It is a well known fact that people like to complain about lawyers; however, this is usually because they do not understand the process the lawyer has to complete in order to close on a property. A good lawyer will be the one that makes sure that you have a thorough understanding of the process and helps you every step of the way.
The first thing you should do is identify what expectations you have of your lawyer, what cost you are expecting, and determine exactly what you are paying for. Make sure to get a quote in writing before beginning the process indicating what you are paying for and why. This must include all the necessary steps, and also have them include any other fees that may present themselves during the process. You need to make sure the lawyer only completes tasks that are important and does not include fees that you do not require.
A lawyer values his work based on time. A lawyer will present a fixed fee quote of what the determination of time will be to complete a task. If some other required task comes up, then the lawyer will have to reassess the quote to handle the reallocation of time spent to complete the fle. Anything beyond the initial quote will be valued on a hourly basis.
Standard Legal Tasks
- Reviewing the completed agreement of purchase and sale; however, this does not include negotiations, amendments to the agreement, or advising the client thereof.
- Advising the client on how to review necessary documents.
- Investigating title, checking the description, making requisitions on the title, and all other issues detailed on the agreement of purchase and sale.
- Searching for arrears of realty and all other taxes and rates constituting statutory liens, and removing these liens before property transfer.
- Advising on tax legislation and application.
- Conducting a search for any executions.
- Retrieving and assessing status certificate only directly from the seller.
- Reviewing transfer and preparing one charge to be either given back or taken.
- Reviewing the adjustments statement and arranging for title insurance if necessary.
- Arranging for closing, reporting, providing title policy and all other services necessary incidental.
- Answering all questions pertaining to zoning, title, occupancy agreement, participation, and responsibility while living in the location. Also, explaining all necessary documentation fully.
- Examining unit plan, and examine all necessary by-laws, work orders, zoning laws, and all other laws. This will be disclosed fully to yourself.
This list is for primary mortgage activities and does not include second mortgage activities or tax information. Many other matters could come up, and the lawyer will have to discuss those as they come up with you.
Legal Confusion
It is easy for matters dealing with the lawyer to get confusing if things are properly laid out from the beginning. Make sure that when you first get the initial quote, you are aware of what you are paying for, what you will receive as part of the package, and what other additions might come up.
Have the lawyer inform you what his hourly rate is and plan for the worst case scenario when it comes to legal costs. If you end up receiving the best case scenario, then you will be extremely satisfied with your lawyer’s work because you will assume that you have saved money by preparing for the worst case scenario. Also, always make sure to compare several lawyers fees before deciding on one lawyer to complete your file, this will save you a lot of money in legal fees.
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