Real Estate Law Firms Functions When you Sell Your Home
Real estate law firms will be able to help you when it is time to sell your home. At Kahane Law Office in Calgary, Alberta we believe in flat rate fees that are reasonable. In order to protect yourself and make sure that you do not breach of your contract, a real estate law firm will do the following: (You can also call us anytime to learn more about selling your home at 403-225-8810.)
Real Estate Law Firms Review Your Sale Agreement
The residential real estate purchase contract that you sign when selling your home is a legally binding contract. In addition to the selling price, it will contain conditions, deposits, special terms, possession dates, appliances, representations and warranties. Your real estate law firm should review your contract with you prior to signing it. If time is an issue, you can add a “lawyer review” condition. This means that the whole contract will be conditional on your satisfactory review of the real estate contract with your lawyer.
What Your Real Estate Law Firm Will Need From You
You will need to give your lawyer a few things for your appointment. You will need two pieces of ID. One needs to be government issued photo ID. If you are selling a house or a bareland condo, you will need to bring a real property report with a certificate of compliance from the municipality that shows all the current improvements on the property. You should also provide your real estate law firm with your mortgage reference number for any mortgages on the property. Remember, many lines of credit are registered as a mortgage.
It is extremely important to know if dower rights apply to you when you sell (or refinance) your home. Click here to learn more about dower rights.
What Real Estate Lawyers do for Sellers
Opening the real estate file and getting started
After reviewing the real estate purchase contract, your lawyer will request a tax and title search. From the title, your lawyer will know about any mortgage or other debt registered on the real estate title and will request a payout statement for each exact amount owing.
Drafting the Seller’s Real Estate Documents
The law firm then prepares all the documents needed for the sale of the property. The most important is the transfer of land. Remember that land titles needs original signed real estate transfer documents, so you will need to physically sign these documents. Sellers will usually go to the real estate law firm to sign documents a week or 10 days prior to the possession date.
Sending Documents to the Buyers’ Lawyer
Your lawyer will then send the documents to the buyer’s lawyer. The buyers’ lawyer will have to send the transfer of land to land titles for registration.
Receiving Money to pay for the Real Estate
There are very specific details here but your real estate law firm should then receive funds from the buyer’s lawyer. Your lawyer will use the money t pay out any debts on title, tax or condo arrears, real estate commissions, legal fees and have the net funds available for you. In many instances we can have your funds deposited for you into your bank account.
Real Estate Reminders
Don’t forget to cancel your utilities for the possession date and cancel any automatic tax payments with your municipality. Also, do not cancel your insurance until the full purchase price has been paid, even if this is after the possession date. Since funds can come in late, bridge financing is important if you are relying on these funds to buy a new home. Don’t forget to watch our video for real estate sellers. Also, remember that there are important things to note when dealing with the estate of someone who has died with respect to selling their home or property. Lastly, if you are non-resident Canadian for tax purposes you will need a clearance certificate to avoid withholding taxes.
Changes To The Law When Selling A Principal Residence
All people in Canada, now are required to report the sale of a principal residence to the CRA. There are still not any capitals gains from this sale. LEARN MORE about the principal residence reporting requirements here.
Real Estate Lawyer Flat Rate Fees: Value & Peace of Mind
Kahane Law real estate lawyers do most residential purchases on a flat rate basis. Our flat rate fees ensure that clients know what they will be charged for a standard transaction before they hire us. Please see our flat rate fees for details. Call 403-225-8810 or email today to contact us.