In this video, Barry explains what a lawyer does for you when you buy or sell real estate. Below are two of the highlights. If you need an Edmonton real estate lawyer, get in touch with Barry at RMLO Law LLP.
A buyer’s attorney prepares the mortgage documents that lenders won’t let borrowers prepare themselves.
A seller’s lawyer manages the money in a transaction to make sure that all outstanding debts or taxes are paid, which mean the seller receives their cash with no strings attached.
This is the next instalment of Focus on Real Estate with Barry C. McGuire, a series of videos that provides bite-sized pieces of real estate knowledge.
If you’re buying or selling real estate in Alberta, contact Barry now!
Podcast Episode 72:
“The Basics—The Legal Side of Landlording.”
In my 40-plus years of experience as a lawyer, I have observed many common situations that real estate investors have the same questions about. My answer is: it’s all about The Basics. One of those questions is how to be a landlord. As an attorney, I suggest that one of the most important parts of being a landlord is carefully following the legal rules for renting properties. In order to do this, you need to know the law in your area. Luckily, governments usually have all kinds of resources to help people who aren’t lawyers to learn the rules. You also need to have a system in place that makes sure you can consistently do things by the book. In this Tale from the Trenches, we have a property manager who unlawfully evicted a tenant, and a landlord who paid the price.
Download the audio file HERE and the text/handout HERE. (control click or right click + save as)
Many things can slow down a mortgage application. Two weeks is a minimum for your financing condition, but some sellers might not like it; getting pre-approved is a safer option. To avoid human error, make sure to read over your own mortgage documents carefully.
What happens when a real estate deal is delayed past the closing date? The seller can choose not to sell, but they still keep your deposit. Verbal agreements for things like extensions aren’t enough; you need signed documents or else people can change their minds.
Our “Tales from the Trenches™” often deal with one of those “Basic” issues that we teach and train about at least a couple of times per year. “Basic” is when Tales reviews things that all real estate investors meet and deal with, deal after deal.
This time it’s that perennial question, “how much time do I need to close?” Continue reading →