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Why Use a Lawyer in Buying or Selling a House? |
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1.
For most of us, buying a home is our most
significant investment. Selling a home is
often the liquidation of our most valuable
asset.
2. These complex transactions require
professional advice.
3. A lawyer is an insured
professional, regulated by the Law Society
of Alberta, who is experienced in all areas
of a real estate transaction. They are the
best people to ask about issues for which
you are concerned, and to advise you about
issues that should cause you concern.
4. A lawyer is obligated to protect
your interests.
5. It makes sense to hire an expert to
protect this investment; it is a form of
insurance. Legal fees are a practical
investment particularly when compared to
insurance premiums which you pay to protect
valuables such as vehicles.
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How Does a Lawyer Assist You? |
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1.
Reviews the Real Estate Purchase Contract
(or "Offer"),
2. Examines the title to the property and
ensures that the necessary legal documents
are properly prepared and proceeded with.
3. If buying, reviews with you the full
cost of purchasing a home.
4. If obtaining a mortgage, ensures that
you clearly understand the terms and
conditions of the mortgage or any other
financing arrangement.
5. Ensures that adjustments are properly
computed and that the purchase monies are
properly dispersed on time for
moving dates.
6. If you are buying, certifies that you
have obtained valid registered ownership to
the property.
7. Reviews with you the requirements of
the Real Property Report (formally called a
Survey) and municipal compliance.
8. If rural property is involved, reviews
and discusses with you other property
interests such as surface lease encumbrances
and other title registrations.
9. Deals with GST where applicable
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Tips in Buying or Selling Property. |
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What You Should Do Before You Sign. 1.
Read the offer very carefully and discuss
any concerns you have (and obtain
satisfactory answers) with your Realtor
and/or lawyer.
2. List all movable items in the Offer
which are to be included in the transaction
such as ceiling fans, central vac,
appliances and outdoor sheds. If you are
uncertain if they are movable, list them.
List all items which should be repaired and
all promises made by all involved.
3. If buying, inspect the house yourself,
or hire an expert to look for structural
defects, condition of appliances, etc.
4. Know what the property taxes are.
5. Include conditions in the Offer such
as obtaining financing or the sale of your
existing home. Ensure such conditions have
dated deadlines.
6. Ask your bank, lawyer, surveyor,
realtor, and any other person involved for
an estimate of the costs of your
transaction.
7. Know who is providing the Real
Property Report and Zoning Compliance.
8. Deal with GST, Telus private lines,
gas or power liens, and surface lease
revenues in the Offer as they may apply.
9. Schedule the most effective purchase
and sale possession and closing dates.
10. Know how much your existing mortgage
is and if there is a penalty.
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We
can answer all of your concerns and
allow
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Ask us for a quote for legal fees and out-of-pocket expense
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