Why Your Business Needs A Real Estate Lawyer
Starting a business is an exciting, but also slightly scary, time in anyone’s life. It can also be rather expensive, especially if you are considering investing in real estate as your business model.
Employing the services of a Toronto Real Estate Lawyer will add extra costs to any property transaction, but this is one expense that it is not worth cutting back on. Investing in property, in the majority of cases, will involve a lot of money; and by using a good lawyer, you are protecting your interests and ensuring that everything is completed properly as far as the law is concerned.
Here are some of the benefits that a real-estate lawyer brings to the table:
- Ensuring the contract is correctly prepared – Buying a piece of property is not like any other transaction you will make. As mentioned above it will most likely be one of the most expensive purchases you ever make, and there are lots of laws and regulations that must be adhered to. These regulations can and will vary from country to country, and even from state to state. Your real-estate lawyer will ensure that the contract is properly written, and legally binding for all parties, therefore protecting you and your interests.
- Full and proper searches before purchase – Another key role that your lawyer will complete for you is to run full and proper title checks, to ensure that the seller is entitled to sell the property in the first place and that there are no liens against the property. Once again this is vital for you as the purchaser, as in the worst case scenario, upon payment of the money, the property would still not belong to you, if the seller was not the owner of the property in the first place.
- Filings – It is often the case that after the sale has been completed, the deeds need to be registered at both county and state level. Once again, this is where the local knowledge and expertise of a good real-estate lawyer comes into play.They will know exactly were to record the transactions, ensuring that the property transfers legally into your name. Should any complications arise, they will also have the appropriate knowledge on how to deal with the problem, leaving you to focus on establishing and growing your new business.
When dealing with the purchase of any property, business or residential, there are many different things that can go wrong. It is critical you hire a good lawyer to protect yourself. However tempting it may be to try and save money, attempting to complete the purchase or sale of a business property without a lawyer can be is fraught with danger if not handled correctly.
If funds are tight, consider other options to cut costs. Although there is no legal requirement to have a lawyer, you are taking on a great deal of risk for being sued down the road for misrepresenting something just because you didn’t get it in writing. Of course employing a lawyer is no guarantee you will never be sued, but it certainly minimizes the risks of liability in case you do.
The last thing your real estate company needs is a legal dispute over property ownership or anything else. Investing in a good quality real-estate lawyer is money well-spent.