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5 Things To Know Before Selling Your Home

Choosing to sell a home is a big decision. It does not matter if it is your first time or not. Selling a home can be stressful and lead to one thinking of uncertainties. One way of helping you minimize these feelings is to prepare well. Having a home selling lawyer in Edmonton may also provide you the proper assistance. Things To Know When selling your home, it is necessary to ensure that you pay attention to every detail. You will have to make sure the property attracts potential clients. You also have to avoid creating mistakes that can make your home unappealing. You have to disassociate yourself from the property. Once you have decided to put your property for sale, you have to be ready to let go of any attachment. It will be a business transaction and nothing else. Keep in mind that it will no longer be your home. You should also declutter and remove personal items. Potential buyers should be able to envision themselves living in the place. You may need to make changes. Fix any broken doors, windows, locks, or drawers. Replace burned-out [...]

5 Things To Know Before Selling Your Home 2020-01-28T17:52:04+00:00

What First-Time Homebuyers Need To Know

Being a homeowner is a goal of many Edmonton residents. It is an exciting milestone. However, it involves considerations and careful thought. Things To Do The first thing you should do is prepare yourself financially and emotionally. Make sure that you are ready to settle down. At the same time, you should also have the capacity to finance your purchase. You should also be aware of the real estate law in Edmonton. Here are a few more tips to think about before finalizing your purchase: Make sure you can pay for the down payment and have a stable source of income for the mortgage.Get a pre-approved loan. Weigh your interest rate mortgage options.Be aware of possible closing costs.Research the neighborhood.Consider the type of home that suits your needs and lifestyle. A Lawyer’s Help A property lawyer can help you understand the process and ensure that you comply with all legal requirements. The lawyer will also provide you with legal assistance as you go through the purchasing process. As a first-time homebuyer, you may have never interacted with a real estate lawyer before. So, here is some information [...]

What First-Time Homebuyers Need To Know 2019-12-20T18:11:54+00:00

What Does A Conveyancer Do?

Purchasing or selling a real estate in Alberta comes with responsibilities. It is not a simple signing of a contract. One should follow the process that the law has set. To be able to comply, some people choose to hire the services of a conveyance lawyer to deal with legal requirements. The Process In real estate transactions, conveyancing refers to the preparation of documents for the legal transfer of a property. Thus, a conveyancer is someone who offers legal assistance to either a buyer or a seller. He or she will help ensure that the client meets all legal obligations and protect their rights during the transaction.  Their Role In 2001, Western Law Societies came up with a protocol to respond to changes in conveyance and real estate marketplace. Under this, each provincial law society had to develop a protocol that corresponds to the needs of each province. Among these is the Alberta Conveyancing Advisory Committee, which came up with a local protocol prescribing enhanced standards in the practice of conveyancing. It also included the essential steps that a real estate lawyer should take and his or her [...]

What Does A Conveyancer Do? 2019-12-20T18:11:35+00:00

Top Red Flags During Home Inspection

Many people include purchasing a home in their priorities. However, it is not an easy process. It can even be exhausting. That is why some people decide on getting a property sale lawyer in Edmonton to assist them with the purchase. This way, they can ensure that everything goes through the legal process. Aside from the legal transactions, there is one thing that a buyer also needs to focus on – home inspection. The results of a home inspection can easily change the course of your transaction. That is why hiring a qualified home inspector is crucial. You would not want to buy a house and find out about problems when it is already too late. Role of Home Inspectors These people inspect the residential property you are interested in and provide a report on their findings. The idea is for you to use that report as a basis for your decision. Through them, you will find out about issues that may affect the purchase price of the property. Red Flags Home inspectors will check every nook and cranny. While some issues are minor that one can resolve, [...]

Top Red Flags During Home Inspection 2019-12-20T18:11:16+00:00

What Can I Expect From The Closing Process As A Buyer?

Purchasing a home is an exciting adventure. However, it also comes with a process to ensure that everything is in order and legal. One of the steps that you should pass through is the closing process. Real Estate Closing In the world of real estate, the closing is the final step. After all the negotiation, the seller finally accepted your offer. However, the process is not over yet. You will have to agree on a closing date. That is when you become the legal owner of the property. Some people choose to hire a lawyer for real estate in Edmonton to assist them with the legalities of the purchase. The closing, which is also known as the settlement, is the process wherein you perform the agreements you have made with your mortgage lender and the seller. It usually involves the simultaneous exchange of various documents and necessary funds for the completion of the transaction. What To Expect You should ensure the completion of all financing paperwork and searches before the set closing date. Having a lawyer for real estate in Edmonton can help you get through [...]

