Along with your realtor, lender representative and mortgage broker, real estate lawyers fulfill an essential role in closing your real estate transaction. Whether it’s a purchase, sale, re-finance or real estate contract review, a reputable real estate lawyer will ensure that your interests are protected as you enter into legally binding commitments with lenders, insurers, vendors and purchasers.
An effective real estate lawyer will work hand-in-hand with you, your realtor and your lender representative to complete the following aspects of your real estate transaction:
When buying a home, your real estate lawyer will:
- Review your Alberta Real Estate Association purchase contract and follow-up with the vendor’s lawyer to ensure obligations are met.
- Review lender mortgage instructions to ensure all of the lender’s requirements for advancing funds are met.
- Liaise with your mortgage broker or lender representative to revise any unsuitable lender conditions.
- Request and receive funds from the lender in trust and ensure that those funds are deposited with the vendor’s lawyer prior to closing.
- Draft the mortgage in accordance with the lender’s instructions, explain and sign the mortgage with you and register the mortgage at the Alberta Land Titles Office.
- Review, where applicable, your Real Property Report and ensure that it is compliant and up-to-date.
- Examine the Certificate of Title to the property you are purchasing to ensure it is free of non-permitted registrations that might restrict your property rights.
- Prepare and execute all other conveyancing documents.
- Meet with you to ensure that you understand, in plain terms, your rights and obligations under the mortgage and purchase contract, including payment options, mortgage insurance obligations, and the total cost of borrowing.
- Answer any other questions you may have about the various aspects of the transaction and outline all costs involved.
When selling a home, your real estate lawyer will:
- Review your Certificate of Title to determine whether any registered mortgages need to be paid out upon sale.
- Help guide you towards savings on mortgage payout penalties.
- Order a mortgage payout statement from your lender.
- Review your Tax Statement to ensure that all property tax obligations are paid out prior to selling your home.
- Prepare and execute the Transfer of Land.
- Pay outstanding real estate commissions from the sale proceeds.
- Receive sale proceeds from the buyer’s lawyer in trust and forward those proceeds along to you.
- Draft all relevant conveyancing documents and sign them with you.
- Contact the realtor on closing day to have keys released to the purchaser.
- Answer any other questions you may have about the sale of your home.
If you’re considering purchasing, selling or refinancing a house or condominium, reach out to the experienced real estate team at West Legal where we will ensure that your interests are protected and your deal closes smoothly.