Here you will find the answer to many of the questions that people have about buying a home. If you cannot find your answer here, please feel free to Contact Me.

I’m thinking about buying a home – What do I do?
I’ve signed an Offer to Purchase – What do I do next?
What are the legal fees for buying a home?
Answers to Commonly Asked Questions by Buyers

I’m thinking about buying a home – What do I do?

I’ve signed an Offer to Purchase – What do I do next?

Once you have removed your conditions, the purchase and sale agreement is final and the process of actually transferring the property to you begins.  If you haven’t already had your lawyer review the purchase and sale agreement, you need a lawyer now to handle the land transfer and the payment of the purchase price. Read about why you need a Real Estate Lawyer here.

Here is what you need to do from the ‘lawyer’ side of things:

• Provide your Realtor and Mortgage Lender with your Edmonton Real Estate Lawyer’s Contact Information

1. Let your Realtor know my contact information. Your Realtor will then provide me with most of the information I need including a copy of the Purchase and Sale Agreement.
2. Let your Mortgage Broker or Representative know my contact information. Your Mortgage Broker or Representative will then provide me with the necessary mortgage information.

• Provide your Edmonton Real Estate Lawyer with information. I will need the following information or documents from you at least one week before the possession date:

1. If you are buying a house, you will need to place insurance on the property and provide me with proof of the insurance. 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. You will also need your mortgage lender’s correct address. I will provide you with this information.
2. Confirmation of your marital status (single, married, divorced, separated).
3. Your contact information so I know how to easily reach you.
4. Special Requirements from your Mortgage Lender. Sometimes your Mortgage Lender will require that you provide me with additional information. For example, proof that you have paid and closed a credit card account.
5. If you are buying the property with another person, I will need to know how you would like the title to the property to be held. Two of your options are:
   1. Joint Tenants. If one person dies, that person’s interest will automatically transfer to the other person.
   2. Tenant in Common. Each person owns a certain interest in the property. Where one person dies, that person’s interest goes to their estate.

If you do not have a Realtor, you will also need to provide me with the following information or documents at least 2 weeks prior to the possession date:

1. Copy of the Purchase & Sale Agreement.
2. Seller’s Contact Information.
3. Name of Seller’s Real Estate Lawyer.
4. Proof of any Deposit paid directly to the Seller or Seller’s Real Estate Lawyer.

• Meet with your Edmonton Real Estate Lawyer. 1 week to 1 day before your possession date, we will meet to sign the property transfer and mortgage documents. At this meeting, you will need to bring the following:

1. 2 valid pieces of identification. I am required by the Alberta Law Society as well as by your mortgage lender to verify your identity by viewing and copying 2 pieces of original and valid identification including one government issued photo identification.
2. Cash Shortfall/Your Down Payment. A bank draft or certified cheque payable to “Giardino Law, Trust” for the Down Payment amount. This amount represents your Purchase Price less the Mortgage Proceeds plus the Legal Fees and plus or minus any adjustments for things like property taxes and condo fees. I will let you know this amount prior to our meeting.
3. Proof of insurance (if applicable).
4. Void Cheque (if applicable).

What are the legal fees for buying a home?

Answers to Commonly Asked Questions by Buyers

• When will I get to move in? On the Possession Date, I will send the Cash to Close (the purchase price) to the Seller’s Lawyer around 12 noon. Once the Seller’s Lawyer receives the Cash to Close, the Seller’s Lawyer will contact the Seller’s Real Estate Agent who will then contact Your Real Estate Agent to arrange for keys to be released to you. Do not expect to receive the keys prior to 1pm on the Possession Date.

• Can my possession date be delayed? There are a number of factors that may prevent your deal from not closing on time. For example, your mortgage lender may not provide the mortgage funds to me on time or the Seller is not able to provide information or documents necessary to complete the deal prior to the Possession Date. I will let you know immediately if I am aware that there may be a delay. If the deal is unable to close on the Possession Date, you may still be able to move in under a tenancy arrangement ( What is a Tenancy At Will?) . This option will be discussed with you if necessary.

• When do I get a copy of the title to my new house or condo? A month or so after your Possession Date, I will mail you a package of documents for your records which will include a copy of the title to your home. If you have any questions or concerns when you receive the package, do not hesitate to contact me.