Benefits Of Hiring A Real Estate Lawyer For Your Property Purchase

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.

Why Do You Need A Real Estate Lawyer?

Real Estate Lawyer
Whether you're buying or selling a house, you need someone to represent your interests. Read here to learn why you need a real estate lawyer.

Homeownership is still the number one way that 51% of households begin to build wealth. Whether it's a family home or the first in a series of commercial properties, having a real estate lawyer ensures that you get the most out of your investment. Finding the right person to represent your interests can be challenging, however.

If this is the first time you're hiring a lawyer, you might think that this expenditure is out of your budget. If you think about how much less you could spend when buying or how much you could make when selling, the numbers might work well in your favor.

If you're just getting your feet wet in the real estate market, you need a real estate lawyer. Here are 9 reasons why.

1. They Know The Market

A real estate lawyer in your area knows all about the ups and downs in the local market. They know which neighborhoods are hot and which are about to turn up. They'll be able to look at the neighborhood where you're considering buying or selling and give you the low down.

An experienced real estate agent can make sure you price any property you're selling at an ideal selling point. They can also make sure you don't overspend on anything you're bidding on.

2. No Personal Interest

Because your real estate lawyer has no interest in the outcome of your transaction, they will focus on the best outcome for you. While there are many experienced, honest hard working real estate agents and brokers; sadly there are a few who only care about their commission and therefore only look out for their own interests who drop their clients like a hot potato once papers are signed.

Your lawyer will give you honest feedback and make sure that your decision is based on what will serve your long-term goals. If they think something will keep you from seeing financial gains at a later date, they'll let you know.

3. Important Legal Advice

Your broker, agent, or other representatives aren't qualified to give you any kind of legal advice. Only your lawyer has the training, experience, and certification to give you the advice you need for your transaction.

They can let you know if a transaction will be in violation of local laws or if the deal you're getting from someone else is outside legal boundaries. They're sometimes the only person in this transaction who can give you sound legal advice and be able to back it up.

If you're a first-time homebuyer, you need all the advice you can get.

4. They've Seen It All

An experienced real estate lawyer has seen every kind of trick in the book. If someone is trying to pull a fast one on you, they'll be able to anticipate it.

Your lawyer knows the common Ts that go uncrossed that can hang up a transaction. Because they spend so much time reviewing contracts, they'll know where to look for snags or mistakes.

Being able to avoid unforeseen complications or problems speeds your transaction along and gets you to the next phase of your financial plan.

5. Your Lawyer Can Modify Your Contract

Real estate contracts are complicated and any kind of revision could slow down the closing process without a lawyer. Your lawyer has the ability to review and change anything in your contract during their review period.

Their goal is to make sure your needs are met and that you remain protected.

Real estate lawyers know the complicated legalese that forms the foundation of your contract. They will be able to see through the terminology and let you know if you're getting a good deal or if there's something you should make changes to.

6. They'll Deal With Illegalities

If you've realized that the building you're about to invest in has lead paint, termites, or asbestos, what is your next step? Most people would be shattered to find this out and backing out could throw a transaction into legal limbo.

Experienced real estate lawyers will know how to handle this issue, resolve it with inspections or repair agreements with owners, and get you back on track. If there are contingencies for the purchase or sale of your property, they'll help you to manage any defects you run into.

7. Protecting You If You Back Out

What if you notice there are serious issues in the property or contract that require you to back out? Do you know the legal obligations that you're required to fulfill if you decide not to pull the trigger?

Your lawyer will help you manage any repercussions if you need to cancel your deal. Even if you are lacking sound reasons for backing out and just don't like the deal anymore, they will make sure you don't lose any money.

8. They Help You Schedule

Your lawyer will be working with the loan officer and the other lawyer involved with the deal. They can work together to set the schedule for your inspection, a date for the commitment, and any other contingencies.

They will make sure that any deadlines that require a response from the other party are met. They'll also help you by letting you know when a deadline is approaching.

9. Your Lawyer Will Manage Documents

If you're not well versed in the real estate world, the number of documents, deeds, and loan forms you need can be overwhelming. Having a real estate lawyer to keep track of everything will make sure that you're not buried under paperwork while you're managing the rest of your life.

A Real Estate Lawyer Gives You Even More

Better than everything listed above, your real estate lawyer will offer you peace of mind. Whether you're buying or selling, you'll be dealing with a complex transaction with tight deadlines requiring serious accuracy in filling out paperwork. One mistake could cost you weeks or even cost you money.

If you're ready to find a lawyer for your next real estate transaction, contact us to make sure you have the perfect fit for your needs.