Real Estate Lawyers in Calgary, Alberta

No matter where you are in Canada, you’ll need to deal with real estate at some point in your life. However, buying, selling or foreclosing homes or commercial properties can be stressful for the average person.

Homes can be pretty expensive as well, especially in Calgary, Alberta. In fact, as of October 2022, the average price for real estate in the city was $504,000.

Despite this, 2022 is set to be a record year for the city’s real estate market. This year’s sales have so far reached 26,823, which is a 13% increase compared to last year.

You can always opt to handle real estate transactions by yourself. However, this practice, just like any estate planning venture, can be challenging, especially if you’re new to it. Rather, working with a real estate lawyer will be incredibly helpful.

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

Common Legal Issues in Real Estate Transactions

Buying and selling homes are more complex than other purchases, as they involve lots of paperwork that require careful handling.

Mistakes in real estate transactions can be expensive. Therefore, you must find a lawyer to provide guidance and appropriate advice, especially if you are about to venture into commercial real estate.

Below are some of the most common legal issues in real estate transactions. You should speak to your lawyer to avoid falling into these traps.

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Breach of contract

Real estate transactions require contracts to outline the rights and obligations of each party. One of the most common real estate contracts is an agreement of purchase, sale, or refinance.

The following are some of the most important clauses to include in a real estate contract:

• Financing terms
• Home inspection
• Closing date
• Sale of existing home

If a party to the real estate transaction fails to fulfill their obligations, then they would be in breach of the contract. Depending on the terms, a breach could terminate the contract.

To avoid a breach, you must carefully review the terms of the contract. It’s wise to do so with the help of a real estate lawyer who can answer your questions, help you understand unfamiliar terms and provide sound advice about what actions to take.

Misrepresentations

Misrepresentation is one of the most common issues in real estate transactions that could lead to litigation. This happens when the seller or their representative provides false or misleading information about the property.

For example, a seller could say that the structure is in excellent condition when it isn’t. Another way a seller could misrepresent information is by saying that the property is bigger than it actually is.

There are three types of misrepresentation — fraudulent, negligent and innocent. 

Fraudulent misrepresentation is when the seller intentionally misstates facts. Negligent misrepresentation is when the seller says something without ensuring it’s true. Innocent misrepresentation is when the seller believes their information is accurate, but it turns out to be false.

Regardless of the type of misrepresentation, misstatement of the property’s features could result in the contract being rescinded. The buyer could also claim damages.

If you’re the seller, it’s very important to perform thorough property inspections and disclose accurate information to the buyer to avoid misrepresentation suits.

Case of misrepresentation can be tricky to navigate. Working with a Calgary real estate lawyer can help you avoid or catch these issues early on.

The Benefits of Working With Diamond and Diamond’s Real Estate Lawyers

When buying, selling or refinancing a home, you’re not required to work with a real estate lawyer. However, they can provide legal advice to guide you through the entire process.

Real estate lawyers can offer a broad range of legal services that can benefit you in both commercial and residential real estate transactions.

The lawyers at Diamond and Diamond are experienced in dealing with various real estate transactions. Below are some of the benefits of working with them.

New home purchases

Many first-time home buyers might not be familiar with the clauses of an agreement of purchase or sale. 

Buying a new home from a builder or realtor could involve additional costs that might not be immediately clear. Unexpected expenses could arise, or builders could experience production delays. 

Buyers could feel blindsided by these problems if they don’t carefully review the agreement. Diamond and Diamond can review purchase agreements to make sure that these problems don’t arise and that your rights are protected.

Preparing the agreement of purchase or sale

The agreement of purchase or sale is the written contract between the buyer and the seller. Among other things, the agreement says that the buyer will buy the property for a specific price if certain conditions are met. 

Moreover, the agreement often contains the following information:

• Basic information about the property, the buyer and the seller
• Buyer’s offered purchase price
• Deposit amount that is to be paid in trust
• Date and time of when the offer is open and irrevocable

The following conditions are generally included in an agreement of purchase or sale:

• The seller must be the registered owner of the property.
• The seller must provide a survey of the property.
• The seller should provide a Certificate of Status if you’re buying a condominium.
• Unless the buyer issues a written objection before the requisition date, they cannot complain about any defects in the property. Therefore, the buyer and their legal team must perform all the necessary searches to find any hidden problems.
• The buyer can revoke the offer if they find problems with the property during a home inspection.

A Diamond and Diamond real estate lawyer can help buyers and sellers prepare or review this document. They can help protect your rights and interests when you’re buying or selling a property.

Title searches

A title search is necessary for the sale of both commercial and residential real estate property. This allows you to find the following information about the property:

• The current owner
• Mortgages
• Liens
• Judgments
• Easements
• Caveats
• Other registered interests

Mortgage preparation

Qualifying for a mortgage involves various checks to make sure that you can afford the amount you want. The lender will check credit reports, your credit score, income, expenses and the proposed amortization period.

Once your mortgage is approved, a real estate lawyer from Diamond and Diamond can help you review its terms. They will make sure that your mortgage corresponds with the previous agreements with your lender.

Property closing

Once the buyer and the seller agree on a sale, they can close the transaction and conduct a title transfer. You can either file deeds and mortgage documents electronically or in person. 

Your Diamond and Diamond lawyer can help you prepare and file these documents to complete the sale.

Schedule a Free Consultation at Diamond and Diamond Calgary

Handling real estate transactions becomes stress-free when you have proper legal assistance from a reputable law office. Regardless of whether you’re buying or selling commercial or residential real estate property or going through mortgage refinancing, having a lawyer guide you through the process will greatly help you.  

Our experienced real estate team can provide you with legal advice and answer any questions you may have about your transaction. Schedule an appointment or consultation with Diamond and Diamond for your legal needs today. 

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