Buying or Selling Real Estate in Vancouver? You’ll Need A Lawyer.
As a realtor in Vancouver, you know that selling and buying real estate involves complex legal work. Clients will turn to you throughout the course of a property transaction, and one of the best things you can do is recommend a qualified real estate lawyer when the time comes. Real estate lawyer Kieran Morris has worked in partnership with many realtors to help them represent their clients in a timely and efficient manner. Here are some answers to questions you or your clients might have about the process.
What is the role of a real estate lawyer?
Realtors are responsible to guide and advise clients through most aspects of the home buying or selling process. However, a real estate lawyer will do the work of navigating legal requirements.
If your client is wondering whether it’s worth it to hire a real estate lawyer, the answer is a resounding yes! Take a look at some of the many tasks performed by lawyers in real estate transactions below.
For a seller, a real estate lawyer will assist with tasks like:
- Reviewing the Agreement of Sale and other legal documents
- Negotiating terms and conditions
- Preparing the deed to the house
- Closing the transaction
- Exchanging legal documents and keys with the buyer’s lawyer
For a buyer, a real estate lawyer will assist with tasks like:
- Reviewing the Agreement of Purchase and all other legal documents
- Ensuring there are no claims listed against the property
- Ensuring property taxes are up to date
- Drawing up the mortgage documents
- Closing the transaction and ensuring all legal and financial conditions are met
Can a real estate lawyer act as an agent?
Technically, a lawyer can act as a real estate agent, but often it’s not in a client’s best interests. As a realtor, you have years of connections in the field on your side and experience advocating for your clients. Your clients will get a higher selling price, help with running open houses, and ability to negotiate to move into a new home quickly. Plus, as a licensed professional, only you have access to your local online real estate listings.
Real estate lawyers tend to work best in partnership with realtors, and Kieran is always available to offer these services.
Can a real estate lawyer represent both parties in a transaction?
In a real estate transaction, it is the best practice for the seller and buyer to be represented by separate firms, though concurrent representation may be permitted in certain circumstances. If acting for both sides, each side must be advised of the potential conflict and the consequences of a conflict in writing.
Connect with an experienced real estate lawyer at Morris Law
Buying or selling real estate is a big decision and can rank among the most expensive purchases people will make in their lives. Every transaction needs the support of a qualified real estate lawyer, so it makes sense to be able to refer your clients to a lawyer you trust. With Morris Law, your clients will receive knowledgeable and professional services from Kieran, who is passionate about real estate and has helped complete hundreds of real estate transactions in Greater Vancouver. Contact our law firm today to learn more.