The Role of a Real Estate Lawyer In Conveyancing
At Morris Law, our real estate lawyers cover all aspects of real estate and property law. Whether you are a first time home buyer, a property developer, or a commercial business owner, our lawyers are here for you to help with any real estate legal needs.
We take the hassle out of buying and selling real estate. If you are planning to renovate, sell, or otherwise transfer your property to another individual, you can expect Morris Law to handle your transaction quickly, correctly, and with the least amount of hassle.
The process of transferring property from one owner to another is called conveyancing, and we are here to help ensure the entire process runs smoothly and correctly. Here are 10 steps that detail how this process works for a prospective home buyer.
Step 1 – Work with your realtor to find a home
Your realtor is responsible for helping you find the right home.. They will make recommendations based on your lifestyle, budget, needs and future plans. They will also represent you in negotiating for the best price.
The price range for your new home should depend on what you can afford with your mortgage. Some individuals opt to find a mortgage after selecting from a variety of homes, while others choose to get a pre-approved mortgage to ensure that they can afford what’s presented to them.
Step 2 – Find a mortgage for your home
Outside of certain circumstances, most homeowners will find themselves in need of a mortgage. There are several options here – a broker may help you find a better rate, or you can contact your bank to see what kind of services they offer.
Most money lenders determine your mortgage based on your debt-to-income ratio.
What is your debt-to-income ratio?
Your debt-to-income ratio is your monthly debt owed, divided by your gross monthly income. For example, let’s say that your income per month is $4,000. If you pay $2,000 a month for your mortgage, car payment and payments towards your student debt, your debt-to-income ratio is 50% ($2,000/$4,000 = 50%).
Many money lenders use your debt-to-income ratio to determine your ability to manage your monthly payments to repay additional debt. Studies of mortgage loans suggest a 43% debt-to-income ratio to quality for a mortgage, but we suggest that you meet with your financial advisor before making any money-related decisions.
Step 3 – Hire a reliable lawyer
Once you have worked with your realtor to find a new home, and have sourced the funds to purchase, you will need to hire a lawyer to start the conveyancing process.
When hiring a lawyer, you should look for someone with experience in real estate – ideally, with their expertise in real estate closings, such our lawyers at Morris Law.
When hiring a lawyer, you should consider their attentiveness and accessibility. Are they clear and concise in their communication? Do you feel that they are a good fit for you? If you have any questions, will they be available to answer?
This is why we recommend that you give us a call to see how we respond to your request. A good lawyer should be friendly and welcoming, and ultimately be able to provide prompt and reliable service. Our attention to this level of service is why we have collected hundreds of positive reviews from satisfied customers across Metro Vancouver.
Step 4 – Send the necessary documents to your lawyer
Your notary or lawyer will need a couple of documents from you or your realtor, such as how you wish to hold title to the property, and whether or not you are looking to become “joint tenants” with your spouse or partner.
Step 5 – Your lawyer will conduct due diligence searches
At this point of conveyancing, you do not need to do anything or provide any further documentation unless asked by your lawyer.
Your lawyer will perform a title search, contact your strata management company, contact the city, communicate with your lender, and contact your insurance company. After contacting all of these entities, we will prepare a Statement of Adjustments, which is a balance sheet showing total funds required to complete the transaction.
Step 6 – Your lawyer will prepare closing documents
At this stage in the buying journey, your lawyer prepares all closing documents including the title transfer, mortgage, property transfer forms and the statement of adjustments.
Step 7 – Meet with your lawyer
You will meet with your lawyer 3-5 days before closing, to sign the necessary documents and deliver the balance to your lawyer in order to process the transaction.
Step 8 – Your Lawyer registers the transfer
At this point you don’t need to provide anything else – your lawyer should have everything that he or she needs. They will execute the transaction, and should notify you once it is complete.
Step 9 – Receive the keys
You should receive the keys to your new house directly from your realtor on the Possession date noted in the Contact of Purchase and Sale.
Step 10 – Move in
You’re the proud owner of your new property! Now is the real hard part – moving in!
At this point, your lawyer has completed the process of conveyancing as the title has been successfully transferred from one party to another. However, should you choose Morris Law as your legal firm of choice, we will also be available to help should you have any questions about legal documents after the purchase.
For example, if you choose to live with your partner or through a “joint ownership” with a family member or friend, we highly recommend that you draft a co-ownership agreement to avoid potential conflict. We are experts are a variety of legal work, and with our experience we will be able to help you with any and all of your needs.
Contact our Vancouver real estate lawyers today!