What Can I Expect From The Closing Process As A Buyer? 2019-12-20T18:11:00+00:00

Preparing For Your Home Sale

Every seller’s goal is to sell their product fast while getting the set profit, or more if possible. The same applies when one is selling a home. However, it is not easy to achieve. One should have careful planning and preparation. While you can rely on real estate lawyers in Edmonton to help you, you should also do your part. Preparing The House You do not have to do a lot when it comes to the property itself. All you need to do is make it as presentable and inviting as possible.  Depersonalize it by removing all photographs and heirlooms.Clean all parts and declutter.Organize all spaces, including storage cabinets.Make all repairs and ensure that everything is in good condition.Eliminate anything that produces bad odors like a litter box. You can also spray air freshener.You can also give the home a makeover by applying a fresh coat of paint.Consider home staging to make the place look more spacious and give prospective buyers a chance to imagine themselves living in it. Preparing For The Process The selling process is not easy. You have to interact with various people [...]

Preparing For Your Home Sale 2019-12-20T18:09:18+00:00

How Does Staging Affect Successful Home Sales?

Selling a home requires a lot of effort. Putting up that for sale sign may not be enough to ensure a transaction. For legal requirements, you may need a home selling lawyer in Edmonton. As for attracting buyers, that will depend on how you present your property. Home Staging When selling a home, you need to make sure that your property will stand out among competitors. Taking an extra step to make a good impression can go a long way. One popular way to increase the selling price of a home and decrease the selling time is home staging. Contrary to what many people think, home staging is not all about decorating. Yes, it is about arranging furniture, adding details, and improving the landscaping to showcase the beauty of one’s property. But, it is more on depersonalizing your home to make prospective buyers imagine living in it themselves. Benefits For Sellers Some people think home staging is an unnecessary expense. However, it comes with many benefits that will pay off the investment you have made. People say that first impressions last. The same is true for [...]

How Does Staging Affect Successful Home Sales? 2019-12-20T18:08:43+00:00

Comparing Fixed Rate And Variable Rate Mortgages

Most, if not all, people who purchase real estate get a mortgage. However, it is not a simple process. You may even require the assistance of a mortgage lawyer in Edmonton to help you decide. The reason is that there are financing options you need to understand so you can come up with a decision that is suitable for your needs and situation. Weighing Your Options Among the financing options that you can choose from are the fixed rate and variable rate mortgages. Both types of loans have advantages and disadvantages. Weigh them before coming up with a decision. Fixed-Rate As the name suggests, this type of mortgage offers a fixed interest rate at the beginning of the term. It is not subject to any changes during the mortgage term. It may be best for someone who wants a set amount for monthly payments. However, the interest rate may be higher for this loan. One advantage of this is it has a lower long-term risk.  For example, you have chosen a five-year term with a fixed rate. All of the payments you have to make would [...]

Comparing Fixed Rate And Variable Rate Mortgages 2019-12-20T18:08:11+00:00

Are You Ready To Purchase A Home?

Purchasing a home may be one of the most significant investments a person can make. Most people have it listed in their life goals and dreams. If you are planning on buying your first home in Edmonton, you should keep in mind that it requires more than putting up an offer. It comes with a lot of considerations. The Signs Being a homeowner comes with responsibilities. Make sure you can handle them. You will also have to undergo a legal procedure to ensure everything is in proper order. If you find the process a bit overwhelming, you can look for an affordable real estate lawyer in Edmonton to help you. You can afford it. Having the desire to own a house is not enough. You should have enough savings to pay for the down payment. Be aware of how much you can afford. According to the Real Estate Council Alberta (RECA), the amount for down payments is typically at least 5% of the purchase price. However, some lenders also offer mortgage options to help buyers with the down payment. You have a good credit score. Lenders use credit [...]

Are You Ready To Purchase A Home? 2019-12-20T18:07:09+00:00

When Do You Need a Lawyer’s Help To Buy A Home

Real estate transactions can be exciting. However, it can also be overwhelming once you get started on the process. Whether it is your first time buying a home or not, it is necessary to be ready to face the challenges in each step. A lot of times, people who buy a home in Edmonton contemplate if they should hire a lawyer or not. Some think it may just lead to unnecessary expenditure. But, you should understand that purchasing a home can be a complicated process. That is why it is necessary to know when you should employ the services of a real estate lawyer. What is a real estate lawyer? This type of lawyer is someone who focuses on rules, regulations, and laws that has something to do with real estate transactions. He or she is someone who can help clients understand contracts, legal documents, and the process. When does a buyer need a lawyer? Having a lawyer can protect one’s rights while ensuring that the purchase of a property goes smoothly and right on schedule. A lawyer can help the buyer analyze the paperwork, which [...]

