How to Avoid Bad Real Estate Deals

Podcast Episode 119: “A Deal That Went Bad and the Lessons Learned.”

This edition of the Tales from the Trenches podcast features special guest Arden Dalik, a senior advisor in the Calgary office of Global Governance Advisors. Her Tale concerns a real estate investment project in Alberta presented to the REIN Group by a REIN member. Quite a number of REIN members invested in the project, including Arden. Unfortunately, the deal went bad, but I was able to come to Arden’s rescue as her real estate lawyer (aka Legal Eagle).

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FAQ: Do I Really Need an Alberta Real Estate Lawyer When Buying or Selling My Home?

If You’re Getting a Mortgage or Have an Existing Mortgage, Then You Need a Lawyer to Buy or Sell a Home in Alberta.

The legal requirements surrounding mortgages in Alberta demand a lawyer, but an attorney protects your interests and manages many important details in a real estate transaction. Once you have a Purchase Contract, it’s time to get a lawyer, however it can help to have one much earlier in the process to make sure things go smoothly. Below is a list of all the things that my Edmonton law firm, RMLO Law LLP, takes care of so that our clients can focus on getting ready to change homes. As you’ll see, there’s a lot to do, which is why the process takes time. Buying and selling are bit different, but they both take time. The end of this blog post also has a bunch of frequently asked questions.

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Quick Guide for Sellers to the New Alberta Real Estate Purchase Contract.

Changes to the AREA Contract:
Selling Your Home in Alberta.

 

The July 2017 Alberta Real Estate Association (AREA) purchase contract has 10 major changes. I posted a long blog and podcast about these changes recently, but sometimes a quick guide is helpful. Below are the three most important changes from your perspective as a seller: Permits, Dower Rights, and Vacant Possession.

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Selling Homes in Alberta and Real Property Reports

What the Heck Is a Real Property Report and Why Should I Care?

In the Province of Alberta, a Real Property Report (RPR) is a required part of the standard Multiple Listing Service (MLS) real estate purchase sales contract. It is a document that was formerly called a Land Survey because a professional group known as the Alberta Land Surveyors’ Association produces it. Continue reading

Investor Lawyer vs. Everyday Millionaire

Everyday Millionaire podcast logo

“Podcast Interview with Barry McGuire: Enduring Lawyer, Authentic Counsel.”

What does a successful life in Alberta real estate look like? Legal education, investing experience, and the importance of family are all topics covered in this hour-long interview with Barry McGuire. The host of the Everyday Millionaire podcast, Patrick Francey, is an investor, entrepreneur, and educator who has known Barry for many years. Their wide-ranging conversation is littered with nuggets of wisdom and humour. Check it out at the following link:

http://theeverydaymillionaire.ca/episode-30-barry-mcguire-enduring-lawyer-authentic-counsel/

Get to Know the Real Estate Purchase Contract in Alberta

Podcast Episode 118: “Big Changes To The Standard AREA Contract.”

September 2016 (with mild tweaks in July of 2017) brought numerous and meaningful changes to the existing 2014 residential purchase documentation approved by the Alberta Real Estate Association (AREA). These changes affected both the Residential Purchase Contract used for all homes and houses and the Residential Resale Condominium Property Purchase Contract, used for condominiums. Existing wording has been modified and new wording added. As we go through our commentary, we will refer to the contracts as the 2014 contract and the 2017 contract. This podcast and the accompanying text explain the changes and what they mean for buyers, sellers, realtors, and lawyers dealing with real estate in Alberta.

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Inheriting Property Isn’t as Simple as it Seems

Will and Testament

Podcast Episode 117: Estates Are Tricky!

Real estate can cause all kinds of problems when a family member passes away. First, it can take a long time before the will is executed and the inheritor is actually in control of the property. Second, the person who inherits the property also inherits the financial responsibility (mortgage, taxes, etc.), which they end up responsible for even before they own the real estate! This Tale is about what happened when someone inherited a piece of property and almost went into foreclosure with it.

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How to Invest in Canadian Real Estate with Assignments: Basics, Exercise, and Case Studies

“The Practical Side of Assignments.”

This 30-minute video is a hands-on introduction to real estate investment in Canada using assignments. I’ve posted about this topic before (e.g., podcast and blog), but this video focuses on the practical side of this creative investing strategy. Watch it to get a definition of assignments and the basics of how they work from a legal perspective, then try an exercise and review case studies showing real life examples of deals using assignments.

If you’d like to learn more about assignments, you can get a free 33-page creative investing guide when you sign up for our newsletter.

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Walk Away From a Real Estate Deal at Your Own Peril!

Podcast Episode 116:

“Failure To Close? More Than Your Deposit Is At Risk!”

A real estate purchase contract is a legally binding agreement. If the buyer doesn’t meet their obligations by closing the purchase, there can be financial repercussions. At a minimum, the buyer will lose their deposit. But it can be far, far worse. In this Tale, a BC real estate buyer didn’t close and ended up paying for it after the courts ruled in favour of the seller.

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