“There are common scenarios where buyers of real estate in Vancouver and sellers of property are advised to seek counsel from an experienced real estate litigation lawyer,” says Arsen Krekovic with the law firm Hoogbruin & Company. “Usually, they are situations where complex matters arise in the transactions and are beyond the expertise of the parties to the transaction or their real estate professionals.”
In getting legal advice, buyers and sellers can avoid potential pitfalls. At the same time, real estate professionals involved in their transactions can avoid possible misconduct and penalties for not recommending to their clients to consult a litigation expert.
Home buyers and property sellers should also know that the Real Estate Rules and the Real Estate Council of BC note formally that people in Vancouver’s real estate market seek independent legal advice.
When the BCREA Recommends Real Estate Agents or Brokers Guide Clients to Legal Advice
The Real Estate Rules, 3-3(d) say licensees should “advise the client to seek independent professional advice on matters outside of the expertise of the licensee”. Find the full article from which this list below was excerpted here bcrea.bc.ca
The Real Estate Council of BC’s (RECBC) Knowledge Base has at least 13 references to the term “legal advice.” They warn licensees to recommend their clients get legal advice and/or include a clause subject to the client obtaining legal advice in many different scenarios, such as:
- when dealing with a purchase in a strata that is non-compliant with the Strata Property Act;
- when dealing with contract clauses including assignments that are beyond their expertise or limitations and where doubt exists as to the use, impact or interpretation of a suggested clause;
- when dealing with conflicts in acting for multiple clients;
- when dealing with the sale of a business going beyond the standard form of Contract of Purchase and Sale; and
- when dealing with complicated timing of builder’s liens.
The Role of Real Estate Litigation Lawyers in the Home Buying Process
Important decisions are made at each step of the home buying process. A home is, for most, the largest single purchase they will make in a lifetime.
An expert in the real estate litigation has seen and solved many scenarios where intention may have gone off plan. Your legal partner navigates real estate transactions with these primary benefits in the home buying, or selling process:
Risk Mitigation and Protection
In the case of buyers, litigation lawyers safeguard their clients against unexpected losses and provide advice on various legal implications. They have a role in resolving property disputes, researching property line issues, and ensuring compliance with regulations, amongst others.
Protecting Clients and Licensees:
Protecting clients may include negotiating offers, reviewing legal documentation, and protecting clients from potential liabilities.
The firm’s real estate litigation specialist summarizes the need to seek timely legal advice as follows: “A lawyer with an extensive practice can provide many services throughout the buy or sell, from negotiating offers and advising you of potential risks or liabilities, to understanding all legal documentation and protecting you from making a bad decision. Even in more complex commercial real estate transactions, a real estate litigation lawyer can save you time worrying about all the details and free up your time for house viewings or other important matters. With years of experience in closing all types of property deals, right up until moving day, your legal counsel can help you avoid costly mistakes you might not recover from. They can restore the excitement of real estate transactions as well as confidence in the process at every step of the way”