Finding The Right Lawyer For Your WRAP Property

When seeking the right lawyer for your WRAP property purchase, you need to know that the lawyer you choose has expertise in conveyancing. It is also preferable if he or she has handled ‘Vendor Finance’ contracts as well, and is comfortable working with them as not all conveyancers are. Without doubt, you are going to find a solicitor very easily and find several law firms in your local area. Simply look online or through your local directory listings for those near you. Visit a few solicitors first to discuss with them what sort of business you will want them to handle. When you know that they are comfortable in handling a Wrap property deal and you are happy with their attitude, then you’ve likely found the right one.

Buying and selling Wrap Property is clearly a legal process so it’s important that you get the best advice from the start. When a Wrap contract is signed, both parties are committed to a range of legal rights and responsibilities and you need to be clear on what they are and why they need to be in place. You may want to have the option of changing some of the terms and conditions of the contract and your lawyer must know what is possible, what isn’t and what is in the best interests of you.

When you have found the right solicitor, you will need to give their details to your intended Wrappee. There is absolutely no problem with the Wrappee using the same legal firm that you are using but you will likely find that they prefer to find one of their own just to make sure that there is no conflict of interest and they will be more confident that they are getting the best deal possible.

Because Wrappers focus on the capability of the Wrappee to make regular payments, rather than because they fill a certain check box criteria that the banks insist upon, there has to be an acceptance that both the Wrapper and Wrappee are carrying some extra risk. Of course, the Wrapper most certainly seeks to balance the risk he or she takes with the most attractive positive cashflow return from the property they purchase, and they would have taken that into consideration during the risk mitigation process. But the Wrapper is providing a service which not only matches but often betters what the financial institutions can provide because it needs to be tailor made to meet the circumstances of both the Wrapper and Wrappee.

For these reasons, and because of the more unusual circumstances of purchasing the positive cash flow property, it is of the utmost importance that the right Vendor Finance lawyer is found for both parties.

Lawyering Up When Buying a New Home

When buying a new home, at what point do you need a lawyer? Should a lawyer be involved in the entire negotiation process, or do you only need one by the time the deal is done? Most Canadian home buyers opt for the latter option, contacting a lawyer only after the offer has been made and accepted, because of the impression that it will save them money. On the contrary, hiring a lawyer only when the deal is done (or worse, not hiring a lawyer at all!) is mistake that usually ends up costing home buyers a huge amount of time and also money.

After all, a real estate lawyer does more than just review the purchase agreement, conduct a title search, register the deed, and transfer the funds. While all these are clearly important functions, there are other equally important tasks that a property lawyer can serve that will make it all the more imperative for you to hire one early one.

For one, an province-specific real estate lawyer can review all the paperwork well ahead of time and ensure all laws and tax issues in your province are met. Financially speaking, most home sellers face a few unpleasant surprises that sneak upon at the end of the home purchasing process or even after they’ve settled into their new houses. Surprises such as additional charges and structural defects, and HST at a whopping 13 percent in Ontario, charged on newly constructed residences only -problems that can be prevented early on by a lawyer.

Of course, enlisting a lawyer from the very beginning cannot only save you money in certain areas, they can also pinpoint rebates and province specific tax rates, such as first-time home buyers’ credit and HST rebates. Another reason to involve a lawyer early on is to be afforded full protection in terms of financing.

Lawyers who understand provincial and federal law, rules and regulations will help you make the correct decisions in terms of purchasing, financing and signing on the dotted line. For example, he or she can help the home buyer not get stuck in a deal where there’s no way to opt out of financing, and navigate “legal language”. There are always going to be certain terms that the home buyer might not understand, and can only be correctly interpreted by a lawyer. For instance, if the contract uses the word “encroachment” instead of “easement”, the home buyer might not even realize that there’s an existing condition that prevents him from exercising full property rights over the subject property. Then payment of outstanding real estate taxes is also a matter of concern, as most sellers pass on the burden to the home buyers with the latter not even realizing it.

To put it simply, a lawyer plays a pivotal role in the process of buying a home. If you do away with one, the consequences will most likely be dire, and you will be forced to comply with conditions in the purchasing agreement that weren’t all too clear to you in the first place

The Top Lawyers in Canada

The top lawyers in Canada typically work in the law firms which have offices across the border in the US. Three of these firms are Stikeman Elliot L.L.P., Torys L.L.P. and Blake, Cassels and Graydon L.L.P. While there are many lawyers in the US who are specialists in Canadian law, the same can not be said of Canadian lawyers on the whole.

Top Canadian lawyers work in the fields of finance, business and energy rather than family law. And as the environment and preservation of the wildernesses of Canada is important, many top lawyers are environmental lawyers. Among the best of these is Dianne Saxe who in the Best Lawyers edition of 2010 was listed in the category Best Lawyers in Canada in the specialty of Environmental Law.

Other top lawyers deal with First Nations of Canada and the best of Canada’s lawyers figure prominently in Lexpert, which is the Canadian Legal Lexpert Directory which gives details of Canada’s leading lights in the legal field. Anyone wanting to find the best lawyers in Canada would do well to peruse this directory.

Lawyers who work for the law firm of Stikeman Elliot figure quite highly in this directory several being considered experts in the field of Energy, with Erik Richer La Fl├Ęche recognized in Euromoney’s “Guide to the World’s Leading Project Finance Lawyers” and named as a “leading lawyer” in the project finance sector of the IFLR “Guide to the World’s Leading Financial Law Firms.” He also figures in the International Who’s Who of Public Procurement Lawyers, so he is amongst the best of lawyers in Canada.

Another of Stikeman Elliot’s leading lights is John W. Leopold who is a senior partner of the firm. He is one of the “Thirty Most Influential Private Equity Attorneys” in the world, according to the November 2006 edition of the Private Equity International magazine and the only Canadian lawyer listed in that top thirty.

Many family lawyers across Canada employ female lawyers as a plus point, as do other law firms in many other countries, as it seems that females are thought to be more understanding of family issues than men, or at least it seems that the general public would rather have a female family lawyer than a male one. There are many top female lawyers in Canada who specialize in family law, and looking through the directory mentioned above will help you to find any top lawyer in Canada if you have need of one.