When Do You Need a Lawyer’s Help To Buy A Home 2019-12-20T18:06:28+00:00

What Clients Can Expect When Dealing With A Real Estate Lawyer

Property transactions can be overwhelming and complicated. You will need to employ the services of an Edmonton real estate lawyer to help them deal with the process. However, some individuals may find it hard to find the right one. Clients sometimes feel intimidated and think twice before reaching out to a legal professional. It is essential to know what to expect. Education and Information The first thing a lawyer should do is educate clients about the process. It may be hard for some people to understand legal jargon. One can ask for further explanations. You can discuss your expectations with your lawyer. Some real estate lawyers allow clients to have free consultations or meetings. Use this as an opportunity to understand your situation better. You can expect your lawyer to inform you about the following: Should you go through a mortgage broker or a bank to fund your purchase?How does the deposit work once you make an offer?Is a Real Property Report (RPR) necessary?How much does the transaction cost?What steps should one take to finalize the deal? The Meeting Once you have committed to a purchase [...]

What Clients Can Expect When Dealing With A Real Estate Lawyer 2019-12-20T18:05:09+00:00

Understanding The Key Items Of Your Title Insurance Policy

Title insurance protects an individual against any discoveries about a property in the future. These issues can be related to the title or not. It provides insurance coverage for problems due to legal defects. In case an individual stumbles upon problems, one can file for title insurance claims. However, it is essential to understand how this type of policy works before purchasing one. Check out your options and choose one that is fit for your needs. When Can One File For Title Insurance Claims? The insurance policy will include a detailed list of the covered risks. It allows one to prevent the occurrence of financial loss due to problems with the property. See this article for some claim examples for more information. Fraudulent transactionsMunicipal zoning-by-laws and building permit violationsRegistered liens against the title of the propertyErrors found in the surveys and public recordsUnknown defects that prevent one from having ownership Hiring a real estate lawyer can help you understand how title insurance can protect you. Your lawyer can also explain to you the extent and limitations, as well as the inclusions, so you can come up [...]

Understanding The Key Items Of Your Title Insurance Policy 2019-12-20T18:05:20+00:00

Four Reasons To Consider a Power Of Attorney in a Real Estate transaction

Most of the time, real estate transactions happen between individual buyers and sellers and documentation must be signed in person in front of a real estate lawyer. However, some circumstances, an individual is not availabe in person to sign the required closing documentation. They may be able to transfer their legal rights to transact to someone else. To be able to do this, one should execute a power of attorney (POA) to a representative.  Thus, the representative will have the legal authority to act on one’s behalf. Reasons To Consider Assigning POA Dealing with real estate matters is a huge responsibility. It involves a complex process that requires attention. However, not everyone can watch over or perform each task. If you think you can relate to any of the following reasons, you might want to consider POA. POA provides convenience. There are times when the seller or buyer of a property cannot attend to the transactions personally as they are out of town or the country due to work or an extended vacation. . If you are busy with your job, business, or something else, granting a [...]

Four Reasons To Consider a Power Of Attorney in a Real Estate transaction 2019-12-20T18:05:35+00:00

Types of Mortgages In The Province of Alberta

Buying a new home is a dream for Edmonton residents, and finding the right home is only the first step. You’ll also have to determine what kind of mortgage you want to get to purchase your home, and understanding the types of mortgages available is an important any home buyer needs to take. A mortgage is nothing more than a loan given to a borrower in order to purchase a home. If the borrower fails to repay the debt, the lender has the right to take possession of the property. The mortgage loan will secure the repayment of the loan by registering a mortgage on the property title.  The type of mortgage registered will depend on your mortgage lender.  You will likely not have an option as to the type of mortgage that they choose to register but it is important to understand the one that they do. Let’s look at the types of mortgages that are now offered by mortgage lenders in Edmonton.  Collateral Charge Mortgage This type of mortgage is designed to contain the maximum amount of debt that can be secured. In these [...]

Types of Mortgages In The Province of Alberta 2019-11-15T19:01:03+00:00

The Five Stages Of The Home Buying Process

Owning your own home is a great milestone. But actually getting into that home is a process that involves several steps, and understanding each of them is important. Mortgage Pre-approval
 Getting preapproval for a home loan doesn’t mean that you’re obligated to take out the loan or to purchase a home, but it does give you a good idea the amount of loan you can secure and property that you can afford. This, in turn, makes it easier to set a realistic budget for owning a home and allows you to make offers with more confidence. Shop For Your Home 
 This is the fun part. Spend some time using online real estate listings or talking to a broker to find the homes that fit into your needs, wants, and budget. It’s important to spend time making sure that you find the right property for your needs – after all, this is a big purchase. Putting In Your Offer 
 Once you find the home, you’ll want to put in an offer. Your Realtor will review property titles and can help you determine what a fair [...]

