How Long to Close a Real Estate Deal?

Focus on Real Estate: Quick Tips.

Closing a real estate deal in Alberta has two parts. The first is when you are putting together the purchase contract. The second is after conditions have been removed from the contract. In this video, you’ll get Barry’s expert opinion on how long you really need to take care of due diligence, home inspections, mortgage financing, and signing documents. Keep in mind that delays and mistakes are possible, so you need enough wiggle room to get everything done properly. If you need an Edmonton real estate lawyer, get in touch with Barry at RMLO Law LLP.

This is the next instalment of Focus on Real Estate with Barry C. McGuire, a series of videos that provides quick tips on buying and selling real estate in Alberta.

Buying and/or selling real estate in Alberta? Barry can help. Use the form below to contact him now!

Videos co-produced by the Real Estate Investment Network (REIN) as a Google Partner.

Edmonton Real Estate Lawyer Legal Fees Cost

scale with clock balancing money

“How much are legal fees to buy and sell a house in Alberta?” This is the number one search, the question everyone wants answered. So, here are some answers based on my law firm (RMLO Law LLP), and some comments about how much it costs for real estate lawyer’s fees in Edmonton.

First of all, there are no, “standard” legal fees. Continue reading

Interest Rates on RRSP Mortgages

Podcast Episode 96:
“RRSP Mortgages.

In Canada, it is possible to use money held in a Registered Retirement Savings Plan (RRSP) to fund mortgages. While this strategy can yield a nice steady return on investment, there are rules in place that can make it a bit tricky to get into. One of those rules is that the lender (i.e., the person with the RRSP) must use a third party trustee to administer the mortgage. This Tale is about dealing with a couple of different trustees and their policies on interest rates. RRSP mortgages must legally be “commercially reasonable,” but apparently there is a lot of room for interpretation of what exactly that means…

 

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Need an Alberta real estate lawyer in Edmonton? Contact Barry now!

“Mortgage” image courtesy of NYPhotographic.com used under Creative Commons Attribution-Sharealike 3.0.

Due Diligence Fails

Podcast Episode 95:
“A Couple on Due Diligence

I talk a lot about due diligence because it is one of the most important aspects of achieving success with real estate. This is a two-part Tale, showing a couple different examples of problems to look out for when doing one’s due diligence. The first example is about what happened when someone bought a property that was scheduled for renovation, but didn’t look into the plans. The buyer thought everything was taken care of—until things went wrong with the contractor. The second example is about someone who bought a bunch of condo units. The buyer got hit with a special assessment shortly after closing, which was a surprise because there was no deferred reserve study available. In this podcast, I draw important lessons from these examples and make suggestions about how to avoid similar problems.


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For an experienced and reliable Alberta real estate lawyer in Edmonton, contact Barry now!

House/Home Inspection” image by Mark Moz used under CC Attribution 2.0 Generic.

Why Does my Real Estate Lawyer Need my ID?

Focus on Real Estate: Quick Tips.

In the last video, identification was mentioned as one of the things to bring to your lawyer’s office when closing a real estate deal in Alberta. Why is that? Doesn’t your lawyer already know who you are? Basically, new rules are in place for documenting big transactions like buying or selling real estate because of increased concerns about money laundering and terrorism. In this video, Barry explains the details so you’ll remember to bring your ID! Choose Edmonton’s RMLO Law LLP for flat-rate legal fees on basic real estate deals. Get in touch now for a no-obligation consultation!

This is the next instalment of Focus on Real Estate with Barry C. McGuire, a series of videos covering quick tips on the legal side of buying and selling real estate in Alberta.

If you’re going to buy or sell real estate in Alberta, you need a trustworthy veteran lawyer. Contact Barry using the form below.

Videos co-produced by the Real Estate Investment Network (REIN) as a Google Partner.

What to Bring During Closing of a Real Estate Deal?

Focus on Real Estate: Quick Tips.

