Realtor vs Lawyer? Why You Need Both

You’ve decided to look for your first home, but you’re not sure if you need a real estate lawyer vs agent.

Can a real estate agent do it all?

Not in Ontario. With few exceptions, like buying from a private seller, the real estate lawyer vs agent debate is no contest.

What Your Real Estate Agent Does

Your listing agent sells real estate. The representation agreement you sign is their written commitment to help you find a home, or list, show, and market your home if you sell. More on the fiduciary duty real estate agents owe you

That real estate agent or REALTOR® (only Canadian Real Estate Association members  use the registered trademark) helps you decide on a price, holds open houses, and presents offers. They draft agreements of purchase and sale (APS), and help you change terms or conditions to your own liking. How to make an amendment to agreement of purchase and sale. 

A real estate lawyer vs agent signs the legal documents. Your real estate agent, on the other hand, advises you on staging your home so it sells sooner. They tell you what other homes are selling for (called “the comps” for comparable properties) and advise you on setting a price. You don’t need a real estate agent to buy or sell property, but they can make it easier for you. How to sell a house privately in Ontario. 

Your agent is not a lawyer. They can’t give you legal advice, nor can they complete your real estate transaction. Only a lawyer licenced to practice in Ontario can do that.

Real Estate Lawyer vs Agent vs Broker? Who’s Who

Even if your agent is a broker, you’ll still need a real estate lawyer. That’s because brokers are sales agents too. Your broker may work alone, manage other agents for a brokerage, or own and operate their own brokerage. 

Your agent or REALTOR® will need a broker’s signature to finalize the APS. If you’re dissatisfied with your agent, you can ask a broker to appoint someone else to assist you.  

Hiring a Real Estate Lawyer vs Real Estate Agent 

So what does a real estate lawyer vs real estate agent do? They seal property deals, making you the rightful owner or transferring your home a buyer. They can even witness and sign mortgage refinancing deals.

Your real estate lawyer gives you independent legal advice if a real estate agent, buyer, or seller proposes sharing a lawyer or other potential conflicts of interest. They can review your APS, add essential clauses that protect your legal or financial interests, and negotiate with a real estate agent to amend your agreement.

Your lawyer discharges existing mortgages and finalizes new loans you take on. They search title to property, and transfer it to you or a new owner. If a contractor or subcontractor places a lien on your title, Axess Law advises you how to remove it. When property is tied up by a separation, divorce, or legal action, we refer to our trusted legal  partners. When to hire a real estate mortgage lawyer

How do you know if you are hiring a real estate lawyer vs agent? Just ask. While some lawyers are also real estate agents, most will refer you to a colleague to  prevent conflicts of interest. Access lawyers near me

Why You Need a Real Estate Lawyer in Canada

Buying your first home can be confusing. Axess Law makes owning real estate easier by taking the time consuming paperwork off your hands. We go through your APS and explain every step involved in closing your real estate transaction. What to bring to your lawyer’s office

If your real estate agent suggests you use their lawyer to complete your new home deal? Ask Axess Law for independent legal advice. A legal opinion letter from an Ontario lawyer gives all parties the confidence you understand the consequences.  

Don’t let the details get you down. Axess Law amends your offer to purchase if you forgot to include the drapes or kitchen appliances. Our real estate lawyers negotiate with the seller’s legal representative to change a vacant possession date or give you  more time to find a mortgage you can afford. Questions to ask real estate lawyers

Our licenced legal team confirms if penalties are probable when you cancel an offer. The difference between a real estate lawyer vs agent is that Axess Law helps you understand Ontario real estate law. We give you the legal advice your agent can’t.  Tips for the first time home buyer (Ontario). 

 

We keep your mortgage discharge fee low by giving you only the legal services you absolutely need. Axess Law has flat rate real estate lawyers across Ontario via virtual video conference. When to consider private mortgages

Read more at: https://www.axesslaw.com/articles/realtor-vs-lawyer-why-you-need-both/


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