Why You Need a Real Estate Lawyer in Nova Scotia
Why You Need a Real Estate Lawyer in Nova Scotia
Whether you’re a first-time homebuyer navigating unfamiliar territory or a seasoned investor who knows the process inside and out, there are critical points in every real estate transaction where a lawyer’s guidance is invaluable. In Nova Scotia, retaining a real estate lawyer isn’t just a smart decision—it’s a legal requirement that helps protect your interests and ensures a seamless closing.
What Does a Real Estate Lawyer Do?
Let’s take a closer look at the essential role a real estate lawyer plays throughout your property purchase.
The Importance of the Lawyer Review Clause
Often overlooked but vitally important, the lawyer review clause gives buyers a specific window to have a legal professional review the Agreement of Purchase and Sale before it becomes binding. During this period, your lawyer examines the contract’s terms, confirms your legal rights are protected, and conducts early due diligence on the property itself. This proactive review helps identify any risks and ensures you’re making a well-informed decision—especially since many buyers make offers before selecting a lawyer.
Deed and Mortgage Registration
A key responsibility of your lawyer is to register your deed and mortgage with the provincial land registry. This ensures the legal transfer of ownership (also called title registration) and secures the mortgage against the property. Mistakes or delays during this process can be costly. With a lawyer’s experience, registration is completed accurately and on time, giving you confidence that your transaction is legally sound.
For buyers using mortgage financing, lenders will only release funds in trust to your lawyer once all conditions are met. Recording of the mortgage must also occur promptly. Your lawyer ensures both the lender’s and your obligations are fulfilled efficiently.
Preparing and Executing Mortgage Documents
Most lenders require a lawyer to prepare and oversee the signing of all mortgage documents. Your lawyer ensures these documents are completed properly, comply with lender and legal requirements, and are submitted on time. Acting as a bridge between you and your lender, your lawyer safeguards your financial interests and ensures a smooth lending process.
Support on Closing Day
Your lawyer plays a pivotal role in ensuring closing day goes according to plan. Here’s how:
Trust Fund Transfers: Your lawyer manages the secure exchange of funds between you and the seller’s lawyer, ensuring compliance with legal protocols.
Resolving Last-Minute Issues: If problems arise—such as unresolved repairs or discrepancies—your lawyer will negotiate and resolve them on your behalf to avoid delays.
Managing Holdbacks and Credits: If an issue is discovered during the final walkthrough, your lawyer can arrange a financial holdback or credit, held in trust, to allow closing to proceed while protecting your interests.
A Trusted Partner from Start to Finish
Real estate transactions in Nova Scotia can be complex. Having a dedicated and experienced real estate lawyer by your side ensures that your deal is handled professionally from start to finish. From the first contract review to key handoff on closing day, your lawyer is an essential partner in protecting your investment and achieving a successful outcome.
This article is for general information only and is not to be taken as legal advice. You are advised to reach out to a legal professional with any questions
Have questions about your residency status or potential exemptions? A qualified Nova Scotia real estate lawyer can help you navigate the details and protect your investment.
C. Danielle MacLean, Barrister & Solicitor
110 Garland Avenue Suite 202 Dartmouth Nova Scotia Tel: 902.404.3150