The Five Stages Of The Home Buying Process 2019-11-15T19:00:46+00:00

The Basics Of Land Titles In Alberta

What Is The Land Titles System For? 
 Land titles and the Land Titles Office are just what they sound like – they are the system which all land manages ownership. The system used in Alberta is based on the Torrens System, which gives the Government custody of all original titles. The government actually guarantees the accuracy of the titles through their various laws, protecting those who may suffer a loss due to a mistake on the title itself. The system manages titles as well as surveys, which in turn provides a detailed breakdown and map of each property including its boundaries and all structures on it. Finding titles within the land titles system is possible using an online system or at the main office which is located in downtown Edmonton, but most owners rely on their Edmonton real estate lawyer to handle the process of locating, reviewing, and filing these documents on their behalf. Land Ownership In Alberta 
 The ownership of land in Alberta is based on the laws of England, modified over the years until it has reached the point it is today. [...]

The Basics Of Land Titles In Alberta 2019-11-15T18:59:23+00:00

City of Edmonton Property Tax Guide When Purchasing A New Home From A Builder

When buying a new home from a Builder, it’s important to consider and discuss how municipal property taxes are assessed and charged with your real estate lawyer in Edmonton. How it works will depend on the terms of your purchase contract.  There are several things to consider. Types of Property Taxes 
 First, you’ll want to understand the basics of the two primary types of property tax on new homes and how tax is assessed. Original Tax Assessment – In this scenario, the city will assess your property at the beginning of the calendar year and determine its value. In cases where the home is under construction at the time of the assessment, the overall assessment value is based on the lot only and will be lower than the final value of the home in most cases. This is the assessment that is used to calculate the initial annual tax bill. Supplementary Tax Assessment – Once the home is fully constructed or almost fully constructed, the city will do another assessment and determine the actual value for the home. They will then levy any applicable additional [...]

City of Edmonton Property Tax Guide When Purchasing A New Home From A Builder 2019-11-15T18:59:02+00:00

Common Real Estate Terms

Terms that come up in your real estate home purchase or sale closing. Condition Date/Day – The date by which the conditions for the buyer and seller must be met for the deal to proceed. In real estate, conditions may include obtaining financing and a property inspection approval. If these conditions are not waived or met by the respective condition date, then the contract effectively ends, and there is no transaction. Closing Date – When the ownership of land is transferred to the new owner. The Transfer of Land is registered at the Land Titles Office. By this date, the payment of the purchase price needs to be fulfilled. At the closing date, the real estate transaction is considered complete. This is also, typically, the same date as the possession date. The Closing Date is not the day the conditions are removed which is called the Condition Date. Completion Date – same as the Closing Date.   Possession Date/Day – When the physical possession of the property (through the transfer is keys) is transferred from the seller to the buyer. Keys are usually received between 12pm [...]

Common Real Estate Terms 2019-09-15T19:23:35+00:00

Problems After Possession

Can you sue the seller if you discover problems with your house after moving in? This article addresses problems at the time of possession and problems discovered after possession. Problems arising after Possession You’ve bought your first home and surprise your first spring there is flooding in the basement causing thousands of dollars of water damage. After speaking with the neighbours, you learn that there had been instances of flooding in the basement with the previous owner as well. You are upset! The house seemed to be in great condition without any apparent damage or structural issues when you first viewed it. You had a home inspection conducted by a professional, who stated that there are no notable plumbing or electrical defects or evidence of previous water damage. Neither the seller nor the realtor disclosed that there were any issues. Now what? Can you sue the seller?It depends. (Typical lawyer answer, right?) Suing the Seller for Breach of ContractAccording to the current standard residential purchase contract in Alberta, the seller provides a warranty to the buyer that they must disclose any known Material Latent Defects to [...]

Problems After Possession 2019-09-15T19:11:43+00:00

What are property tax adjustments?

How are property taxes adjusted when you buy a home? When buying or selling a property, a portion of the annual property tax will be factored into the amount that you are paying or receiving, called the property tax adjustment. Property tax adjustments are for the purpose of ensuring that the buyer and seller are only paying for the property taxes for the time that they own the property. Real estate purchase contracts include clauses that note that property taxes will be adjusted to credit the buyer or seller, to ensure that the parties are aware. Property taxes are calculated according to the Adjustment Date, which may or may not be the same as the possession date. The Adjustment Date is when the buyer begins to assume responsibility for the property taxes. The City does not adjust taxes between the seller and buyer.  This is done by the lawyers on the closing of the real estate transaction. When calculating the adjustment, the first thing to understand is that taxes are assessed for the period of Jan 1 to Dec 31 of each year. This means that, [...]

What are property tax adjustments? 2019-07-09T17:59:18+00:00