By Trevor H. October, 22, 2021
The biggest purchase of one’s life, real estate. Aside from the expensive car that sits on the driveway, the house will be the biggest purchase and most significant. A transaction this detailed will require the assistance of a real estate lawyer.
I remember being 26, and it was time to buy my first house. My mom and dad were finally exhausted from my presence. It was time to put my mark on the world and move into my own pad.
It was a 100 year old duplex house in Niagara Falls. We met with the real estate agent on the exact day we drove past the property. A few hours later, my father, the cosigner, and I put in an offer on the property, and to our delight, it was accepted.
I am not sure whether my dad was proud of me. He had a genuine smile that day. There was a shred of thought on my part that his happiness was due to him finally getting rid of me after 26 years. Moving on.
Being a young adult without previous experience in the area of real estate investment, I was unaware of all processes surrounding the purchase. I was under the impression that you were approved for the mortgage, and then you magically moved into your new pad. Wrong.
My father explained to me that I needed a real estate lawyer. It was not exactly music to my ears. The title of real estate lawyer sounded expensive. But with further explanation, he validated his claim of how necessary it was. To be honest, it would not have been possible to close the deal without the lawyer.
I assume that when most people are entering the property market, they jump in enthusiastically, resembling a Hollywood movie with that happy family – The real estate agent hands over a key to the married couple and they all live happily ever after. Again, wrong.
Moving expenses, home inspection, coming up with a down payment. It was the furthest I had felt of being content in some time. I had no time to be proud of myself for purchasing my first property.
With all those to-dos that needed doing, I still had to attain a real estate lawyer. At one point, I wanted to abort the sale and rent an apartment. I was overwhelmed.
That same night I brewed myself a pot of coffee and hit the computer. I needed to start doing some mathematics in order to reassure myself that I was making the right decision. I examined mortgage amortization, inflation, etc.
Acquiring the property was the right choice. Looking back, perhaps I was nervous.
The next step, and most important, was finding a real estate lawyer. But before I dished out the necessary fee, which was not cheap, mind you, I needed to know 2 important questions.
- How does a real estate lawyer charge?
- Where I was living at the time, the real estate lawyer charged a flat rate. However, I am sure that you could find one that charges by the hour.
2. What does a real estate attorney do?
- A real estate lawyer prepares and checks documentation with regard to purchase agreements, title, mortgage and transfer documentation.
- A real estate lawyer is hired to close the deal with regard to the transaction. Closing is when the money is transferred to specific parties and the title is transferred.
- In the situation of a property dispute, issues regarding contracts, the attorney should resolve the problems.
Fast Forward to the present day, and I have witnessed several property disputes and it is not pretty.
Returning back to my initial story. I bought the house with the assistance of a real estate lawyer. The closing went smoothly. I can honestly say that investing in real estate has been the best investment of my life.
Some may call real estate investment a liability. I guess that all depends on varying circumstances. For myself, it has worked. I had the right people in my corner, and 2 parents that wanted their 26 year old out of the house.
Real estate law and representation could change from state to state, country to country. Please do as much research as possible before you make any important decisions.
Thanks for reading, and sharing is caring.