Do I need a lawyer when buying or selling property?

Whether you are buying a property, or selling your house, you will need a lawyer to represent you and your interests.

In Ontario, the recording system for land ownership is computerized in such a way that lawyers are allowed to enter this system to change ownership over land as well as to register and delete mortgages relating to the land in question. Lawyers hold this role and are supposed to guard against fraud in order to make the system safer.

The seller of the land also has to assure the purchaser that he or she is in a position whereby “good title” is transfered with respect to the land in question. In order to do so, the seller needs to understand both real estate law and procedure. The lawyer who is representing the purchaser will be aware of the appropriate concerns about the land that is in question.

Lawyers will also ensure that the proper papers are prepared and signed prior to the transfer of the land. Having a lawyer helps guide you through the process of buying or selling a home, ensuring that your legal rights and financial interests are protected.

The Rules of Professional Conduct have certain requirements when dealing with purchase and sale transactions, which usually include the presence of a different lawyer on both sides of the transaction.

To speak to a lawyer at Krol & Krol about the real estate services we provide, contact us today at 905.707.3370.