Real Estate Conveyancing Lawyers in Calgary, Alberta

In Calgary, Alberta, the average home price rose by 4.9 percent this year to $499,480. Now that property is more expensive, more Albertans might also want to sell real estate.

However, buying and selling real estate comes with certain legal uncertainties. If you decide to sell a property, you might need the advice of a conveyancing lawyer.

Featured in the Calgary Herald 

Diamond & Diamond’s Loni McDonough, who is a senior lawyer in the firm’s real estate division, explains how frequently she encounters restrictive real estate covenants in her legal practice. She says that some of these restrictions are funny and should be revisited.  

“Just because a lot of times they are dated, and they don’t make much sense for the community anymore. But I also see them concerned about amenity upgrades, and keeping their schools open, and potentially having future housing for themselves when they’re ready to downsize.” – Loni McDonough

Read all about it here. 

What You Need To Know About Real Estate Conveyance

Purchasing or selling real estate properties, such as condominiums or houses, comes with responsibilities. The process involves more than just signing contracts. To be sure that you comply with the law, you may need a conveyance lawyer.

Buying and selling real property in Calgary may seem straightforward. However, this can be a highly complicated process without the help of a lawyer. Transactions require a deep understanding of real estate law. Moreover, you must know how to negotiate with all parties involved to successfully complete a transaction.

As soon as you decide to sell or buy a property, you should get legal advice from an experienced lawyer who will have comprehensive legal knowledge of the industry. They can also facilitate transactions with your real estate team on your behalf. 

They’ll help you meet your legal obligations during estate planning, property selling, or other transactions. All real estate transactions can be stress-free with a lawyer by your side, who can provide advice regarding the following transactions:

• Buying a new home
• Selling commercial or private real estate
• Refinancing a home

When buying a home

You’ll need a lawyer if you’re interested in buying real estate property. You might still need a lawyer even if you don’t have a mortgage. A legal professional can help protect your interests every step of the way.

With a lawyer by your side, you’ll have someone who coordinates with all parties involved in the transaction. This way, you can have peace of mind, knowing that you have a professional who is handling the purchase of your home.

The following are some of the tasks a conveyancing lawyer does for you when you purchase commercial or residential real estate:

• Review legal documents, including the Agreement of Purchase
• Get title insurance
• Look for potential claims listed on file against the property
• Ensure property taxes are updated
• Calculate the land transfer tax you’ll have to pay on closing
• Ensure that you have valid title upon closing
• Write mortgage documents
• Close the transaction and make sure that you meet all legal and financial conditions
• Trade legal documents and keys with the other party’s lawyer

When selling a home

If you’re selling a home in the province, you might need a real estate conveyancing lawyer as well. You’ll need a good lawyer from a respected real estate law firm, especially if you have a mortgage. 

With a lawyer by your side, you can rest assured that the money you’ll get from the sale will pay out the mortgage. Otherwise, the buyer might not have any guarantee that someone will handle the mortgage.

These are the following tasks that a conveyancing lawyer can do for you if you’re selling your real estate property:

• Review legal paperwork, including agreement and mortgage documents, before you sign them
• Negotiate on your behalf about the conditions of the sale
• Prepare the property’s deed
• Handle issues involving land title transfer as they occur
• Close the transaction
• Ensure that you meet all legal and financial conditions
• Exchange documents with the buyer’s lawyer

When refinancing a home

There are many reasons why people choose to refinance a home. Some of the most common reasons are the following:

• Taking advantage of more affordable mortgage rates
• Removing a name from the mortgage or title
• Freeing up equity for more crucial purposes
• Debt consolidation

A real estate lawyer can be an important part of the mortgage refinancing process. A lawyer can do the following tasks for you when you’re refinancing your home:

• Review relevant documents related to your home and finances
• Explain what your legal options are
• Collect the necessary information for mortgage applications

Why do you need a conveyancing lawyer?

Image by Mikhail Nilov on Pexels

In this section, we’ll outline the benefits of having a conveyancing lawyer.

Help save time

You can do all tasks related to a real estate transaction by yourself. However, the experience and knowledge of a legal professional can prove to be a worthwhile investment. Whether you’re selling commercial or residential real estate, a lawyer can help.

A conveyancing lawyer can reduce your stress by providing the assurance and confidence you need during real estate transactions. 

Furthermore, most people don’t realize how time-consuming and stressful a property transaction can be. Reviewing and signing documents can take hours to complete. The process can take even longer if you and the other party have to negotiate several times to come to an agreement.

Fortunately, a property lawyer can handle most of the tasks for you. They can also work with your real estate agent to address your concerns about the transaction of the property. 

Assist with verifying documentation

It’s very difficult to prepare, verify and handle legal documentation on your own. However, a conveyancer can complete and prepare legal documents, including real property reports. They can review the paperwork that can help you make crucial decisions related to the transaction.

Aside from handling documents, your lawyer can also speak to the other party and negotiate a contract, outlining both parties’ requirements to close the deal. 

With the best real estate lawyer, you can be sure that you are accepting a fair deal. Whether you’re buying or selling residential property, commercial property, or mobile homes, a lawyer can help.

Handle the legal aspects of the transaction

In Canada, provinces have different real estate laws. With a real estate lawyer by your side, you’ll understand your legal obligations so that you can complete the transaction. 

Moreover, even when you buy the property, there may be restrictions on what you can do with the home. For example, you might be prohibited from constructing a wall or planting a tree nearby. With a conveyancing lawyer, you’ll have someone who can explain all of this to you.

Having a lawyer means you don’t have to worry about buying a property that’s involved in various legal issues. Their knowledge will help you identify property bargains and scams.

Conduct extensive title searches

If you provide conveyancing lawyers with the right parameters, they can perform thorough searches of properties. They can also discover issues with the property that may create problems in the future. Common problems in land titles involve boundaries, the property itself, and past owners.

A lawyer can explain what limitations a previous owner may have placed. They can also discuss the legal constraints that might prevent you from selling the property.

All home buyers and sellers can benefit from having a lawyer by their side. The title insurance, mortgage, and final inspection are only a few of the crucial pieces in the closing process. 

Hiring an experienced lawyer ensures that your investments pay off, which can be a relief. Having a lawyer handle your closing ensures the real estate transaction is smooth and efficient.

Experience Stress-Free Real Estate Transactions With a Conveyancing Lawyer

Buying or selling a pricey property can be a long and stressful process. Without a Calgary real estate lawyer, you might be unable to identify potential bargains and legal issues. Moreover, you’ll have to face your legal hurdles alone.

Fortunately, this does not have to be the case. Visit Diamond & Diamond’s law office today and discover how our experienced lawyers can make real estate transactions easy for you. With our help, even first-time home buyers can easily address their legal needs.