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Residential Real Estate Guidelines

New Real Estate Guidelines and Fee Schedule are important steps toward improved service during real estate transactions.

Residential Real Estate Transaction Guidelines recently adopted by the Law Society of Upper Canada represent an important step forward for real estate lawyers and the public they serve, says the Working Group on Lawyers and Real Estate.

Both the Guidelines, and a new Suggested Fee Schedule, embody a common principle: that good communication between lawyer and client is paramount. "Discussion of the type of legal work needed, and what it costs, means there are no surprises for the client or the lawyer," says Clare Brunetta, co-chair of the Working Group on Lawyers and Real Estate, an umbrella group of real estate lawyers and law associations. "Better informed clients and better instructed lawyers make for happier deals all around."

The Residential Real Estate Transaction Guidelines adopted by the Law Society of Upper Canada earlier this year (details on the new guidelines are available online at http://mrc.lsuc.on.ca/jsp/residentialRealEstate/)are based on six principles, first enunciated by the Working Group, that should apply to lawyers practising in the real estate field.

The Guidelines provide insights on many evolving practice issues, like the prudent use of title insurance, and represent the first broad updating of residential real estate practice standards since the mid-1990s.

A Suggested Fee Schedule, to complement the Guidelines, has been posted by the Working Group at www.lawyersworkinggroup.com.

"The Suggested Fee Schedule is a necessary and helpful corollary to the Guidelines," says Ray Leclair, co-chair of the Working Group. "The Guidelines represent an excellent way to deliver legal services for real estate deals. Value-added legal representation can only be had if there is fair and adequate compensation for the work."

April 4, 2007 in Real Estate Practices | Permalink


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While I think this is especially true for Real Estate agents, this is smart advice for a professional in just about any industry!

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