Skilled Vernon Real Estate Lawyers Helping Clients Buy Residential Property
The purchase of a home or recreational property is one of the largest financial commitments a person will make in their lifetime. Given the significance of this transaction and the costly fallout that can result when key details are missed, it is extremely important to have an experienced and reliable real estate lawyer handle the purchase of any property.
At Cherkowski Marsden LLP, our knowledgeable real estate lawyers have been helping clients purchase property in Vernon and British Columbia for more than 50 years. We assist purchasers looking to buy property with all aspects of the transaction, from reviewing the initial purchase agreements to signing off on closing. Our vast experience allows us to effectively and proactively avoid, minimize, and manage any potential issues to ensure our clients’ interest are protected.
Our client service model is designed to invoke a sense of comfort and approachability so that clients feel free to ask any and all questions they may have throughout the closing process. Our casual atmosphere is evident throughout our office, from our suit-free dress code to our friendly support staff and lawyers.
Providing a Personal Touch to the Purchase of a New Home
A common frustration that clients have with real estate lawyers is the very limited direct contact clients have with the lawyers themselves. At Cherkowski Marsden LLP we make it a priority to ensure our clients never experience this frustration. You will hear from your lawyer personally within days of our receipt of your instruction letter. We also touch base directly with your realtor to gain any insights they may have into the closing. Our lawyers have cultivated excellent relationships with many realtors in the Vernon area, and we are proud to say the vast majority of referrals we receive for real estate files come from real estate professionals. They have worked hard to provide clients with excellent service leading up to the purchase, and they want to be sure the high level of service and attention continues with the legal side of the transaction. We don’t take that responsibility lightly.
How We Help Purchasers in the Closing of a Residential Real Estate Transaction
From the time we receive your file, we will be in regular contact with the seller’s lawyer in order to exchange information, documents and clear up any issues on title. We will also work with your mortgage lender to ensure that their requirements are satisfied prior to releasing funds for your purchase. If there is a delay in the receipt of funds, this will affect your ability to close on the agreed-upon date. A delay in a real estate closing is significant because there are multiple parties who will be affected. The seller is most often relying on receipt of the purchase proceeds in order to complete their own purchase, which in turn affects the seller of that property. A party responsible for a delay in closing may face fees payable to the other parties involved, and even potential litigation.
Prior to closing, we will prepare all of the documents requiring a signature and meet with you in person in order to have everything signed. We will work with your lender to arrange for the release of the funds and send the purchase funds to the seller’s lawyer to complete the transaction on time
Examination of Title
Upon receiving your file, your lawyer will carefully search and review the title to the property as soon as possible in order to identify and address any concerns that may need to be dealt with ahead of closing. Leaving the review of title to later in the process can result in a scramble to properly address these issues at the last minute, which we always want to avoid in order to ensure a timely closing. Most purchases are issue-free with respect to the title, but because issues can require the action of others in order to properly address them, we are always careful to prioritize the title search so that we have time to handle anything that may come up.
Properties Requiring Special Consideration
Some types of property, like the ones listed below, require special considerations. Our lawyers are well-informed on all types of residential and recreational purchases and will ensure that these are thoroughly reviewed ahead of closing.
Cabins and Other Remote Properties
The purchase of a property outside of traditional municipalities often requires additional inquiries as to the municipal services provided. For example, if snow clearance is not provided, this can impact your access to the property in winter months. If the property is water-facing, the ownership of the waterline must be investigated. It is possible that public access could extend onto the property, affecting your right to build a dock or limit your exclusive use of the beachfront area.
Strata or Condominium Properties
The strata corporation will have a set of rules and bylaws that owners must adhere to, and our lawyers will thoroughly review everything to ensure you aware of your rights and obligations prior to closing. Additionally, we will investigate the financial status of the corporation and raise any red flags. For example, strata corporations are required to hold funds in a Contingency Reserve Fund in the event of unforeseen repairs, such as balcony reinforcement or repairs to common areas. If the fund is lacking, this can translate to costly fees for owners if something were to go wrong in the future.
Cherkowski Marsden LLP Offering Astute Real Estate Purchase Experience
We will always prioritize your convenience from the time your file arrives at our office. We will keep you informed of any changes as the file progresses, and if you have questions, we are always available to answer them.
Contact the seasoned real estate lawyers at Cherkowski Marsden LLP in Vernon for trusted legal advice and guidance with your residential property purchase. We look forward to helping you simplify the process of buying a new home or recreational property. You can reach us online or by phone at 250-308-0338.