If you are searching for how to become a real estate lawyer or maybe you want a residential real estate attorney or commercial real estate lawyer for residential property matters then in this post we will tell you what are the qualities of the best real estate attorney or Closing attorney. We will also tell you the laws of law real estate. Read the full post in order to get full and complete knowledge because you also know that half and incomplete knowledge is very harmful.
The Real Estate Lawyer: The Unsung Hero in Home Buying
Cost: $1,500 (approximate; varies) Your lawyer is the unsung hero in the
homebuying process, doing all the hard work that goes on behind the scenes.
The lawyer will review your offer and the status certificate (if you’re buying a
condo), ensure the home’s title is clear from defects and liens, purchase title
insurance, register the home in your name, prepare the statement of adjustments
(more on this below), calculate the land transfer taxes, prepare the mortgage
paperwork and, finally, give you the keys to your new home.
Lawyers don’t come cheap but are worth every penny. Be sure to ask your
lawyer for a quote in writing (this includes their fees, plus an estimate of
disbursements). When your home closes, compare the final invoice to your
quote. If you notice any differences, don’t be shy to speak up.
When I noticed the fees on my invoice were higher than the price the lawyer
had told me (I was overcharged on the statement of adjustments and for the title
search), I mentioned this to him. He refunded me about $500. This is money I
put straight toward my mortgage.
Hiring an Expert Real Estate Lawyer
Just as with a home inspector, it’s a good idea to start looking for a lawyer
before you start house hunting. Consider these tips:
Referrals: Ask family and friends for referrals, and search online and in the
Yellow Pages. Interview two to three lawyers.
Specialties: Real estate is complex—seek out lawyers who specialize in real estate, not, say, family law. Home buying often moves at a breakneck
pace, so make sure they are in good standing and readily available to
answer questions.
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References: Ask for references from satisfied clients. Take the time to call
them.
Land Transfer Tax: The Government’s Piece of the Pie
Cost: Varies by province and municipality; typically a percentage of
purchase price Many provinces impose a land transfer tax on home purchases
—typically a percentage of the home’s purchase price, though some provinces
have flat fees. Depending on where you’re buying, land transfer tax may be your
most expensive closing cost.
To help keep real estate affordable for “property virgins,” many provinces
offer rebates for first-time homebuyers. In Toronto, homebuyers are hit with a
double whammy of land transfer taxes: a provincial tax and a municipal tax. If
you bought an $800,000 home in Toronto, you’d pay a provincial land transfer tax
of $12,475 and a municipal land transfer tax of $11,725, for a grand total of$24,200. If you are a first-time homebuyer, with rebates you’d pay slightly less,
$16,475.
Want to calculate your land transfer taxes? RateHub.ca has a helpful
calculator.
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Read More for more information: Buying a Home: Steps to Buying a Home | Pros & Cons
Other Closing Costs Not to Overlook
Your inspector and lawyer fees aren’t the only closing costs you’ll have to
contend with. Here are other closing costs you may face:
Title insurance: Bought through your lawyer, title insurance protects your
property’s title from property tax owing, liens, rights of way, and unpaid
work orders, among other things. Most lenders require you to purchase title
insurance before approving your mortgage (approximate cost: $100 to
$300).
Appraisal fee: An appraisal confirms that the value of the property is in
line with the purchase price. If you’re lucky, your lender may foot the bill
(approximate cost: $250 to $350).
Mortgage insurance: If you choose to spread the cost of mortgage
insurance over the life of your mortgage like most homebuyers do, it won’t
be a closing cost per se. However, if you’re buying a home in Manitoba,
Ontario or Quebec, you’ll have to pay the PST on your mortgage insurance
on closing day. For example, if you’re buying a home in Ontario and your
mortgage insurance premium is $8,100, you’ll owe $648 on closing (8%
PST).
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Property tax and utility adjustments: Depending on the billing cycle,
sellers may pay utility bills and property tax in advance. As the buyer,
you’ll need to reimburse the seller for your portion on and after the closing
date. Don’t worry, you don’t need to figure this out yourself—this is taken
care of by your lawyer, who will draw up a statement of adjustments.
Development and education levies, and utility hookups: Development
and education levies pay for infrastructures like new roads, sewers, and
schools. Utilities—electricity, heating, water, and the like—often charge
hookup fees.
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Changing the locks: You’ll want to hire a locksmith to change the locks.
Cleaning: Although the home being in “broom-swept” condition should be
part of the offer, you’ll still want to clean it thoroughly before moving in.
Appliances: If the home doesn’t come with appliances, you’ll have to
spring for them. Besides the price tag, appliances may come with delivery
and installation charges.
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Cosmetic updates and renovations: When you move in, you may want to
do Renos such as repainting and updates such as changing light fixtures. If
the home is a fixer-upper and in desperate need of repair, you may choose
to undertake major renovations—new roof or windows—right away
Read More for more information: Real Estate Agent: 😀Working With A Real Estate Agent 😀
Equipment and tools: When you own a home, the landlord is no longer a
phone call away. Don’t forget to buy tools like a hammer and screwdriver
for minor repairs, if you don’t already have them. If you have a green
thumb, you may want gardening tools. Depending on where you live, you
might also need a snow shovel.
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