Benefits Of Hiring A Real Estate Lawyer For Your Property Purchase
When you hire a lawyer to facilitate the purchase of property in Alberta, they make use of undertakings and trust conditions. An undertaking is any promise made by a lawyer to another person. It must be fulfilled by the lawyer who makes it. A trust condition is similar in that it is an obligation that a lawyer must honour. Generally, the lawyer for a purchaser of real estate will accept the transfer of the property in question subject to certain trust conditions, most notably transferring the purchase price to the seller. Lawyers who fail to honour an undertaking or trust condition face serious discipline from their governing body, the Law Society of Alberta.
Because the registration of title in the Land Titles Office takes several days, it will often be impossible to transfer property without using the mechanism that lawyers have devised, using trust conditions and undertakings.
Our Edmonton real estate lawyers may be able to explain to you the importance of working with a lawyer in your property purchase.
Your Lawyer May Be Able to Ensure That You Receive What You
Expect in the Purchase
Your lawyer does more than just transfer the title to the property. In addition, they may:
- - Complete all paperwork related to your mortgage or financing. In fact, many financial institutions will not agree to provide financing if you do not have a real estate lawyer.
- - Complete title searches through the Land Title Office, which will show any claims or judgments registered against the title to the property that might interfere with the transfer of the title to the purchaser.
- - Prepare a statement of adjustments, which will ensure that the purchaser and the seller pay property taxes for the portion of the year that they own the property. In some situations, there might be other expenses that need to be similarly apportioned, such as condo fees.
- - Review the Real Property Report that is provided by the seller in relation to the property. The Real Property Report shows the location of all buildings on the property in relation to the property lines and the location of any easements. It should show if there are any encroachments of other buildings or structures onto the property you are purchasing or if any of your buildings are encroaching onto your neighbour's property. The Real Property Report should also show any improvements that have been made to the property and whether they comply with municipal by-laws.
- - Advise you with respect to whether you should purchase title insurance. While not required in Alberta, it may protect you if problems arise with respect to non-compliance and deficiencies that do not show up on a Real Property Report, such as interior renovations that are not up to code, or underground storage tanks (oil or septic).
Your lawyer may be able to provide you with peace of mind and ensure you don't face unpleasant surprises after your purchase is complete.
Contact our Edmonton Real Estate Lawyers Today For a Consultation
Working with our Edmonton real estate lawyers may be essential to making your property purchase as smooth as possible. Our team would be happy to speak with you and address any questions you may have about your legal needs. Contact us today to schedule a consultation.
Please be advised that this article does not constitute legal advice, but is intended as a general overview on a legal subject. For legal advice, please speak with a lawyer.