Why You Need An Experienced Real Estate Lawyer
–Posted By Mahmoud Hamdan (aka Mike)–
Licensed Mortgage Agent level 2. FSRA Lic # M09002218 since 2009. Brokerage: Mortgage Outlet Inc FSRA #12628
New and existing homeowners seek the help of an experienced real estate lawyer for many reasons; here are four of the most common ones:
- Buying a property
- Selling and buying
- Renewing / Transferring
An experienced real estate lawyer offers advice and guidance you need at a time and place convenient for you and ensuring that your rights are protected and your real estate transaction is handled with care from start to funding.
With that in mind, here are a few pointers to keep in mind:
*If you are buying a property, you need to retain your own lawyer to close the deal. The legal fee is your responsibility.
*If you are selling and buying, your lawyer can assist you in both transactions and you’re required to cover the legal fee for both deals.
*If you are refinancing an existing loan, you need to retain your own lawyer to close the deal. The legal fee is your responsibility, but you might be able to utilize the lender legal department services at a lower rate. Be sure to discuss it with your mortgage broker in advance and then make a decision based on what’s best for you.
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*If you are renewing your existing loan with your current lender and not making any changes to the existing loan, your loan is renewed at no cost. But, before your sign the renewal documents, be sure to utilize the help of the broker channel to compare rates and offers and chances are you will be able to secure the best rate and terms.
*If you are transferring an existing loan to a new lender, most lenders will cover the legal fee provided your mortgage is registered as a standard mortgage “Non Collateral” and no HELOC or secured line of credit is registered on title with your current lender and you have met their minimum qualifying criteria. Your mortgage broker can provide you with more details depending on your loan type and situation.
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As simple as that may sound, you may spend hours, days or even weeks trying to sort through lawyers list and there is no way of knowing if you have retained the best legal team at the best rate or wasted $100’s in extra fees?
Skip the hassle and simplify your life and let us help you save time, money and bring you peace of mind.