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Navigating the purchase or sale of real estate can seem overwhelming, but at Strathcona Law Group, we can assist you with all aspects of residential and commercial real estate, including the following:
In a typical residential purchase and sale, the buyer and seller will work with a realtor to prepare the purchase agreement with each other. We recommend that you contact us before you sign the agreement, so that we can review it, explain your rights and obligations and help you ensure you can meet your obligations.
Once the agreement is signed, we will prepare all of the documents required to complete the transaction and arrange to meet with you to explain and review all of the documents.
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In a real estate transaction, your lawyer will take a number of steps to ensure that the transaction is properly completed. If you are selling your property, your lawyer will ensure that you receive the funds from the buyer. If you are buying a property, your lawyer will ensure that you receive the title to the property and that any financial encumbrances on the property, such as the seller’s mortgage, are paid in full and removed from the title. Your lawyer can also provide advice about the offer to purchase (if you contact us before you sign the agreement), any issues with the title and review condominium documents.
Ideally, we would have at least 10 business days between the date we receive your final documents (the agreement and, if you are getting mortgage financing, your mortgage documents from the lender). However, we can provide services on a rush basis. If you need a quick turnaround on your transaction, contact us to see how we can help you.
A real property report is a document prepared by an Alberta Land Surveyor that shows the boundaries of a property and the location of all improvements on the property relative to the boundaries of the property. Once the real property report is prepared, it is reviewed by the municipality where the land is located to confirm that the structures located on the property comply with the bylaws in effect in that municipality.
The standard purchase agreement requires that the seller provide a current real property report with compliance to the buyer. This requirement is in place in order to permit the buyer to confirm that there are no issues with non-conforming improvements built on the property, or any improvements on neighboring property that encroach on the property.
Our rates (link to rates inserted here) for real estate transactions are composed of two main components: fees and disbursements. Disbursements are costs that we incur in order to complete the real estate transaction for you. There are a number of costs, including the following: land titles searches and registration fees, runner fees, tax search fees, software fees, couriers and postage. In some cases, where we need to obtain a new real property report and compliance on your behalf, or where we are required to obtain title insurance, there will be additional disbursement costs associated with those items as well.
The seller’s lawyer is responsible to pay the mortgage on the property. When money is provided to the seller’s lawyer from the buyer’s lawyer, it provided on the undertaking of the seller’s lawyer to pay out the mortgage. Essentially, the seller’s lawyer must promise that they will pay out the mortgage, and that they are able to do so, before any money is sent to the seller’s lawyer.
Assuming that there are no delays in getting closing funds to the seller’s lawyer, key release typically happens at 12:00 p.m. on the closing date of your purchase.
Assuming that there are no delays in receiving the closing funds, money is usually sent out for deposit to the seller’s bank account on the day of closing. Depending on the policies and procedures in place at your bank, funds may not be immediately available for use.