REAL ESTATE LAW
With so many different facets of litigation involved in the buying, selling, leasing and building of real estate, you need a capable, experienced lawyer who will not only look out for your best interests, but explain the process every step of the way in language you can understand. A successful real estate lawyer is patient, meticulous and driven to succeed. With over two decades of experience in the field, Ranbir S. Thind Law Office is the right choice.
Real Estate made easy with the help of the right lawyer
We assist our Edmonton Alberta Real Estate clients with:
Common Steps for purchasers in Residential Purchase Transactions in Edmonton Alberta - Purchaser's Checklist
1. Please ensure that your offer to purchase is subject to conditions for your own protection, such as:
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:
STEP 3: Meet with your lawyer approximately 10 days before the closing date and bring along with you the following:
What happens after I sign the real estate & mortgage documents with my lawyer and provided the shortfall & other required documents?
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.
Common Steps for sellers in Residential Sale Transactions in Edmonton Alberta - Seller's Checklist
1. Please ensure that the Offer of Purchase and Sale specifically refers to which Chattels are included or excluded from the purchase (e.g. appliances, mirrors, drapes, light fixtures, etc.).
2. Is there a home warranty on the house which can be assigned to a Purchaser? Is there any landscaping deposit which is held by the developer/builder and if yes, please ensure that it is mentioned in the Offer that the purchaser will provide the landscaping deposit to seller upon closing in exchange of landscaping deposit of assignment?
3. Are there any significant improvements made to the house recently. Are the original or other plans and specifications available to a Purchaser? These can be positive selling features and should be brought to the Purchaser’s attention.
4. Please always confirm in writing of the amount of commission payable to the real estate agent, who is responsible for it and when it is payable (In most cases, it is the seller who is responsible for both side realtors' fee)
5. Please ensure that reasonable time limits have been placed on any matters which have to be completed or complied with before closing such as providing the Real Property Report with Compliance etc. which shall be ordered as soon as possible to ensure that there is sufficient time before closing to obtain any additional permits which may be required by the local municipality.
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 etc. to your lawyer plus also provide the buyer's lawyer name.
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 to ten days in advance of closing date:
STEP 3: Meet with your lawyer approximately one week to ten days before the closing date and bring along with you two valid pieces of identification including a Government issued picture identification (Driver’s licence, passport, P.R. Card, Citizenship Etc.)
FREQUENTLY ASKED QUESTIONS – REAL ESTATE SALES
What happens after I sign the real estate documents with my lawyer?
When can I cancel my property’s fire insurance?
It is recommended that you do not cancel your property’s fire insurance until you have actually received the sale proceeds.
When do I receive the sale proceeds. Is there of chance of delay in closing?
You will usually receive the net sale proceeds on the afternoon of the possession date or the next working day following possession. There are a number of factors that may prevent the deal from not closing on time such as the buyer’s mortgage lender did not fund the mortgage in time or the seller’s lawyer have not provided the closing documents to buyer’s lawyer in time.
At Ranbir S. Thind Law Office, we offer flat rate legal fees for selling, buying or financing a property. We are proud to assist clients who speak English, Hindi, Punjabi or Urdu. Please contact us to find out how we can assist you in your real estate endeavors in Edmonton, Alberta.
Real Estate made easy with the help of the right lawyer
- Dealing in real estate can be among the most stressful yet profitable activities, but whether you are an experienced commercial developer or a family buying that first starter home, you need the assistance of a seasoned lawyer who can navigate around provincial rules, environmental challenges, tax issues and everything else that can complicate your deal.
- We work with you side by side, making sure you never feel overwhelmed. Helping you avoid potential pitfalls, Ranbir S. Thind Law Office is your ideal Edmonton real estate law firm.
We assist our Edmonton Alberta Real Estate clients with:
- Residential Sale Transactions
- Residential Purchase Transactions
- Mortgages and Refinancing
- Land Transactions
- Commercial Real Estate Transactions
- Business Sale/Purchase Transactions
Common Steps for purchasers in Residential Purchase Transactions in Edmonton Alberta - Purchaser's Checklist
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.
STEP 3: Meet with your lawyer approximately 10 days before the closing date and bring along with you the following:
- 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.
Common Steps for sellers in Residential Sale Transactions in Edmonton Alberta - Seller's Checklist
1. Please ensure that the Offer of Purchase and Sale specifically refers to which Chattels are included or excluded from the purchase (e.g. appliances, mirrors, drapes, light fixtures, etc.).
2. Is there a home warranty on the house which can be assigned to a Purchaser? Is there any landscaping deposit which is held by the developer/builder and if yes, please ensure that it is mentioned in the Offer that the purchaser will provide the landscaping deposit to seller upon closing in exchange of landscaping deposit of assignment?
3. Are there any significant improvements made to the house recently. Are the original or other plans and specifications available to a Purchaser? These can be positive selling features and should be brought to the Purchaser’s attention.
4. Please always confirm in writing of the amount of commission payable to the real estate agent, who is responsible for it and when it is payable (In most cases, it is the seller who is responsible for both side realtors' fee)
5. Please ensure that reasonable time limits have been placed on any matters which have to be completed or complied with before closing such as providing the Real Property Report with Compliance etc. which shall be ordered as soon as possible to ensure that there is sufficient time before closing to obtain any additional permits which may be required by the local municipality.
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 etc. to your lawyer plus also provide the buyer's lawyer name.
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 to ten days in advance of closing date:
- Your complete contact information so your lawyer knows how to reach you.
- Information regarding your current mortgage/line of credit – Your mortgage account number and the branch where your account is held. This may be required to obtain a payout statement.
- Confirmation of your marital status (single, married, divorced, separated).
- If you are selling a house or bare land condo, an Original or a legible copy of Real Property Report with Compliance (if available).
- If you are selling a condo, your Property Manager’s contact information.
STEP 3: Meet with your lawyer approximately one week to ten days before the closing date and bring along with you two valid pieces of identification including a Government issued picture identification (Driver’s licence, passport, P.R. Card, Citizenship Etc.)
FREQUENTLY ASKED QUESTIONS – REAL ESTATE SALES
What happens after I sign the real estate documents with my lawyer?
- Your lawyer will send the transfer documents to the buyer’s real estate lawyer.
- On the possession date, the buyer’s real estate lawyer will send the cash to close (balance of purchase price) to your lawyer usually around noon.
- Once your lawyer receives the cash to close, the lawyer will authorize release of keys.
- The mortgage or other encumbrance registered on the title to the property, unpaid taxes, condo arrears, real estate commissions and legal fee/disbursements will be paid by your lawyer and the balance will then be paid to you.
When can I cancel my property’s fire insurance?
It is recommended that you do not cancel your property’s fire insurance until you have actually received the sale proceeds.
When do I receive the sale proceeds. Is there of chance of delay in closing?
You will usually receive the net sale proceeds on the afternoon of the possession date or the next working day following possession. There are a number of factors that may prevent the deal from not closing on time such as the buyer’s mortgage lender did not fund the mortgage in time or the seller’s lawyer have not provided the closing documents to buyer’s lawyer in time.
At Ranbir S. Thind Law Office, we offer flat rate legal fees for selling, buying or financing a property. We are proud to assist clients who speak English, Hindi, Punjabi or Urdu. Please contact us to find out how we can assist you in your real estate endeavors in Edmonton, Alberta.