Real estate transactions can be complex. But the good news is that as a real estate agent, if your client asks you anything about the buying process that you don’t yet know, you can simply tell your client that “you don’t like to give legal advice” and refer him to a lawyer. But buyers don’t expect you to know the law in any depth and you will pick up the very few required basics very quickly.
When you make your first sale, or take your first deposit, that’s pretty much where your job ends, and the lawyers take over. Usually, most buyer will already have their own lawyers, as its best they have an independent lawyer. The lawyer will ensure the transaction is finalized without incident and in accordance with the law. This costs you, the agent, nothing. The lawyers will charge the property buyer for these services,
Choosing your own friendly & approachable lawyer means having someone on your team who truly understands local systems. You should choose a lawyer who is expert in land and real estate legislation because at times, you might want to recommend your lawyer, to your clients. You should also instruct your lawyer to ensure your sales commission payment for each property sale, is either transferred to your bank or given to you in a cheque.
Once the purchaser and vendor have reached a price agreement the responsibilities transfer from you to the lawyer. You now have very little to do, other than keep in touch with the lawyer and client to ensure everything is going smoothly. The lawyers responsibilities to your client are as follows: