If you are selling a property, a Real Estate Lawyer will provide the following services:
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Provide the title search in order to identify any problems with the title and correct the same prior to transfer to the new owner.
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Hold deposits in trust, and ensure all necessary adjustments are made so you only pay our proportionate share of expenses.
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Prepare all necessary transfer documents and attend to signing the same with you.
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Draft the necessary trust conditions for the purchaser’s lawyer to ensure all money is paid in a timely manner.
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Request a payout from your mortgage company and ensure that your mortgage is paid our and removed from title.
If you are purchasing a property, a Real Estate Lawyer will provide the following services:
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Provide a preliminary title search to ensure the property is free of any encumbrances, such as liens or judgments, and to ensure the seller has the legal right to sell the property in question.
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Provide a preliminary tax search to ensure there are no arrears in taxes or tax liens that are going to be filed against the property.
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Prepare all mortgage documents and provide the bank with the information necessary to ensure that your financing goes smoothly.
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Prepare a Statement of Adjustments to ensure that you only pay your proportionate share of expenses.
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Arrange title insurance for yourself and your lender to protect you against mortgage fraud, identity theft and unknown encumbrances on the property.
FAQs
What does a real estate lawyer do when selling a property in Saskatchewan?
A real estate lawyer searches the title for problems, prepares the transfer documents, and attends to the signing. They also hold deposits in trust, make the necessary expense adjustments, prepare trust conditions, and arrange for the mortgage to be paid out and removed from title.
Why is a title search important when selling my property?
A title search identifies problems that could affect the transfer to the buyer, such as outstanding claims or other issues registered against the property. Your lawyer can work to correct those problems before the new owner takes title.
What does a real estate lawyer check before I buy a property?
The lawyer conducts a preliminary title search to confirm that the seller has the legal right to sell and to identify encumbrances such as liens or judgments. They also complete a preliminary tax search to check for tax arrears or tax liens that may affect the property.
How does a real estate lawyer help with mortgage financing when buying a home?
Your lawyer prepares the mortgage documents and provides the bank with the information needed to complete the financing properly. They also arrange title insurance for you and your lender, which can help protect against mortgage fraud, identity theft, and unknown encumbrances.
What are adjustments on a real estate purchase, and who prepares them?
A real estate lawyer prepares the Statement of Adjustments to make sure you pay only your proportionate share of expenses. The lawyer also reviews and accounts for amounts such as deposits and property-related costs as part of completing the transaction.
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