Real Estate Lawyers in Edmonton, Alberta

Compared to the third quarter of last year, residential sales activity in Edmonton, Alberta, slowed down in the third quarter of this year. Statistics show that fewer Canadians are buying or selling properties in the area, highlighting the complicated process of real estate transactions.

Fortunately, Edmonton real estate lawyers can make these transactions less stressful. With a lawyer by your side, you can ensure the successful sale or purchase of your home.

Visit our law office today for an initial consultation!

What our Clients Say

“I am very pleased with Sam and Danny from Diamond and Diamond Lawyers. I know very little about the process of selling a home except that it can be stressful with lots going on. They were super organized. […] I felt confident in them having the situation under control. I will be using them in the future 100%. I can’t say enough good things about them. Thank you, Diamond and Diamond!!”

– Rose Rousselle

What does a real estate lawyer in Edmonton, Alberta do?

Lawyers generally practice a specific area of the law. Some have years of experience in family law, personal injury or criminal law. 

You’ll need a real estate lawyer if you’re buying a new home. These lawyers specialize in real estate transactions, such as buying and selling homes and wills & estate planning. Here’s what a real estate lawyer can do for you if you’re interested in buying or selling property.

Gather and review paperwork

Real estate transactions involve a lot of paperwork. One such contract is the agreement of purchase and sale, which is also known as the real estate purchase agreement. 

This document outlines the terms and conditions of the transaction and also mentions the price of the property, dates and other important details.

Generally, the seller’s real estate agent, who is also known as the listing agent, will be responsible for drafting the purchase agreement. It’s a standardized contract, and agents generally draft it using a template. 

While listing agents are licensed and can prepare the document themselves, you can still get a lawyer to review it. Having a second set of eyes, particularly a lawyer, review the agreement before you sign it is always a brilliant idea.

A lawyer who practices real estate law can spot nuances in your property. Moreover, they can also include terms and conditions to make the deal even better. Therefore, you must get a lawyer to review the document, who will make sure that your rights are protected. In fact, if there’s anything in the agreement that’s a red flag, your lawyer will ask to have it amended.

The written document also supersedes any verbal promises the other party may have made to you. For example, if the seller promised a discount on the purchase price, but it wasn’t included in the document, then the seller can easily argue that no such promise was ever made to you.

Whether you are a first-time home buyer or otherwise, having a lawyer by your side will help you to avoid these issues. Whether the process is a sale, mortgage financing or mortgage refinancing, a lawyer can give you the legal advice you need.

Buy title insurance

Title insurance is not exclusive to houses. You can get insurance for the following properties as well:

• Condominiums and apartments
• Shopping centres
• Industrial properties
• Cottages
• Office buildings
• Warehouses
• Rental units
• Leased properties
• Vacant land

Alberta law does not require homeowners to have title insurance. However, some lenders look for insurance before approving a home purchase loan application.

You should talk to a real estate lawyer before you decide to get title insurance, which covers the following:

• Unknown title defects
• Title fraud 
• Existing liens against the property
• Encroachment problems

It does not cover the following:

• Title defects
• Environmental hazards
• Native land claims
• New survey discoveries

Speaking to an experienced lawyer will give you further insight about whether you should get title insurance. Moreover, you can even buy title insurance through your lawyer. 

Conduct research into the property

While title insurance can protect buyers, a real estate lawyer will still have to check property records. They will check for liens, such as outstanding debt from the previous owner or unpaid mortgage. They will also try to determine if there are any defects with the title.

A lawyer will also review property surveys and look for encumbrances, such as easements, restrictive covenants and other problems that may prevent property use.

Address legal issues

Having a lawyer by your side will help you address any legal issues that may arise. For example, if you found encroachment issues with the property lines or you still have unpaid liens, your lawyer can resolve them before you put the home up for sale. 

Assist with negotiations and closing deals

A real estate lawyer can assist with negotiations during the sale. They can protect your rights and determine if the other party is trying to take advantage of you.

For example, if a buyer imposes many conditions, a lawyer can explain whether they’ll adversely affect your interests. Without a lawyer’s help, you might not be able to understand whether the conditions are reasonable. 

Furthermore, a lawyer can negotiate the terms and conditions of the sale on your behalf. Since they have in-depth knowledge of real estate law in Edmonton, they can also help you successfully complete the transaction.

Before closing, the seller’s lawyer will hold the keys to the property in escrow. They will prepare the statement of adjustments and get the funds from the buyer’s lawyer. 

Once they have the money, they will pay off any liens associated with the property. The lawyer will then pay real estate expenses to the buyer’s agent and the listing agent, and then they will give the remaining amount of money to the seller.

Provide legal representation

Buying property is a considerable investment. Since there is a lot of money involved, you want the transaction to go as smoothly as possible. Unfortunately, stressful legal situations may be inevitable. When these issues arise, even the most qualified realtor won’t be able to give you any advice. 

You can save yourself from all of this stress by having a lawyer by your side, who can also represent you in court and handle the following legal processes:

• Legal pleadings
• Hearings
• Filing appeals
• Trials

Having a lawyer review all the paperwork in a real estate transaction is perhaps the best decision you can take. Whether you are buying or selling real estate property, you might need legal representation from an experienced lawyer.

When To Hire a Real Estate Lawyer

You can always buy or sell a property without an agent. However, you’ll need a lawyer if you want a smooth real estate transaction.

If you’re buying or selling property in Alberta, you’re required to have a lawyer. A lawyer from a respected law firm will make sure that the transaction is valid and that your interests are protected. 

Paying a legal fee for protection and peace of mind is well worth it. This is especially true for high-value transactions.

Learn How Diamond & Diamond Can Make Buying or Selling Property Easier

If you want to buy or sell property, you’ll need someone with in-depth knowledge of real estate law. A lawyer will help you navigate the complicated process of real estate transactions.

Call Diamond and Diamond today for an initial consultation. From drafting contracts to the date of closing, our affordable real estate lawyers in Edmonton can help you every step of the way. 

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