Some of the most commonly asked questions about real estate law in Alberta are covered on this page, but keep in mind that residential real estate law terminology can be highly complex and it is not advisable to proceed with any residential property transaction without first locating and consulting with an experienced real estate lawyer in a top Edmonton law firm office.
Kiriak Law can help you whether you are buying or selling a home, house, property or condo for the first time or have completed many real estate transactions in Edmonton or Alberta. Get started by contacting us today.
You should speak to a property attorney before you make any offer to purchase. An offer to purchase is a contract and without the benefit of legal advice you may unknowingly agree to terms that are not in your best interest. Your property attorney at Kiriak Law knows what needs to be reviewed before you sign documentation. A typical short list of top issues are:
When a bank or mortgage company lends you money to buy a home, you are required to sign documents that are registered on the title to your home promising to repay them. In the agreement, you are called the "mortgagor" and the lender is called the "mortgagee". If you fail to pay your mortgage, your home will be repossessed by the mortgage holder to repay the loan, and, in some cases, personal judgments against you. There are many types of mortgages. It is important to obtain legal advice before making any decision on a mortgage.
Yes. But they must agree to do so in advance and both must agree that if they have any conflict, both must seek separate legal counsel.
Yes. Contact us online or by phone to learn more.
Assuming you have already selected a qualified realtor, the most common issue that comes up for sellers is having a current Real Property Report. If your report is old, it may still be good so long as there has been no changes to your property, like a deck or shed being constructed. If you do not have a Real Property Report and do not wish to pay for one, then you will have to get the buyer to agree to Title Insurance in lieu of a Real Property Report. The cost of obtaining a report is approximately $400.00 to $500.00 (plus $102.00 for the City of Edmonton compliance certificate) and takes anywhere from a few days to a few weeks to obtain from a certified Alberta Land Surveyor. The cost of Title Insurance is a little bit less expensive.
Yes, there are many circumstances where you may be interested in making a purchase, but only if certain conditions are met. For example, you could indicate that you are only willing to proceed if one or more of the following conditions are met:
The developer of land has the right to restrict how the owner uses the land, size of house, landscaping, etc.
This gives an individual or corporation the right or privilege to a limited use of lands that belong to someone else. For example, home owners grant easements that provide a limited right of way to utilities, a necessary step to install utility services such as water lines.
It is a financial cost that needs to be paid. It may also include other restrictions such as an easement or a covenant.
You will find there is a wide variance in the fees charged by law offices in Edmonton offering legal advice on property transactions. Choosing Kiriak Law means you will receive in writing a complete review of legal fees, any other fees and charges, payments to a third party (disbursement) and GST.
There is no fixed schedule. For example, it is not mandatory to order a building inspection. However, it is highly recommended and well worth the additional fee. A property attorney at Kiriak Law can recommend a building inspector, just one of many valuable added services we offer to assist our clients.
Here are some other fees that may apply:
The seller pays the commission.
Same day as closing, if possible. However, the time frame varies, depending on what lawyer you retain to handle your real estate transaction. There is also the potential for delays that have nothing to do with your lawyer. For example, there could be a delay in the Land Titles Office that results in you receiving your proceeds a few days later than expected.
It is best to meet with your real estate lawyer about 10 days before the Completion Date.
The following documentation must be submitted:
Yes. The most typical approach is to register the title to a home as "joint tenants". In this scenario, when one tenant dies the other inherits the property. One joint tenant cannot leave the property to another person in the will. The other common approach is "tenants in common". In this scenario, each tenant owns an equal interest in the property and has equal rights to occupy the whole of the land. Either tenant can dispose of his or her own interest in the land by selling it or leaving it to someone in a will.
Other options are possible, but you should consult with your lawyer before making any decision.
The spouse must sign transfer in case of sale and mortgage. This situation is governed by an Alberta provincial statute called the Dower Act, which defines the right of a spouse to continue to live in the matrimonial home during his or her lifetime. It was created to prevent a spouse from selling the matrimonial home (or homestead in the case of a farming couple) without the consent of the spouse. Dower rights do not arise except with a spouse.
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