
Real estate lawyers in Toronto number in the thousands. You're in the housing market, and you already have a real estate broker, an appraiser, and a banker… Do you really need a lawyer, too? If so, how can you find one that will be reliable, diligent, and affordable?
The short answer to the first question is "yes.” Some home buyers try to save money by doing without a lawyer. They rely on using standardized paperwork, and they trust that the deal will unfold in a straightforward fashion. While this is perfectly legal, it can be risky. A good real estate attorney can save you a lot of time and money by ensuring that the process goes smoothly, and by dealing in a timely fashion with any issues that may come up along the way. A real estate lawyer can also adapt contracts to your particular situation, or represent you in negotiations with your lending institution or the seller. He or she is skilled at making sure the title is clear, and at filing any necessary paperwork.
So, once you've decided to engage a lawyer, you come to the question of how to find one. Looking for a real estate lawyer seems at first like a daunting task. With 68,000 lawyers in Canada today, there are a lot of choices! Obviously, looking through the Yellow Pages or online listings won't give you enough information. Law Societies maintain a referral service, but often this just sends you to the next lawyer on their rotation list, not necessarily to someone who's right for your situation.
The first thing you need to know is that any attorney you engage should be a specialist in real estate law. It may seem more economical to hire your Uncle Fabio the divorce lawyer at the family rate, but chances are slim that he has current knowledge about the real estate market or about the often complex issues involved with titles or adjustments.
A logical place to start is with your real estate broker. If you have properly vetted your broker or agent, he or she should be experienced, trustworthy and knowledgeable. That knowledge probably extends to having a relationship with a good real estate lawyer. An advantage to using an attorney recommended to you by your broker is that the two of them will very likely have already developed a system for working together.
If for some reason your broker's usual attorney is unavailable, you will need to get some suggestions, and to follow up on them. One thing to keep in mind is that fees can vary greatly from law firm to law firm. Ask what will be expected as a retainer, and whether you'll be charged a flat fee or by the hour. Be mindful of the fact that unforeseen problems can really add to the bottom line, and work out a contract in advance with your lawyer that covers this contingency. Specify an hourly rate, and an upper limit for any special circumstances.
Buying a home can be one of life's best experiences. With the right team – broker, real estate lawyer, and appraiser – walking through the door of your new home will be a dream come true.