Closing date issues – when do we need to meet and have the cash to close prior to closing? Does it land on a holiday?
- Bridge financing – When do you receive the cash from your sale and does the timing of your purchase and sale require bridge financing in the interim?
As you can see there are many factors to consider when selecting the best Lawyer and the right selection can make the difference between a smooth closing or a stressful experience. Asking your real estate agent for a list of recommended Lawyers can provide you a selection of some of the best from the perspective of their experience. At Sano Stante Real Estate we work with a select group of experienced lawyers and ensure that any service providers we recommend meet and maintain high standards of quality service and competence. Call us if you require expert real estate marketing or sales services.