Lawyer Up: Understanding the Role of Your Attorney

Lawyer Up

Understanding the Role of Your Attorney

By: Shantall Wheatley

If you’re in the market as a first time buyer, chances are you have been told to ensure you get a good attorney. Note, not just an attorney, but a good attorney.

If you’re second guessing this advice and probably wondering “Do I really need an attorney?” or “Can someone with a little legal experience walk me through the process?”

The answer is a resounding, “No”.

And if you’re purchasing property and have gone as far as making an offer without securing the services of an attorney, then you’re doing it wrong.

So let’s back up a bit.

After securing the services of a realtor, the next individual you should have in your corner when making a real estate purchase is an attorney.

While your realtor will guide you through the sales process, purchasing a home is a legal as much as it is a financial decision. In the same way that you perhaps shopped around and did some research before settling on a realtor, you want to use the same approach when choosing an attorney. Get referrals from friends, family and colleagues who have gone through the process. If you do not have any such persons in your network, your realtor through their broker may be able to recommend one.

In shopping around as well, remember that your attorney represents you at a cost so you want to budget for those fees.

Attorney fees can range from 1% to 4% of the purchase price of the property (Pro tip: negotiate with your attorney on these fees). But before you balk at the sizable chunk that this would take from your savings, think instead about the financial consequences from entering a bad transaction.

Your choice of attorney could very well be the thing that saves you from spending more money than you bargained for by ensuring that you don’t enter into

a contract that has any legal ramifications that will cost you in the end.

On the matter of attorney fees, you may hear about the practice of some individuals to share the services of the attorney as a way of cutting back on costs. But think about it, if something goes wrong on either side of the transaction, who’s interest will the attorney represent?

In looking to secure the services of an attorney however, bear in mind that the individual you choose should be more than a legal representative. Here are a few additional tips to consider when choosing an attorney.

Your attorney should: • Be acquainted with real estate transactions. While attorneys may be generalists and understand the law, you want to choose an attorney that practices and has experience in legal conveyancing. The difference could cost you; literally!

• Represent your interest 100% of the time and should be able to negotiate on your behalf. It’s a service you’re paying for, not a favour.

• Have excellent communication skills with all parties involved in the sale, including you. That last bit is sometimes often ignored but ensure that you get timely updates from your attorney. If you aren’t hearing from them, don’t be afraid to reach out.

The formula is simple; A Qualified, Experienced, and Honest Attorney = Your Peace of Mind!