Rick Boire REALTOR - Realty Executives Saskatoon

CLOSING AND FINAL SETTLEMENT

An agreement to purchase property is a contract in which both Buyers and Sellers incur legal obligations. Consequently, both parties should consider having a lawyer advise them in the transaction.

A lawyer can assist in interpreting the legal and financial documents involved. The lawyer can help to make the transfer of property a smooth and easy one. The lawyer will search the title and perform other services as necessary. These services include searching property tax records, removing encumbrances on title, having a new mortgage registered on the title, and ensuring that mortgage money is advanced and proceeds are available to the Sellers.

The lawyer acts to protect the interests of the Buyers or the Sellers of real estate. If necessary, it is possible to have the same lawyer represent both the Buyer and the Seller. There is a disadvantage to this type of arrangement if a conflict arises. In that case, the Buyer and Seller would each have to have their own lawyer. The lawyer who earlier acted for both of them would no longer be able to act for either of them. It is not possible for a lawyer to act for a builder/developer and a Buyer. It is in your best interests to have your own lawyer acting for you.

It is particularly important to seek legal advice if purchasing or selling property in another province, purchasing or selling property privately, purchasing or selling property on a rent or lease to own basis, if you are using vendor financing, or if purchasing property upon which to construct a building or one requiring major renovations.

Choosing a lawyer can be a difficult task, especially if you have never had to hire one before. When you are spending money on what may be the biggest transaction of your life, choosing someone to represent your interests is especially important.

There are many choices available, and many ways to make the decision. Sometimes a REALTOR is associated with a particular law firm, and may refer clients to them. Some people look through the yellow pages. Referrals or recommendations by friends or business associates can be a valuable resource. Whatever method you use to identify and choose a lawyer, there are a few things that you need to consider, to help ensure that you are happy with the services provided.

The price or cost of legal fees is an important consideration for many people. Certainly, no one wants to pay any more than they have to for anything, including legal services. However, it probably is useful to consider a few other factors, as well as the bottom line.

Ask questions like...

What exactly do the quoted fees cover? Will there be additional fees for “extra” work that may be necessary?
Does the lawyer have the ability or experience to do the work you require?
Is the lawyer a good communicator? Is the lawyer accessible or approachable, if you have any questions?
What degree of personal service do you want, and what degree will be offered?
What references does the lawyer have? Word-of-mouth often provides good information.

Value is determined by quality as well as price. When choosing a lawyer, or any other service, you need to strike a balance between the price you want to pay, and the assurance you expect for a job well done.

Some copy used with permission from: © Public Legal Education Association of Saskatchewan Inc.

Selecting Your Lawyer

The services of a Lawyer, assures that the rules and regulations governing real property transfers will be strictly observed.

I am able to recommend a number of lawyers who have provided excellent service to my past clients.