REAL ESTATE PROPERTY PURCHASE AND MORTGAGE - FLAT RATE LOW LEGAL FEE LAWYERS - 780.432.7000
Ranbir Thind & Associates LLP Law Firm has been dealing with real estate transactions from ears and have efficient lawyers and staff to deal with real estate transactions be it a sale, purchase or financing of your house or condominium. Whether you are a builder buying or selling a property or an individual(s) buying or selling your house or condo or are refinancing an existing property, our highly experienced team at Ranbir Thind & Associates LLP will make your Real Estate transaction a smooth transaction at a very competitive price. Please phone us at 780.432.7000 or email us at firstname.lastname@example.org.
Common Steps for purchasers in House Purchase Transactions in Edmonton Alberta
1. Please ensure that your offer to purchase is subject to conditions for your own protection, such as:
- Subject to mortgage financing;
- Subject to property inspection;
- Subject to you reviewing a current Real Property Report with Compliance Certificate or atleast a term in the contract for seller to provide the current Real Property Report and compliance before the closing date;
- Subject to your lawyer’s approval
3. Please ensure that the Offer to Purchase and Sale specifically refers to which Chattels are included or excluded from the purchase (e.g. appliances, mirrors, drapes, light fixtures, etc.). If possible, include serial numbers.
4. If you are planning on assuming an existing mortgage, please review the terms and obtain a written confirmation from the lender that the mortgage is assumable (Please note that most mortgages in Alberta are not assumable).
5. Please ensure that your offer to purchase has a term that the building and improvements on the property comply with City and Municipal Land Use Bylaws, Zoning Regulations, and Planning Department Requirements.
6. Please obtain estimates from the realtor, property inspector, the mortgage lender and your lawyer, of the costs you will have to pay in addition to the purchase price.
Once you have removed your conditions, the purchase agreement becomes final and the process of actually transferring the property into your name begins. If you haven’t already had your lawyer review the purchase agreement, you need a lawyer now to handle the purchase & transfer process. The following steps will help you to understand the steps you will need to take.
STEP 1: If you have a realtor, provide your realtor with the complete contact information of your lawyer so that your realtor’s office forward the conveyancing instructions (contract etc.) to your lawyer but if you do not have realtor, forward a copy of the sale agreement and any amendments/addendum plus the seller's lawyer name/contact information to your lawyer. In addition, provide your mortgage broker/agent/bank with the complete contact information of your lawyer.
STEP 2: Your real estate lawyer’s office will contact you and may ask for the following information/documents. Please provide the following information or documents as soon as possible preferably one week in advance of closing date:
- Copy of fire insurance binder/policy if the property is a house. (Note: This does not apply to condominium units). The proof of insurance must show your lender as “first loss payable”. The policy must be for the guaranteed replacement value and must include the Insurance Bureau of Canada Standard Mortgage Clause and must contain your mortgage lender’s correct address. Your lawyer shall be able to provide you with the property's and lender’s address to be forwarded to your insurance agent.
- Confirmation of your marital status (single, married, divorced, separated).
- Your complete contact information so your lawyer knows how to reach you.
- Any statements or other documents required by your lender. Sometimes your Mortgage Lender will require that you provide your lawyer with additional information such as a proof that you have paid and closed a credit account.
- If you are buying the property with another person, your lawyer will need to know how you would like the title to the property to be held the two options of which are (i) Describe as Joint Tenants: If one person dies, that person’s interest will automatically transfer to the other person (ii) Describe as Tenant in Common: Each person owns a certain interest in the property. Where one person dies, that person’s interest goes to their estate.
- Two valid pieces of identification including a Government issued photo ID.
- Cash shortfall, which is requested by your lawyer by way of a bank draft or certified cheque payable to Your Lawyer/Law Firm Name (Example: Ranbir S. Thind Prof. Corp. in Trust). Note: This amount represents your purchase price less the mortgage proceeds plus the legal fees, disbursements and plus or minus any adjustments for things like property taxes and condo fees.
- Proof of insurance (if applicable).
- Void Cheque (if applicable - requested by your Bank Etc.).
- Any other documents requested by your lender or your lawyer.
What happens after I sign the real estate & mortgage documents with my lawyer and provided the shortfall & other required documents.
- Your lawyer will deposit the shortfall in his/her trust account and will submit the documents for registration at the land titles office.
- Upon receiving the registration of transfer of title & mortgage, your lawyer will request the mortgage proceeds from the lender.
- Upon receipt of mortgage proceeds, on the closing/possession date, your lawyer will send the cash to close (balance of purchase price) to the seller’s lawyer.
- Once the seller’s lawyer receives the cash to close, the lawyer will authorize release of keys.
When do I get a copy of the title to my new house or condo?
It depends on when you lawyer receives the title which could be few days to week(s) from the closing date. Some lawyers do immediate reporting and some take time to report to client but you have a right to inquire from your lawyer about a title and closing documents if there is unreasonable delay.
What is a Real Property Report?
Real Property Report is a report prepared by the Land Surveyor which determines the boundaries of the Lot/property being purchased and the location of the house and other structures and fences within the Lot. If there are problems, the seller will have to remedy them. It is generally the seller's obligation to provide the buyer with a current Real Property Report with compliance.
What is a Title Insurance and Title Insurance Closing?
Title Insurance protects the Lender mainly and for an additional cost, can protect the Buyer. If there is a problem with the Lot or some title defect, the Title Insurance Company will remedy the defect. A typical example would be where a garage or fence encroaches into the adjoining property and is not fully contained within the Lot. The Title Insurance Company would remedy this. Title Insurance costs approximately $150.00 to protect the Lender and approximately $300.00 to protect both the Lender and the Buyer.
Title Insurance is also called as a Gap Insurance and the title/gap insurance closing is a process using Title Insurance that allows the Buyer to have possession of the property, the Seller to receive the sale proceeds and the realtors to receive their commission before a transfer of title is registered in the name of the Buyer or before the Mortgage is registered against the Title. Title/Gap Insurance Company takes responsibility to rectify or cover the damages caused by any intervening registration.
OUR LEGAL FEES:
Please take a moment to review our highly competitive legal fees for services related to real estate transactions, which is one more reason why you should retain a real estate lawyer at Ranbir Thind & Associates LLP. PLEASE CHECK OUR FLAT RATE REAL ESTATE LEGAL FEES PAGE FOR MORE DETAILS OR PHONE US AT 780-432-7000 TO GET A QUOTE