Selling Alberta Homes: FAQs and Hiring a Real Estate Lawyer
In Alberta, obtaining a mortgage requires a lawyer to take care of many important aspects of the real estate transaction. Having a lawyer involved early in the process can make it go smoothly. The process takes time, but it is necessary for a successful sale or purchase. This article contains frequently asked questions about mortgages and real estate transactions and how a real estate lawyer can help.
What Are the Responsibilities of a Real Estate Lawyer?
Real estate lawyers are experts in the legal side of buying and selling a home. They are responsible for completing the necessary paperwork to make a home sale legal and official. Ultimately, hiring a lawyer is needed to ensure all legal documents are correctly filed and the transaction is completed correctly.
How Long Is the Sale Process?
Finalizing a sale can usually be done quickly, often within a few days or less. The closing of a purchase can be delayed if the buyer waits for their bank to send mortgage instructions to their lawyer. This step of the process is the most time-consuming and can vary significantly in terms of length. Generally, it is suggested to allow at least two weeks between the date the contract becomes unconditional and the closing date unless the sale is an all-cash deal with no mortgage involved.
Should One Decide Without Consulting a Lawyer?
Before you officially close on the sale of your home, it's a good idea to contact a real estate lawyer who can answer any of your questions. They can help explain the process and review any paperwork you need to sign. The lawyer should be able to provide a free consultation so you can get the information you need.
What Are Common Issues a Seller May Face?
To successfully complete a real estate transaction in Alberta, it is necessary to be prepared with an up-to-date real property report. This document must be current and in compliance with local regulations. The city must inspect the report and give it their stamp of approval before it can be used in the closing process. To avoid any delays in the closing process, it is recommended that a seller obtain the necessary documentation as soon as possible.
How Does a Seller Ensure a Successful Closing?
For a successful closing, sellers should ensure that their real property report (RPR) is up to date and meets all legal requirements before the closing date. Before the sale is finalized, the buyer and seller must fulfill all the obligations listed in the purchase agreement. This may include things such as making any necessary repairs to the property. If either party fails to do this, it could lead to legal action being taken.
Once the seller has a strong and binding agreement, they should contact their attorney to begin the legal transfer of their property. Before doing so, it's essential to provide their lawyer with any existing mortgage information so the loan can be paid off. This will ensure a successful and smooth transition of the property to the buyer.
Conclusion
Selling a home in Alberta can be a complex process, yet one that is made easier and more efficient with the help of a knowledgeable real estate professional. Knowing the local laws, regulations and market trends is essential in selling a home in Alberta.
It is also important to know the costs associated with selling a home, such as legal fees, taxes and real estate commissions. With the right preparation, knowledge and understanding of the process, selling a home in Alberta can be an exciting and rewarding experience.
If you need a real estate lawyer in Medicine Hat, consider Hamilton Cahoon. We can assist you in all your legal matters, including family law, civil litigation, personal injury, real estate, and other legal matters. Book a consultation now.