Real Estate Conveyancing Lawyers
Whether you are buying, selling, transferring the title of your property, refinancing or obtaining a mortgage, the process may be exciting yet stressful. The Real Estate Group at Kahane Law Office in Calgary provides sound legal advice to guide you through every step of the process to ensure that your transaction is as gratifying and transparent as possible. The real estate lawyers in our firm are ranked the Top Real Estate Law Firm in Calgary on a consistent basis. Why pay more for anything else?
What Is Real Estate Conveyancing?
Conveyancing refers to transferring the title of real property from one person (or entity) to another. Purchasing or selling a home requires a team effort. Our real estate lawyers collaborate with your real estate agent, mortgage broker, banks, private lenders, and other real estate lawyers to ensure that your process is seamless.
Real Estate Conveyancing Lawyers
Real estate conveyancing lawyers play an integral role in ensuring that your transaction is successful. As the last step in owning or selling a home, they ensure the legal steps occur as required. For example, real estate lawyers are responsible for:
- Reviewing your purchase contract and ensuring that you understand the provisions before you sign (You must connect with them to do this);
- Outlining all the costs involved with the transaction such as legal fees and disbursements, property tax adjustments, insurance, GST (if purchasing a new home) and mortgage fees;
- Ensuring that you understand the terms of your mortgage, especially any penalties;
- Reviewing the title to the property for financial encumbrances;
- On request, reviewing regular registrations on title, such as utility right of ways and home owner association notices;
- Preparing conveyancing and mortgage documents;
- Discharging, or ensure the other opposing real estate conveyancing lawyer discharges, financial encumbrances from the title;
- Signing the closing documents with you (if you live in town);
- Handling funds in trust accounts;
- Informing agents when to release keys; and lastly
- Paying out the real estate agent commissions.
Types Of Properties Lawyers Deal With
Real estate conveyancing lawyers deal with many types of properties. For example, they include:
Residential homes: The types of properties include typical single family homes but also include non-condo duplexes, townhouses and row houses.
Condominiums: These are often multi family dwellings but also include single family homes that form part of a condominium.
Mobile homes: These are often modular units that sometimes include the land, but also often sit on rented land.
Commercial Properties: These are properties that people do not live in. They include office, commercial, retail industrial, etc.
Real Estate Agents
While optional, having a real estate agent on your side can be beneficial for his or her insight on the market. In Alberta, all agents must be registered with the Real Estate Council of Alberta. Moreover, real estate agents can assist with your transaction by:
- Finding a property for their client or finding a buyer;
- Negotiating the purchase or sale contract;
- Drafting the terms of the purchase contract including specifying any hold backs;
- Reviewing the real property report;
- Conducting a title search;
- Assisting with the walk-through;
- Sending a conveyancing letter to the real estate conveyancing lawyers;
- Providing condominium management information in order to determine management fees and obtain the estoppel certificate; and
- Providing contact information to determine other fees such as home association and lake fees.
Mortgage Brokers / Specialists
If obtaining financing, buyers should consult with a mortgage broker or mortgage specialist at your financial institution to obtain pre-approval. This allows you to know which home fits your budget. It is important to look at more than just rates. Also look at penalties, ability to pay down the mortgage or pay it out completely, extra fees or costs, compounding, etc. The role of a mortgage specialist includes:
- Collecting required information for underwriting;
- Conducting a credit check;
- Arranging for the mortgage; and
- Assisting with interim financing.
The Home Buying Process
The process for buying a home commences long before real estateconveyancing lawyers involvement. Steps start from dreaming about a home, to passive shopping to active house hunting. The process often includes confusing aspects involving the parts lawyers deal with. For example, the aspects covered by real estate conveyancing lawyers include the following.
Signing the Purchase Agreement
Before signing any agreements regarding the sale or purchase of your home, you should consult a real estate lawyer. Too often, a lawyer is consulted after signing an agreement. In this instance, it may be too late to fix any issues as you will have already committed to binding legal obligations. Furthermore, once all conditions have been met or waived, the buyer will be bound by the Agreement. At this stage, if the buyer backs out of the transaction, the seller is likely entitled to keep the deposit.
Much of the due diligence occurs before the real estate conveyancing lawyer’s involvement. This includes a full inspection of a proeprty by the required professionals to ensure the buyer understands what he or she is buying. After your real estate lawyer receives the signed Purchase Agreement, he or she will pull and examine the property’s title.
The title of the property reveals all encumbrances and charges against the title of the property. A search may show various charges including restrictive covenants, easements, rights-of-way, builder’s liens, and mortgages/lines of credits. All financial encumbrances, such as mortgages, judgments or liens, must be removed by the seller before the closing date.
While non-financial encumbrances, such as utility rights-of-ways, will not come off the title, your lawyer should determine if such charges would limit how you intend to use the property. This only happens by contacting the lawyer before you sign your contract. Otherwise, this step is completed with the real estate agent.
For financial encumbrances, to ensure that the sale proceeds are enough to cover the costs of removing financial encumbrances, a statement must be requested from the holder of the charge setting out the total amount owed.
Moreover, searches are made with the municipality that the property is located in to confirm outstanding utility payments (in areas where utility costs run with the land) and property taxes. If purchasing a condominium, your lawyer will also confirm that all condominium fees are up to date and determine if there are any outstanding special assessments or outstanding levies.
Lastly, your real estate conveyancing lawyer meets with you to sign the paperwork related to the transaction. Your appointment will typically occur 7 – 10 days before the closing date and your lawyer will review all the closing documents and mortgage documents with you. Often this meeting may occur 2-3 days prior to possession. Remember to bring any deposit money required to close the transaction and 2 pieces of identification to this appointment.
Real Estate Conveyancing Lawyer Help
At Kahane Law Office, we offer a myriad of services related to conveyancing, namely:
- Drafting residential purchase agreements including caveats and promissory notes;
- Reviewing purchase agreements;
- Notarizing real estate documents including dower consents and releases;
- Reviewing leases;
- Transferring title;
- Resolving property disputes; and
- Assisting with refinancing and mortgages.
Want The Help Of The Top Real Estate Law Firm In Calgary?
Whether you are a first-time home buyer or a seasoned investor, our Real Estate Group is here to help. Connect today at 403-225-8810 in Calgary, Alberta. If easier, Call us toll-free at 1-877-225-8817 or email us here directly.