Never ever ever, wait to hire a real estate lawyer for your home purchase or sale. It could save you thousands of dollars knowing exactly what you are agreeing to!

Today we are talking about the legal stuff in real estate—the parts that can help you out or trip you up. Honestly, buying property gets stressful mostly because of all the forms, deadlines, deposits, and tiny details.

So today, I’ve got Umar Khan, Principal Real Estate Lawyer at Medals Law. He’s handled over 2,500 real estate transactions, so he’s seen the common mistakes first-time buyers and first-time sellers make, and more importantly, how to avoid them. Especially, the right time to engage a lawyer!

We’re going to break down offers, conditions, deposits, closing costs, title, and what happens on closing day, so you feel confident and a 100% covered.

This is an episode you don’t want to skip, let’s get into it.

Contact Umar:
Umar Khan, Real Estate Lawyer
Medals Law PC
Umar@medalslaw.com
(647) 201-6528
15 Allstate Parkway, Suite 600 Markham, ON L3R 5B4
https://medalslaw.com/contact-us/

Questions about your neighbourhood or this podcast?

Drop a comment or contact me at: https://linktr.ee/teresagabriele_realtor
Teresa Gabriele, REALTOR®
Coldwell Banker Ronan Realty, Brokerage
2-119 Broadway, Orangeville Ontario
(519) 943-0860
teresagabriele@ronanrealty.com

Chapters:

00:00 Introduction to Real Estate Law and Its Importance
01:56 Real Estate Law has Happy Clients
03:32 Common Misconceptions and Mistakes in Real Estate Transactions
05:02 The Importance of Early Legal Involvement
06:57 Key Clauses in the Agreement of Purchase and Sale
08:48 Understanding Schedule A and Its Significance
09:39 Common Mistakes During the Conditional Period
13:59 Deposits Explained
15:05 Importance of Lawyer Contact when Money Moves
15:30 Title Search: What, Why, & When
17:49 Types of Delays at Closing
19:56 The Role of Title Insurance
22:35 Closing Costs and Adjustments in Real Estate Transactions
22:40 Understanding Builder's Purchase Agreement & Closing Costs
23:27 Did you say FREE? + Why a Buyer Agent is Key in New Build Purchases
26:45 Legal Fees Explained
26:59 First-Time Seller's Legal Preparations
29:10 Importance of Proactivity in Real Estate Transactions
30:09 Disclosures: What Sellers Must Reveal
30:55 Handling Non-Disclosure Issues
31:50 Myth-Busting Common Real Estate Misconceptions
33:37 Closing Day: What to Expect
34:58 Final Tips for a Smooth Closing Process
35:03 Rock n' Realty Music Round