Last week we posted a video with Una Gabie of Touchstone Law detailing what the Lawyer's Role for the Buyer is in a Real Estate transaction. Now here is the flip side! Check out this video explaining the role of the Seller's lawyer. Whether you are Selling or Buying, it is important to have an experienced lawyer to help navigate the process. Check out this video and if you have any other questions you would like answered, let us know!
Here is the transcript of the video:
BRENDAN - Hey there, it's Brendan Stoneman with Re/Max Kelowna and I'm talking to Una Gabie, a lawyer at Touchstone Law. So now, when people are selling a property, they also have to come in and sit down with a lawyer right around the closing date to sign off on all the final paperwork to complete the transaction. So what's involved...as far as the lawyer goes and the lawyer's team goes in looking after the seller in a transaction?
UNA - So, generally what we do is we will receive documents from the buyer's lawyer, who prepares them, for the most part, for the transaction. We review them against the contract, the commission information that's been provided by the real estate offices as well as any tax and utility information or strata information that's out there, just as a double-check on the numbers to make sure everything lines up with what we're expecting. And then one of the primary roles of the seller's lawyer is to take on responsibility for getting any registered charges that are to come off on closing cleared from titles. So, if there's a mortgage on there, or there's a lien or a certificate of pending litigation, the seller's lawyer will be responsible for making arrangements to get those off. So a conventional bank has a fairly standard process for how we deal with that removal. If there's judgments or liens or certificates of pending litigation, that can be a little bit more complex. But then the lawyer will take care of paying out or doing what they need to do to get those charges discharged from title and then distribute the balance of the sale proceeds to the seller.
BRENDAN - Cool, and I think, hopefully, if everyone's done their job properly along the way, these certificates of pending litigation and those types of things, most of the time should have been caught a little earlier on. I know they can kind of appear at the last minute. But I guess it just speaks to being prepared and not saving everything for the last minute, right?
UNA - Yeah, for the most part, you would see that the first time a title search was done. And if a listing agent notices that on the property, then they should be pushing the seller to talk to their lawyer and make sure that they can actually clear those charges from title, because that's one of the key responsibilities a seller has on a real estate transaction. And again, getting a lawyer involved early with stuff like that can be helpful for sure.
For all your Real Estate Legal Needs you can reach out to Una at:
Una Gabie, Touchstone Law
(250) 448-2637 (ext. 202)