1. Why do I need a lawyer for my real estate transaction?
There are many aspects of real estate transactions that require a lawyer.
Lawyers will assist in the review of the purchase contract, preparation of transfer and mortgage documentation, the real property report, transfer of funds, and registration of documents at Alberta Land Titles Office. This will be done while protecting your legal interests.
Lawyers can impose trust conditions on buyers and sellers to facilitate the transfer of sale proceeds when registrations or discharges on legal title cannot be done simultaneously. When you are buying a home and getting a new mortgage, lenders require that paperwork be prepared by a lawyer.
Lastly, lawyers ensure your deal runs smoothly and closes on time. If problems arise, a lawyer can help rectify the situation while coordinating with all parties involved in the transaction.
2. At what stage does a lawyer get involved?
Typically Bruni Law becomes involved when you have a signed purchase contract. Once the contract is firm and conditions are waived we are provided with a copy of the contract and conveyancing documents from your realtor.
In some cases we become involved prior to the signing of a contract to review certain terms or conditions. This is often the case when a realtor is not involved.
3. What is a real property report (RPR) and do I need one?
A RPR is a survey of your property drafted by a survey company registered under the Alberta Land Surveyors’ Association. It is a legal document that illustrates the location of major structures such as your home, large sheds, decks, fences, etc. relative to the property boundaries. It will show any encroachments from adjacent properties and property compliance with municipal requirements.
As a property seller, you require an up to date RPR to protect you from future legal liabilities resulting from problems relating to your property boundaries and improvements.
As a property buyer, an RPR will inform you of any problems related to the boundaries or compliance with municipal bylaws before you purchase your home.
Mortgage lenders require RPRs to conform with municipal bylaws and to deal with any issues that may have to be resolved prior to closing and registration of the mortgage.
It is up to the seller to obtain an up to date RPR. Ideally this should be done prior to listing your property for sale so you can deal with any potential problems that arise.
