Real Estate Lawyer Toronto - One Good Reason To Hire an Attorney

Real Estate Lawyer Toronto - One Good Reason To Hire an Attorney

Although adding the services of a Real Estate Lawyer in Toronto will add to the cost of a real estate transaction, you and sometimes your agent--don't know what you don't know.

The residential real estate lawyer Toronto is the expert on buying, selling or refinancing a home.

A personal situation arose where an expert real estate lawyer would have prevented the loss of a home sale.

The two-bedroom apartment that I rented was located in the lower level of a house near the subway in an upscale Toronto neighbourhood.

It began as a mutually beneficial agreement: The homeowner needed additional income and he gave me a break on the rent in exchange for caring for the large corner lot.

He listed the house with an agent and accepted a buyer's offer informing me that I would have to move.

A problem arose because he did not consider my unit as a separate apartment in the small bungalow. My apartment had its own entrance, its own kitchen, and its own washroom. The result was a lawsuit and the failure of the sale to close.

One of the advantages of hiring a residential real estate lawyer is that they have established systems and processes to get your agreement closed with accuracy, efficiency and speed. Some lawyers may even offer predictable and reasonable flat rate fees. The loss of time, revenue, stress, and the attorney's fees that my former landlord and his agent incurred, could have been prevented with a knowledgeable, professional residential real estate lawyer.

Some of the things a real estate lawyer considers is the contract. Most agents can negotiate face-to-face with another party, but the terms of the deal must be properly memorialized in a contract for it to be legally binding. Lawyers can do that by not only negotiating on their client's behalf, but alsomaking sure that the contract adheres to all provincial laws as well as address any specific issues that might affect the future use of the property.

For example, was my unit considered a legal apartment? Were there any zoning restrictions on having an apartment in that particular neighbourhood?

Having a lawyer represent your interests isn't a legal requirement. Without a lawyer, you increase your chances of being sued by the opposing party for failure to disclose certain information.

My landlord told the buyer that a relative lived in his lower level without disclosing the rental agreement. We were not related. A lawyer could have advised whether a verbal agreement was binding.

A real estate lawyer in Toronto representing either party would have ensured that the relevant facts about the property (as well as any concerns about a downstairs tenant) would have been known.

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