Buying A New Home? When Do You Need To Hire A Lawyer?
Buying a home is an exciting milestone in your life. The laws and regulations regarding real estate purchases can vary provincially throughout Canada. From purchase agreements to land transfers, book a consultation with one of our real estate lawyers for assistance navigating the purchase process. The scope of services a real estate lawyer may be able to provide when purchasing a home are extensive, refer to this article as a mere overview.
Why Must You Hire A Lawyer In Alberta When Purchasing A Home?
In Alberta, you are required to hire a lawyer when purchasing a home. Other provinces may allow homes to be purchased without a lawyer however, this is not the case in Alberta. A lawyer will file with Alberta’s Land Title office to transfer the land title from the seller to the purchaser.
What Additional Services Do Real Estate Lawyers Provide To Help You Through The Process?
Real estate lawyers may be able to help you with numerous aspects of purchasing a home which may include, but are not limited to:
- Performing a Title Search: A title is a homeowner’s right to the property. There are several different types of titles. A real estate lawyer may perform a title search on your new home to ensure that another party does not currently have rights to the home.
- Review the Agreement of Purchase and Sale: A real estate lawyer may help you navigate the purchase agreement for your new home and answer questions that you may have regarding the agreement.
- Write the Statement of Adjustments: A real estate lawyer may write the statement of adjustments for your new home. A statement of adjustment is a document that shows the balance remaining to be paid on your home. This statement breaks down the costs that have already been paid and what still needs to be paid. The buyer and the seller will both have a separate statement of adjustments.
- Review the Real Property Report: A real estate lawyer may review the real property report for your new home and corresponding land purchase. This document shows the boundaries for your new home and improvement locations that have been made to your property.
A lawyer may be able to help with the complicated process of purchasing a home beyond that which is discussed in this article. For more information, contact one of our real estate lawyers.
Contact Verhaeghe Law Office’s Real Estate Lawyers for Advice on Buying a New Home.
*Disclaimer: Please note the content prescribed in this article is only intended to act as a general overview on a legal topic. For specific legal guidance regarding buying a home we recommend you consult with a real estate lawyer for legal advice as each situation is unique.