Most people recognize that they will need assistance from a professional to handle the paperwork, contracts, and legal matters associated with buying or selling a home. But people often get confused about which professional is best for the job: a notary or a real estate lawyer. There are significant differences between the two in terms of their duties, power, and knowledge, but both are important to the real estate process. Knowing these differences can help you make better choices when you have to make one of the biggest financial decisions of your life.
The Role of a Real Estate Lawyer
A Real Estate Lawyer is an expert in property law and offers a wide range of legal services that go beyond just signing papers. They have a license to practice law, which means they can help you with negotiations, court cases, or any other problems that come up during the buying or selling process.
There are often complicated contracts, financing agreements, zoning laws, and possible liabilities that come up in real estate deals. Lawyers go over every clause to make sure your rights are protected and that there are no hidden obligations in fine print. A lawyer, for instance, might find restrictive covenants that could limit how you use your property or outstanding liens that could stop you from buying the property.
One of the best reasons to hire a real estate lawyer Edmonton is that they can give you legal advice. Your lawyer can tell you what to do if there is a problem with the seller, buyer, or lender. They can write or change contracts, talk to people on your behalf, and even go to court for you if you need them to. This amount of power and knowledge is more than what a notary can do.
Another important job that lawyers often do is the transfer of title. This is especially important to stop future arguments about who owns the property.
The Role of a Notary
A notary, on the other hand, has a smaller job. Notaries are basically impartial witnesses who check and confirm documents. Their main job is to make sure that the people in a deal are who they say they are and that the papers are real.
When it comes to real estate, notaries often watch people sign mortgage agreements, deeds, or affidavits. They check to see that everyone who signs the papers understands what they mean and is doing so willingly. A notary makes a document legal by signing it and saying it is real.
Notaries cannot give you legal advice, read contracts for you, or stand up for you in court like lawyers can. They cannot make sure that the deal you are making is good for you or work out the terms for you. They are not advisors; they are in charge of running things.
A notary cannot tell you what the risks are or suggest changes if a contract has vague or unfair terms, for example. They can only see the signing happen.
In some places, like Alberta, it is easy to find a notary. Many people use them to sign mortgage documents or show who they are. If you need someone to provide reliable verification services, a notary public Edmonton office might be the best choice for you.
Differences Between Lawyers and Notaries
Both lawyers and notaries can deal with legal documents as peripheral activities, but their practices are drastically different. Here are some differences you might consider when choosing a professional for a real estate transaction.
1. Authority and Legal Powers
Lawyers can practice law, offer legal counsel, represent you in disputes, and negotiate on your behalf. Notaries, on the other hand, are unable to provide legal counsel or advocacy. Their job is to certify the authenticity of documents and signatures.
2. Complexity of Services
A real estate lawyer will deal with complex legal issues, such as reviewing the purchase agreement, clearing the property title, and resolving conflicts. Notaries will complete simple administrative services such as witnessing signatures and certifying documents.
3. Risk Management
A lawyer is a professional who will protect you against potential risks, unfair contracts, and future legal problems. Almost any transaction involves a lot of money, including the selling or buying of property. Having a notary will not help with any of these problems, as the notary does not provide legal advice or oversight.
4. Costs
Due to the limited scope of their practice, Notaries typically charge less than attorneys. For simple tasks, notaries are ideal. Lawyers charge more, but their experience and ability to protect your interests can help you avoid extremely expensive mistakes.
When Should You Pick a Real Estate Lawyer?
Hiring a lawyer specially trained in real estate is recommended for complicated transactions. When buying and selling homes, real estate lawyers aid clients in dealing with investment properties and other agreements involving payments to ensure their client is protected.
Take, for example, the scenario where you purchase a property that tenants occupy. A lawyer will ensure that the lease agreements are compliant with the law and that your rights as a new landlord are established. The same is true if you are selling a house that has unresolved zoning or tax issues. A lawyer can help you with the problems before closing.
Also, a lawyer is very crucial in scenarios where there is a conflict. When there is a dispute on purchase price, a boundary dispute, or issues with undisclosed defects of the property, your lawyer can defend you within their legal capabilities.
When Should a Notary Public be Selected?
Notaries are more useful for unambiguous assignments. Simple document witnessing, certifying, and authenticating are examples of services a notary can perform unproblematically.
If a loan is granted and a standard mortgage agreement signed, a notary can provide to record the signing and ensure that the paperwork is properly completed. Notaries can complete affidavits of residence and certify copies of personal identification in truly little time.
For simpler transactions, a notary is the most cost-effective and convenient.
Finances in Relation to Satisfaction
Finances are the reason individuals will choose a notary over an attorney and vice versa, especially as far as the relief that comes with hiring a lawyer as compared to a notary. Just as lawyers are more expensive, not lawyers are quite a bit cheaper, and for processes such as real estate that are straightforward, they are not worth much.
Consider this: in transactions where real estate is central, the stakes are particularly high, and hiring a lawyer, even with a cost of much more than an attorney, will be of absolute value.
Conclusion
While the process of real estate can be tedious, the understanding of the distinction that lies between a lawyer and a notary can greatly alleviate the scope of the work. In transactions where conflicts are highly likely and complex, hiring a lawyer is much more efficient and optimal due to the ability and expertise in providing legal advice, protection, and representation. On the other hand, a notary plays a much more limited role in providing basic acknowledgment of documents and legal recognition.
In the end, everything depends on the specifics related to your case. For simple agreements that require signature attestation, the services of a notary would suffice. If you have a more complicated document and would like to have added peace of mind knowing that every aspect of the deal is legally correct and sound, then consulting a lawyer would serve a more effective purpose.
The notion that a lawyer would charge a higher fee for an hour of work than a notary does is fully comprehensible. However, taking the time to learn the various features that set these two aside will go a long way in providing you with the absolute best option available and, overall, serve to accomplish a successful real estate transaction with ease.
