It's no secret that buying a home is expensive. There are so many aspects of a real estate purchase that eat up your budget from little things like gas for the car so you can drive around looking at North York homes for sale to the biggies like the down payment on your mortgage. The whole process has many people wondering just how much help they need from expensive professionals like cleaners, stagers, agents, and most of all - lawyers. Before you decide whether or not to hire one, make sure you're well informed.
The Lawyer's Role
Lawyers help clients with the purchase and sale of residential and commercial real estate in a different capacity than a real estate agent, though at times their roles may overlap, which is why some people will hire EITHER North York real estate agents OR North York real estate lawyers, not both. Lawyers specialize in drafting agreements in "legaleze" that confusing language that closes any loopholes that the other party might be able to use to take advantage of you. They can also review the legal contracts offered by others to you and offer advice. Lawyers are able to negotiate and act on your behalf if you empower them to do so and notarize documents as required by the government for such purposes as transferring land titles.
Will Any Lawyer Do?
As a cost cutting measure, some home buyers may be tempted to enlist the services of a relative or friend who happens to be a lawyer in another field when they're buying their North York houses. Although all lawyers understand "legaleze," real estate law is vastly different from, say, criminal law or family law. There are encyclopedias worth of laws, precedents, and statutes involved in each type of law, so lawyers can't possibly know everything related to each field. If you're going to hire a lawyer you want him or her to be familiar with the laws governing real estate transactions in general and in Ontario in particular.
How Much Will It Cost?
While real estate agents charge commissions, which are paid as a percentage of the sale price they are able to get for a seller, lawyers charge by the hour for their services. This means as a buyer, you will still have to pay your lawyer even if though you don't have to pay your realtor. Lawyer's hourly rates differ depending on the firm, generally from $150 to $350. A simple North York real estate title transfer might take less than an hour to complete while complex negotiations can take weeks. What Are The Risks Of Going Without? For some portions of the real estate transaction (namely the notarizing of documents) you cannot do without a lawyer's assistance. However, a competent person can handle contracts and negotiations on a North York condo, as long as there are no complications. Be forewarned, however, that you will be much more easily taken advantage of than a lawyer would and that you may be leaving yourself open to litigation over any mistakes you make. 
