| In addition to obtaining a written quotation
certificate for all legal costs (including both fees and legal disbursements,
such as one can obtain from this website), there are three questions that
should be asked when shopping for a real estate lawyer:
- What percentage of the lawyer's work
is residential real estate (not commercial real estate or other
types of law)?
NOTE:If the answer
is less then 90%, keep looking since this is the age of specialization
and efficiency (getting the best service at a competitive cost). If
the lawyer's work is at least 90% focused on the subject matter, you
can be reasonably assured that he also has law clerks and secretaries
who are concentrating 100% on residential real estate which will enhance
a client's ability to address any possible issues and get the job
done, particularly if special problems arise when processing the real
estate transaction through to its ultimate conclusion (getting a key
for the purchaser and closing funds for the vendor on closing day).
- Is the lawyer's office ready to close
the transaction ELECTRONICALLY?
NOTE:This can be an
important concern since (as of December, 2003) the entire area
surrounding Metro Toronto (including HAMILTON-WENTWORTH, HALTON, PEEL,
YORK REGION and DURHAM REGION) has electronic land registration capabilities
in the applicable Land Registry Offices. If the property being bought
or sold can be registered electronically and the lawyer's office
is equipped to close electronically, the client's advantage is
that the lawyer will be able to get a key (for purchaser) or closing
funds (for vendor) earlier on the closing day than was traditionally
the case when the lawyer would have had to travel to the registry
office and get into a time consuming line-up in order to complete
the purchase/sale on the day of closing (which typically would result
in key or closing funds not being available to clients until about
5 p.m. on the closing day). Think about it! Is the lawyer's office
ready to close electronically?
- Does the lawyer automatically arrange
and obtain title insurance for all purchasers (the cost of which
is included in the written quotation certificate for legal fees
and legal expenses)?
NOTE:The Law Society
of Ontario requires all lawyers, when acting for purchasers,
to inform clients about title insurance and its advantages. The problem
is that all lawyers now order title insurance (at least some of the
time) when the lawyer becomes concerned about a matter regarding an
inadequate survey or a question of title. (See also the topic, TITLE
INSURANCE on the home page of this website.) If the overall total
cost of legal fees and legal expenses is no greater when a purchaser
is provided with title insurance, the question is why not provide
it to all purchasers since such insurance:
- is a certification of title that is broader than the lawyer's
traditional title opinion;
- is covering frauds and forgeries in the chain of title as
well as after closing (which a lawyer does not cover when giving
a title opinion);
- is no fault, no deductible insurance;
- is issued (once it is obtained) for the entire period of ownership
by the buyer (including transfer of title to a spouse or to heirs
through a will) for the price that was paid for the house (and
up to double the price paid, as the house increases in value over
time which is something that a basic traditional lawyer's opinion
cannot do).
TITLE INSURANCE should be provided to every purchaser and not
just when a lawyer perceives a potential survey or title concern (particularly
if there is no practical additional cost to the consumer in overall
total legal fees and legal expenses), the concern being: what if a
potential problem exists but is not perceived by the lawyer at the
time of completing the purchase!
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