“LAWYER / NOTARY”
Although they usually aren’t involved until the final steps of your purchase or sale, it’s important that you have an effective lawyer or notary working alongside you. Real estate conveyance is an intricate process and issues completely outside yours or our control can come up at the last minute before closing with potential to cause a lot of stress if mishandled. The conveyance professional you choose can have huge bearing on how smooth the transaction goes!
Over the past few months we have run into several situations where the conveyance department selected by the other party for a transaction with our client had some difficulty handling an issue properly due to lack of knowledge/experience and it complicated the given situation.
Some recent examples include:
– A firm was given an assigned contract but they had never seen or heard of an assignment before
– An acreage was sold by a couple who had owned the property for many years and had claimed farm statuses/tax exemptions that needed to be settled prior to completion
– A client took a promotion and moved out of country, which legally required holdbacks of the sale proceeds of property that the other firm had never heard of
– A seller/purchaser threatened to close the deal over a dispute
These are some real-life experiences in which a knowledgable conveyancer would be a huge asset.
In addition to these examples, we’ve dealt with many foreign buyers, first-time buyers, and partnerships which have transfer tax implications surrounding them that require adequate knowledge of the conveyancer in order to deal with them properly. Also, some lawyers or notaries are not on the “approved list” of firms for many banks or mono-line lenders, but a quick phone call to the lawyer/notary to make them aware of which lender the mortgage is being provided by could avoid problems.
People often talk about the importance of selecting the right Realtor, but the right legal help is important too. We work more closely with them than our clients often perceive, and having someone effective on your side is a huge step in avoiding possible complications.