How to talk to your real estate lawyer
Visiting a lawyer is often reserved for major life milestones, such as purchasing a home. It is always best to have that contact as early as possible in the home buying process, even before you sign the agreement of purchase and sale, to benefit most from your lawyer's information, advice and insights.
“Since this is typically an infrequent event for most Canadians, it's important that you have an open and fruitful conversation with your lawyer as soon as possible,” says Ray Leclair, vice president of public affairs at LAWPRO . “Make sure that you provide your real estate lawyer with all the facts, including your plans and reasons for selecting the property you would like to buy. This will ensure that all potential issues are addressed.”
Be ready to ask questions of your real estate lawyer, such as:
• Have all building permits and final inspections been obtained for the home?
• Should you get a new property survey?
• Should you buy title insurance? What does title insurance do for you?
• What due diligence searches will be undertaken and which will not? Why?
• Would you benefit from an alternate home ownership arrangement where you split ownership with a co-owner, based on your family situation?
• Will you need permits or other legal approvals to renovate/add to your home or another property?
• Is anything preventing you from renting out a part of your home or running a business from your home?
• What is power of attorney, and should you have one?
• Should you have a will prepared, now that you will own a major asset?
With this first conversation under your belt, it is important to develop a good relationship and regular contact with your lawyer. They can provide valuable insights and ensure you make educated decisions.
Content courtesy of www.newscanada.com
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