Real Estate Lawyers in Strathmore, AB Simplifying Real Estate for Clients
Real estate can be a hassle for the modern home buyer or seller. From fluctuating market prices to shady real estate websites, even the most competent people can get lost and overwhelmed in the process. When we get overwhelmed, sometimes things are missed, paperwork isn’t completed correctly, essential steps in processes are forgotten, or unscrupulous people may take advantage of us.
Whether you’re buying, selling, or refinancing your home, agricultural, or commercial property, Getz Collins and Associates wants to help you. Today, we’ll walk you through the ins and outs of fundamental Real Estate Law. But if you’re ready for a more individual approach to YOUR personal real estate dealings, call 403-934-2500 to schedule a consultation with a professional real estate lawyer who is prepared to go to work for you.
In this post, we will cover:
- How a Real Estate Lawyer Approaches Sales
- How a Real Estate Lawyer Approaches Purchases
- Mortgage Refinancing
- How to Choose a Real Estate Lawyer
Types of Legal Real Estate Services
When dealing in real estate, the market tends to be inconsistent. Someone who purchased their house even three or four years prior may be surprised at the shape of the market when listing that very same property. Having a real estate lawyer who has made a career out of keeping up with the rise and fall of the housing market by your side while you buy, sell, or refinance can prove to be financially critical. A real estate lawyer can help you with any of the following and more:
- Mortgage Refinancing
- Dower Rights
- Title Transfers/Insurance
- Commercial Real Estate/Leases
- Construction Mortgages
- Bridge Financing
- Private Lending
- Condo Boards and Management Companies
- Out-of-Town Real Estate Transactions
- Rental Properties
- Mobile and Manufactured Homes
- Condominium Transactions
Real Estate Law is a vast, varied practice. Your real estate lawyer will likely not be required to handle all of the above for your specific purposes. But, no matter your real estate needs, you will find yourself in good hands at Getz Collins and Associates.
How Does a Real Estate Lawyer Approach Sales?
In Alberta, the legal process for selling a home can be lengthy. A real estate lawyer will do all of the following for you, taking everything but the move out of your hands confidently:
Request a Tax and Title Search-
After the real estate purchase contract is reviewed, your lawyer will search for any tax arrears, mortgages, or other debts registered on the real estate title. They will request a statement for the owed amount and use the proceeds from the property’s sale to settle any debts.
Prepare Documents for the Property Sale-
Land titles require the original real estate transfer documents to be signed, so your lawyer will require you to make that happen. Your lawyer will then get an accurate property report for you to sign a week to 10 days before the possession date (unless the property is a conventional condominium) and ensure that the paperwork properly demonstrates property improvements.
Exchange Documents with Buyer’s Lawyers-
Your real estate lawyer will send any Real Property Report for bare land property, an estoppel certificate for a condominium sale, and any documents needed during the purchase agreement. The buyer’s lawyer will send a transfer of land, land title registrations, or holdback conditions if they are missing records from your lawyer. All documents are shared under trust conditions to be made of no use unless specific rules are followed to protect your and the buyer’s safety.
Seller and buyer law firms have specific details regarding how funds should be sent and received. Your lawyer will use the money to pay out debts on the title, tax arrears (or condominium arrears), commissions, and legal fees. They will then deposit the available net funds into your bank account or deliver them in a previously agreed-upon manner.
How Does a Real Estate Lawyer Approach Purchases?
Being on the purchasing end of a real estate transaction can seem more straightforward from the outside. But a real estate lawyer handling the purchasing side of a transaction will be responsible for several things to keep the deal running smoothly. In the end, a good sale/purchase agreement should appear as a handshake from both sides. However, this only works correctly if both sides agree on every aspect of the transaction and nothing goes wrong. The purchasing real estate lawyer oversees this intricate process.
- Running Tax and Title Searches- Just as a seller’s lawyer does for the seller, the buyer’s lawyer will also conduct a tax and title search of the home to inform you of any potential problems. While some of these problems may be handled before the end of the transaction by the seller’s lawyer, both sides must be aware in case significant issues are found that would alter the terms of the deal.
- Drafting Documents to Exchange With the Seller- Now we get to more detail on the other side of what we covered earlier. The buyer’s lawyer will enter into a document exchange process with the seller’s lawyer, including documents required to buy the home or tenancy agreements. They may also request a holdback condition (an amendment to the real estate contract) if the seller does not provide enough documentation for the buyer’s liking.
- Obtaining Possession of the Home or Property- The key exchange is one of the most superficial parts of the process. By now, all the i’s are dotted, and t’s are crossed. It’s time to finalize the agreement. For the real estate lawyer handling the purchase, the process includes sending the seller funds for the home, requesting a key exchange or title signing, and setting up a time for the seller’s real estate agent to walk through the property with you.
- Preparing a Final Report- There is a final step that often goes unnoticed outside the profession. The buyer’s real estate agent will send the new property owner and the mortgage lender an initial report on the transaction, followed by a final one barring corrections or addendums. This is a process that takes time.
Do You Need a Real Estate lawyer for Mortgage Refinancing?
There are many reasons why you would want to refinance your home:
- Transferring debt for tax planning purposes;
- The existing mortgage matures and needs payout;
- Debt consolidation;
- Investment funds;
- Using the equity from your home to invest, renovate your home, or go on vacation;
- Removing a co-owner from the title;
- Buying out a co-owner’s interest in the property; or
- Securing better mortgage rates or terms.
But how do real estate lawyers come into play? A lawyer’s role may differ depending on whether the property is residential or commercial.
Residential Mortgage Refinancing
While refinancing an existing loan, a real estate lawyer can ensure you understand or walk you through tasks you may be obligated to perform or liabilities that may be your responsibility under the new mortgage. These obligations and liabilities were probably explained during your original financing but have likely changed under the new mortgage terms. A real estate lawyer can also help you ensure that the proper steps are followed for you to move forward successfully, whatever the reasoning for the refinancing may be.
Commercial Mortgage Refinancing
Experienced mortgage refinancing lawyers know the different issues specific to dealing with commercial transactions and can help you avoid any pitfalls they have seen before. They will also help you navigate the complex realm of commercial transaction security documents. Also, a real estate lender with a commercial financing/refinancing background is familiar with specific searches not typical for residential loans.
How Do You Choose the Right Real Estate Lawyer?
Legal processes are complex and arduous, requiring a proper working relationship with an experienced and knowledgeable lawyer with whom you can communicate well. The best way to strike up a professional relationship with a real estate lawyer to determine if they are the person you want to work well is to schedule an appointment for a consultation. Call Getz Collins and Associates today at 403-934-2500 to get started.