Real Estate Lawyers in Lethbridge
***Note: the content of this website does not constitute legal advice. For legal advice, consult a lawyer – not this website. If you are a lawyer, call us and we’ll sell you this site.***
If you’ve ever purchased a home, condo or any other property in Alberta, you know that real estate purchases can be complex. There are lots of laws and regulations that govern the real estate market, and they can all vary depending on your specific circumstances. While real estate transactions are often straightforward, there may be times when you need the assistance of a lawyer to ensure everything goes smoothly. If you’re thinking about buying or selling real estate in Alberta, it’s helpful to understand the laws and how they may impact your unique situation. In this blog post, we look at some of the key regulations when it comes to buying and selling real estate in Alberta.
Understanding Real Estate Contracts in Alberta
A real estate contract is a legal document that outlines the terms of an agreement to purchase or sell a property. Contract terms often include a purchase price and date of possession (the date the seller will turn over the keys to the property). Before a contract is signed, a real estate agent or lawyers will usually conduct a title search to make sure the seller has clear title to the property and that there aren’t any outstanding mortgages or liens on the property. If there are, the buyer may need to take out a mortgage to cover the outstanding debt, or negotiate a payoff amount with the lender. Once a title search is complete, a lawyer may draft an “as is” contract that outlines the information from the title search and includes a due diligence period, during which time the buyer may walk away from the deal if new information about the property comes to light.
Agency Disclosure
When a real estate agent is representing the interests of the buyer, they must make a disclosure to the seller to inform them that they’re working with the buyer to purchase the property. To avoid any potential conflicts of interest between the seller and the buyer, the agent is required to disclose their relationship with the other party. An agent’s disclosure is called an “agency disclosure”, and it’s basically a contract between the agent and the seller to let them know that they’re representing the buyer. A real estate agent must also disclose all known facts and circumstances that would affect the value of the property. Although an agent isn’t legally required to disclose every single thing they know about the property, it’s best to be as upfront as possible and avoid any potential problems down the line.
Occupation Rights and Title Search
When you buy a property, you’ll receive a title search, which is basically a document that outlines any and all property rights attached to the home. For example, if the seller defaulted on their mortgage and the property was repossessed by the bank, the lender would be listed on the title. If the seller has paid off their mortgage, but has a family member who has rights to the property (an “occupation right”) listed on the title, they’ll need to sign a new deed that removes that right. Otherwise, whoever is listed on the title will have rights to the property and the money you put down on the purchase.
Taxes on Real Estate Purchases
When purchasing a home or other real estate in Alberta, you must pay GST on the purchase price. If you’re purchasing a home, you’ll need to pay a 5% GST on the purchase price and include that amount in your federal income tax return. If you’re purchasing investment property in Alberta, the amount of GST you pay will vary depending on the purchase price. GST rates can be found on the Canada Revenue Agency website. If you’re purchasing a condominium in BC, you may be subject to the BC government’s new speculation tax, which affected many Albertans. The new tax applies to all off-the-plan and newly constructed condo units, as well as any other residential property that is not the owner’s principal residence.
Mortgage Closing Costs
Check out this article from CIBC on mortgage closing costs.
Confirming the Purchase Price and Finalizing the Deal
After you and the seller sign the contract for the sale of the property and the real estate agent has completed their due diligence, you should receive a copy of the contract for review and signature. Be sure to carefully go over the contract to ensure all the details are correct, and talk to your lawyer if you have any questions or concerns. If everything looks good, you can sign the contract and make the required deposit. Once the seller signs the contract, it’s binding and the deal is legally finalized.
Conclusion
Real estate transactions are governed by a variety of federal and provincial laws and regulations, which means that every buying or selling situation is different. When you’re buying or selling real estate, it’s important to understand the laws and how they may impact your unique situation. In this article, we’ve looked at some of the key regulations when it comes to buying and selling real estate in Alberta.
If you would like to use this website for your Lethbridge Real Estate Law Firm call David Howse at 403-991-8863. The point of this site is not the design, that can always be made to suit your needs, what you are getting is a top-ranked site in Lethbridge for the term Lethbridge Lawyer!
Due to their unpredictable nature, it is hard to be prepared for accidents, which is why whenever they occur we do not know where to seek for help when falling victim to another party’s negligence. Luckily, there are experienced whiplash lawyers that can help you seek the rightful compensation that you and/or your loved ones deserve.
Does Your Lethbridge Law Firm Want the Number One Spot on Google for the 1715 Google searchs a month for Lethbridge Lawyers, Lethbridge Law Firms, Lethbridge Divorce Lawyer, and Lethbridge Real Estate Lawyer?
Please Note: This information is for academic purposes only. This website is not currently used by a Lethbridge Lawyer. Call David Howse at 403-991-8863 if you would like to use this website. filler text…
Are you a law firm with lawyers who have represented municipalities and land owners in matters relating to zoning by-laws, land use, official plans and sub-division applications or, dealt with areas relating to opposition to proposed developments. This can be a great addition to you Lethbridge and Southern Alberta law frim in areas related to Real Estate Law.
Property Law
A person’s right in respect of real estate or property and the objects onto it or underneath it are covered under the property law of Canada. The term ‘property’ has a wider connotation that real estate and in addition to the real estate includes personal property and intellectual property.
Personal property laws are effectively governed by the provincial laws of the respective provinces of Canada, for example, the provincial Sale of Goods Act.
In addition to the aforesaid, the case laws as inherited from the English courts are still valid and enforceable in Canada.
Similarly, realty matters are also a provincial subject and covered by the respective provincial laws of the country and further supplemented by English case laws.
A Lethbridge Real Estate Lawyer is the first person you should speak with regarding these matters. As is the case in most of the common law based countries, intellectual property is a matter which is fairly and squarely within the purview of federal statutes. Having said that, some of the economic related torts applicable to intellectual property are covered by case laws, such as passing off. Given the advancements in the United States on the intellectual property laws, Canada has been forthcoming in adopting those as well by means of incorporating certain changes to their plethora of intellectual property related legal provisions.
The property law in Quebec expressly defines as to what can be deemed as a property.
The property laws of Quebec, amongst the generic matters, deals with the rules and principles which regulate different forms of property which can be bought and sold and the related procedure that ought to be adopted in such respect.
Where does your Lethbridge Lawyer Website Rank on Google?
I’d like to ask you to do this:
Find your Yellowpages invoice. How much are you paying each month? How many clients are you getting for that amount of money?
If someone said that instead of paying $500 to $1500 every month for outdated marketing you could have
4 top-ranked websites targeted specifically for the people you want as clients, wouldn’t you take it?
Lethbridge-Lawyers.com
LethbridgeDivorceLawyers.com
LethbridgeRealEstateLawyer.com
LethbridgeLawFirms.com
From the same company that designed the websites for FloorRight Interiors Ltd, Lethbridge United Way, Evergreen Golf Centre, and many more.
From the same company that handled the Bill Borger Jr. Mount Everest summit of May 2011. Bill Borger is the President of the Borger Group of Companies in Calgary, Alberta. See Calgary PR Company for more info.
Other websites that and may interest you:
- Edmonton Tax Consultant or Red Deer Tax Consultant for debt related issues.
- This is where you can find a bankruptcy trustee in Calgary
- Lethbridge Flooring is the main page for FloorRight Interiors that features the best floor types.
- Calgary Underground Construction is the welcome page for WRD Borger Construction Ltd.
- Calgary Tax Lawyer is an access to Cawston and Associates contact information. This company caters to all taxation issues and needs when it comes to bankruptcy, taxes or any debt-related issues.