What exactly is real estate law?
Real estate law is the field of law dedicated to buying, selling and transferring real estate. Statistics suggest that the housing market is rallying in the Greater Edmonton Area, with the number of residential unit sales in the GEA rising by 52% in February 2021 compared to February 2020. If you're looking to get onto the property ladder, you're selling up, or you're keen to relocate, it's beneficial to enlist the services of a real estate lawyer. Real property in Canada covers land and anything that is attached to a plot, for example, a house, an apartment or a different type of fixed structure. The most common types of transactions overseen by real estate lawyers include buying and selling properties, but real estate law also governs leasing and the relationships between tenants and landlords.
Do I need to hire a real estate lawyer before I buy a house or an apartment?
This is a common question among first-time buyers and house-hunters looking to scale up or relocate. While it is possible to buy a house without hiring a real estate lawyer, we strongly recommend seeking expert advice. For most people, investing in bricks and mortar is the most valuable and expensive transaction they will make in their lifetime, so it's crucial to make the right decisions. It is not uncommon for complexities to arise during the process of either buying or selling real estate. The role of a real estate lawyer is to simplify the process, to identify and address potential pitfalls and setbacks and to help the client navigate the transitional period as smoothly as possible.
Standard documents do not fit every property or transaction and buyers and sellers will often stipulate conditions, which have implications for whether the deal can be done or not. Our real estate lawyers are skilled and experienced and they can help you understand how agreements work and what they mean before you commit to buy. Having an expert in your corner will give you peace of mind and ensure that you know exactly what you are agreeing to before you put pen to paper.
What do real estate lawyers do and how can they help me?
Real estate lawyers offer a diverse range of services linked to buying, selling and leasing real estate. In addition to advising clients who are thinking about buying or selling a property, real estate lawyers also offer assistance after an agreement has been made and they can also provide help if disputes or conflicts arise during the process of closing a deal.
Real estate lawyers are on hand to help at every stage, assisting with:
- Securing financing for the property
- Providing tailored advice for buyers and sellers
- Providing essential documentation to close the sale
- Making sure all documents are registered properly
- Reviewing legal documents and ensuring that property taxes have been updated
- Explaining additional conditions imposed by a buyer or seller
- Confirming there is a valid land title
In addition to the services listed above, real estate lawyers also work with landlords and tenants to draft and review rental agreements and resolve disputes.
Buying a condo
Condos are very popular in Edmonton and sales figures were 19.5% higher in February 2021 than in February 2020. Buying a condo is a slightly different proposition from other types of real estate. In many cases, there are restrictions, which contribute to unique legal challenges. If you are looking to buy a condo, it's wise to seek advice before you proceed so that you understand the terms of the agreement before you sign a contract. Some people may be put off by the limitations. We will ensure that you have all the information you need to make a decision.
Real estate law disputes: what happens if things don't go to plan?
Occasionally, real estate transactions do not proceed as expected and disputes arise. Examples of the most common issues include property lines, foreclosures and conflict arising from the sale of a property. If you find yourself in a situation where you need support, advice or assistance, we are here to help. We can provide advice and work with other parties to find an effective solution swiftly. Hiring a real estate lawyer means that you have dedicated professionals fighting for your rights and acting in your best interests.
Common issues real estate lawyers deal with
Real estate lawyers
have a broad spectrum of roles and responsibilities and they help a wide range of clients. The most common issues a real estate lawyer deals with include:
- Buying properties
- Selling properties
- Advising tenants and landlords
- Offering advice and representation during disputes and conflict
- Overseeing transactions
- Checking agreements and conditions to facilitate smooth transactions
- Deal with drafting errors
- Assisting clients during bidding wars
- Overseeing the purchase of condos
How can I find out more?
If you are looking for reliable, trustworthy real estate law services in Alberta, our friendly, experienced, knowledgeable team is on hand to help. If you have any questions about buying or selling properties, you're worried about a potential dispute, or you'd like to learn more about what a real estate lawyer does or how they could help you, don't hesitate to get in touch. Call us today or contact us online to book a consultation.