Real Estate Lawyers in Red Deer, Alberta
Red Deer is an ideal place for families looking for an accessible and liveable city that is teeming with amenities and opportunities. In the latest housing affordability report from RE/MAX, Red Deer is among Alberta’s most affordable real estate markets. Despite the 2% annual increase in median home prices, which is now $342,000, residents spend about 25.85% of their income on mortgage payments.
Planning to buy or sell real estate property in Red Deer, Alberta? Working with experienced real estate lawyers from a reputable law firm can help increase your odds of getting a good deal.
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
Real Estate Law
Before engaging in any real estate transactions in Canada, it’s essential to understand real estate law and what it covers. In Canada, real estate law covers the use, acquisition, and disposition of all land or any infrastructure attached to the land. This includes apartments, houses, commercial buildings, and permanent structures.
However, it’s worth mentioning that Canada’s real estate law doesn’t fall under federal law. Rather, provinces have jurisdiction over real estate law. Therefore, if you’re planning to buy, sell or rent homes in Canada, you should look at provincial legislation.
Alberta follows the land titles system, which is also known as the Torrens system. Here, the buyer only becomes the legal owner of the property when it’s registered. In other words, the buyer will get a title deed after registering the property. This process relieves buyers and sellers of the taxing and complicated process of property transactions.
Buyers don’t have to review extensive government records. They have to check the Land Titles Office’s registry, which contains all the registered owners of real property in the province. A unique number and title identify each property in the registry. The record will show the complete details of the property, including boundaries and exact dimensions. More importantly, it will also show the registered owners.
The Real Estate Act of Alberta (Real Estate Act) covers various property transactions in the province. This includes commercial real estate, residential real estate, condominium management, property management, and mortgage brokerage licensees. The Real Estate Council of Alberta (RECA) serves as the legislating body overseeing property transactions.
Connect with a law office specializing in real estate transactions.
Real Estate Agents vs. Real Estate Lawyers
Navigating the real estate landscape of Canada can be tricky. You may need the help of a real estate agent or a real estate lawyer. While both professions know the real estate industry, they have specific roles and responsibilities.
What Do Real Estate Agents Do?
A real estate agent’s role is mainly to understand the real estate needs of their clients. They act as the bridge that connects buyers and sellers by assisting both parties in arriving at an agreement. They carry out this responsibility by doing the following:
- Soliciting listings from potential sellers
- Assisting sellers in advertising property through open houses and listing services
- Helping buyers choose, inspect, visit and make offers on preferred properties
- Providing buyers and sellers with market conditions, real estate prices, and other related matters
- Preparing sales agreements
- Liaising with clients for renting or leasing properties
Real estate agents have an extensive network, including inspectors, brokers, and loan providers to assist buyers and sellers.
In short, they provide clients with comprehensive support, so the process is stress-free. With their help, clients can make informed decisions.
What Do Real Estate Lawyers Do?
On the other hand, real estate lawyers handle the legal aspects of real estate transactions. This means agents process the documents, and lawyers review them to ensure they meet all legal requirements.
Unlike agents, real estate lawyers are well-versed in real estate law. They can provide legal services, including legal advice on estate planning and other real estate matters. A real estate lawyer is also necessary when making real estate transactions. Red Deer real estate lawyers are responsible for registering property transfers with Alberta’s land registry office.
How Can a Red Deer Real Estate Lawyer Help Buyers
When working with a Red Deer real estate lawyer, you can rely on their knowledge for the following matters:
Review the purchase agreement and documents
If you’re a first-time home buyer, you can ask your real estate lawyer to review the purchase agreement. They’ll make sure that it meets the rules and regulations of the Real Estate Act. Should there be any issues, your lawyer can request amendments and revisions. Moreover, they can even draft the agreement, which you can then provide to the other party for their review.
Purchase agreements must be accurate because they define the terms and conditions of the sale, including the property in question. Remember, the listing and property description will be useless if it isn’t indicated in the purchase agreement. For example, if a verbal agreement says that the buyer will get a discount on the purchase price, it won’t be legally binding unless it’s also written in the agreement.
Set up title insurance
You’re not legally required to set up title insurance when buying or selling property in Canada. However, getting title insurance for a one-time fee is necessary if you want to shield yourself from unwanted issues, such as title flaws, fraud, and lingering liens. While you can directly transact title insurance, some firms may only deal with legal experts, including real estate lawyers, legal assistants, and law clerks.
Having your lawyer transact on your behalf is better if you’re unsure about Canada’s different home insurance options.
Verify any liens and potential problems
While title insurance will protect you from any title issues, your real estate lawyer will make sure that the property has clean records. They will examine title defects, review property surveys and check whether property taxes are owed.
Facilitate closing the real estate transaction
One of the most critical responsibilities of a real estate lawyer is facilitating the closing of real estate transactions. For example, if you entered into an escrow agreement for a condominium property, the real estate lawyer will receive the downpayment and the rest of the money on your behalf. They will transfer the funds to the seller’s lawyer once they have the keys to the home.
Closing the transaction also means that your lawyer will review the statement of adjustments and register the property transfer with the land registry office.
Legal fees generally don’t differ much if the transaction is related to purchasing, selling, or refinancing.
How Can a Red Deer Real Estate Lawyer Help Sellers
Home sellers can also rely on the expertise of real estate lawyers as they can help with the following:
Make the purchase agreement and other documents and review them
For sellers, a lawyer needs to review the home purchase agreement to make sure it includes the details of the transaction. They can also check to see whether sufficient disclosure is provided so that there aren’t any issues with the sale in the future.
Helps in negotiations
A real estate lawyer can also play a critical role in negotiating the purchase terms and conditions. For example, a seller who wants to offer a buyer a discount will know its implications on their taxes.
Additionally, they can work on your behalf to ensure that the sale conditions are met and that the clauses are reasonable.
Take care of any pending legal matters
Your lawyer can check if your property has any pending legal matters that you may need to settle before finalizing the sale. They can conduct a title search to see if there are no property issues, such as encumbrances or encroachment complaints.
It’s also possible for them to do an off-title search, which can find problems that don’t typically appear on a title search, such as unpaid utility bills or property taxes. It’s best to get this done before putting your property on the market.
Expedite the real estate transaction
After reviewing the documents and negotiating the conditions of the sale, it’s time to finalize the transaction. The key to the property will remain in escrow until both parties close the transaction. The real estate lawyer will settle the statement of adjustments.
Sometimes, the lawyer will use the money to resolve existing liens, including debts, mortgages, and property taxes. The lawyer will also give commissions to the listing agent, realtor, or real estate agent involved in the process. Once settled, the lawyer will send the remaining balance to the seller’s account.
For all your real estate legal needs in Central Alberta, Canada, working with a full-service law firm can help streamline the process.
Get Peace of Mind by Hiring a Diamond & Diamond Real Estate Lawyer in Red Deer
Enjoy a stress-free real estate transaction from start to finish
Buying and selling a real estate property is an intricate process. If you want to get things done with peace of mind and ensure that you’re legally protected, expert assistance from experienced real estate lawyers is your best option. Let Diamond & Diamond streamline transactions for your Red Deer property.
Get An Instant Quote