Role of a Lawyer in a Real Estate Transaction

August 12, 2021

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Role of a Lawyer in a Real Estate Transaction

Your lawyer is a critical resource in making sure that your transaction goes smoothly and should be engaged in the process as early as possible.  There are several services your lawyer will provide during the sale or purchase of your property.  Below is a list of most common services, however, each transaction has its unique circumstances.  Contact me to help you find a real estate lawyer to suit your specific needs.

Buyer’s Lawyer:

  • Review the agreement of purchase and sale.
  • Request and review title search.
  • Prepare and deliver requisition letter to the seller’s lawyer.
  • Request, arrange, and obtain title insurance.
  • Request other required searches including tax arrears, work orders, common expenses, zoning, etc.
  • Review Statement of Adjustments.
  • Prepare reporting letter and deliver it to the buyer.

 Seller’s Lawyer:

  • Review the agreement of purchase and sale.
  • Note any deadlines to ensure the transaction proceeds as scheduled.
  • Respond to any questions or concerns received from the buyer’s lawyer as a result of title and non-title searches.
  • Prepare deed/transfer of land to the property.
  • Prepare Statement of Adjustments.
  • Fulfill any other requirements of the transaction.
  • Ensure that prepaid expenses are returned to the seller by way of adjustments and that they have settled any outstanding property tax or utility payments before closing.
  • Transfer the property title to the new owner.
  • Prepare reporting letter and deliver it to the seller.