Real estate purchase being one of the biggest investments of your life is to be handled with great caution. You need to pay special attention to ensure that the maximum legal/other protection is available for the property purchased. The lawyer advices and assists you throughout the real estate purchase process right from the time you submit your offer to purchase till you pick up the keys to your home.
Seeking lawyers help while initiating the real estate purchase process
The real estate purchase process begins with your submission of the offer to purchase. The document, a real estate purchase contract, is submitted. It is the real estate agent who helps out in the preparation and submission of this offer. In case of any queries regarding the offer the Realtor i.e. the authorized real estate agent is to be approached for clarification. If the Realtor is not able to answer then the lawyer is the only person from whom you can seek clarifications for any questions or doubts. Now, since upon acceptance this offer becomes a legal contract and you will become bound by all of the terms you need better consult a lawyer beforehand i.e. prior to signing.
Work to be taken up by the lawyer subsequent to contract signing
The bulk of the lawyer’s work begins after acceptance of the property purchase contract. Searches are carried out at Land Titles Office, at Personal property Registry and at the tax roll. This allows obtaining of a copy of the title in order to review all registrations against the title, provide assurance that any freestanding items you have been purchasing are free and clear and there are no outstanding judgments or other court orders against any party that may cause interference in closing and ensure that the taxes are paid and no special assessments are there.
It may be noted that construction and renovation of fraud and mistakes are also handled by the real estate lawyers. Getting assistance from a lawyer for home/real estate purchase in Alberta is quite like buying an insurance policy since every lawyer in Alberta carries significant liability insurance. Besides, every lawyer here also contribute to a fund made available for reimbursing any money that is improperly paid out of a lawyer’s trust account.
The lawyer must have access to your money much before closing. In case you are selling a property and buying another with closings on the same day then you will need to arrange for interim financing means- temporary loan taken for ensuring that the funds are in place for purchase completion.
The lawyer will also ensure that any outstanding encumbrances are discharged from your title and any unfinished matters are attended to. Finally, a complete written report will be provided by the lawyer with copies of relevant documents to establish that you have the proper title to the property.