During the closing of a real estate deal in Alberta, what does the buyer need to bring to their lawyer’s office? For most people buying a house, bungalow, or home, they will need to bring identification, insurance, and certified funds. In this video, Barry explains what these things are in terms of finalizing all the paperwork to purchase a property.

To find out what “closing” means in Alberta real estate, view the previous video in this series by clicking here. If you need an Alberta real estate lawyer in Edmonton, contact RMLO Law LLP for a firm that cares about its clients and offers flat-rate legal fees.

This is the next instalment of Focus on Real Estate with Barry C. McGuire, a series of videos that answers common questions about buying and selling real estate in Alberta.

If you’re going to buy or sell real estate in Alberta, get an experienced lawyer that you can trust. Contact Barry using the form below.

Videos co-produced by the Real Estate Investment Network (REIN) as a Google Partner.

Real Estate: What Happens at Closing?

Focus on Real Estate: Quick Tips.

“Closing” is the final step of a real estate transaction. In Alberta, closing means that the Land Title has been transferred from the seller to the buyer. There is a lot of paperwork involved, which is one reason why having a real estate lawyer is a good idea. In fact, you are legally required to have a lawyer process mortgage documents because an individual is not allowed to do this for themselves.

Focus on Real Estate with Barry C. McGuire is a series of short videos that answers frequently asked questions about real estate in Alberta.

Use the contact form below to send a message to Barry McGuire, Alberta real estate lawyer.

Videos co-produced by the Real Estate Investment Network (REIN) as a Google Partner.

Removing Conditions on Purchase Contract

Podcast Episode 94:
“Removing Conditions—Should I or Shouldn’t I?

Conditions on a real estate purchase contract should only be removed once the due diligence is complete. But what if the conditions are sort of met, but not completely? Should you still remove conditions if the property seems good, the numbers appear to work, and due diligence is more-or-less done? In this Tale, our investor removed conditions even though they only had verbal assurances about rent and utilities, rather than the written tenant information that was supposed to be part of the deal. As you can probably guess, things weren’t what they were supposed to be, but the deal was already done by the time our investor figured out what was really happening! Listen to the audio to get Barry’s take on strategies for dealing with this sort of situation.

Download the audio file HERE.
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If you’re buying or selling a home in Alberta, you need an experienced lawyer that you can trust. Get in touch with Barry now!

“3D Realty Handshake” image courtesy of Scott Maxwell. Used under Creative Commons Attribution-Sharealike 2.0.

What Information is on a Land Title or Deed?

Focus on Real Estate: Quick Tips.

In Alberta, real estate is registered with the Land Titles Office, whose documents are public information. That means that if you pay a bit of money, you can call up the title (also known as the “deed”) for a piece of property that you may be interested in buying. The document contains valuable information. You can use it to find facts about the property, the owner, and any things that might be registered against that title, like a mortgage. In this video, Barry gives you a brief introduction to the information found on an Alberta land title.

Focus on Real Estate with Barry C. McGuire is a series of short videos that provides helpful information about Alberta real estate.

Use the contact form below to send a message to Barry McGuire, Alberta real estate lawyer.

Videos co-produced by the Real Estate Investment Network (REIN) as a Google Partner.

Property Inspections, Reports, and Permits

Podcast Episode 93:
“Inspection Reports & Multi-family Diligence.”

Under Alberta’s Residential Tenancies Act, an inspection report must be made whenever a tenant moves into, or out of, a rental property.  But what happens if you buy a property and can’t get the in/out report? Similarly, building permits for multi-family dwellings specify their maximum number of units. What happens if you buy a building that has illegal suites? This episode of Tales from the Trenches explains the legal issues of both inspection reports and occupancy permits in Alberta.

 

Download the audio file HERE.
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Use the form below to contact Barry McGuire, veteran Edmonton real estate lawyer.

“3D Home Inspection Big Check” by http://www.ccpixs.com/ used under CC Attribution 2.0 Generic.