Calgary Alberta, real estate law for purchasers and sellers can be confusing without proper information. To help you understand the process of buying and selling better we have listed a variety of frequently asked questions our customers have asked us. These Questions and Answer are provided to you by LeClair Thibeault Barristers and Solicitors.
- I am buying a home. When do I need to deliver the balance of my funds?
- I have been pre-approved for a mortgage, is this good enough to waive conditions?
- What factors should I consider in choosing a real estate lawyer?
- What are the items that make up my legal bill?
- When can I expect to meet my real estate lawyer?
- What do I own when I buy a condominium?
- Should financing be a condition of my offer to the Seller?
- The financing has been approved for the property, is there anything else I need to do?
- I need a new mortgage to purchase the home, what are the steps that I have to take?
Typically, your lawyer will need to meet with you about 7 days before the closing. Though there are factors that affect this timing, plan on having your funds ready on or about that time frame.
No, you have to make sure that the property you are purchasing also passes the mortgage company’s financial test. Once the mortgage company approves both you and the property that you have made the offer on then you can waive your financing condition.
The factors you should concentrate are the lawyer’s experience and the way that they handle your file. Please check out our article on Choosing a Lawyer for more information.
Essentially, there are 4 major items that make up your legal bill. There are the legal fees themselves, other fees and charges, actual payments to third parties (disbursements) and GST (PST may apply in other provinces)
Typically, you will meet with your real estate lawyer at least 1 week before the possession date. This gives your lawyer enough time to complete everything required and get your deal closed on time.
When you buy a condominium unit, you acquire space that is often bounded by walls, floors and ceilings. In some circumstances you also buy a parking stall. In a bare land unit, you buy an interest in the actual land and anything built on it.
When you are preapproved this simply means that you personally are approved. However, this does not mean that the financing institution has approved the property you are planning to buy. There is the possibility that the bank’s appraisal of the property isn’t high enough to justify the price you are offering. As such, you should insist that financing be a condition of your purchase.
Typically, you are approved subject to your providing of the documentation your broker or mortgage company relied on to approve the mortgage. You may have to provide a number of support documents prior to the mortgage being fully approved. Check with your mortgage specialist well in advance of the closing date to make sure that they have everything they need to proceed.
WWhen you purchase a property you should ensure that the financing of your purchase is an actual condition of the purchase. You may have been preapproved personally but this does not mean that the unit or property you’ve purchased has been approved for purchase at the price you negotiated. By making your financing a condition you protect yourself against the possibility that you cannot obtain that mortgage. You should also ensure that you have the approval in writing before waiving the mortgage condition.