Secondary Suites and Real Property Reports in Alberta

Podcast Episode 106:

“A Real Property Report
with Municipal Compliance Doesn’t Prove a Suite is Legal.”

Are you looking to buy a property with a secondary suite? Ideally, you want to buy properties with legal secondary suites. But guess what? A Real Property Report doesn’t prove a suite’s legality in Alberta.

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How to Become a Real Estate Investor

Focus on Real Estate: Quick Tips.

The way to become a real estate investor is by getting going. No matter how much you plan, analyze, and prepare, your first real estate investment deal is probably going to be a bit messy. But if you have a good strategy, and you keep using it, your next deals will be easier. Don’t wait for your first investment to be “perfect” or you might never get started!

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.

For all your legal needs with Alberta real estate, contact Barry McGuire using the form below.

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

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.

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.

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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

house outline with check mark

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.

 

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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.

Why Do I Need a Lawyer in a Real Estate Transaction?

Focus on Real Estate: Quick Tips.

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.

  1. A buyer’s attorney prepares the mortgage documents that lenders won’t let borrowers prepare themselves.
  2. 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!

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

Transferring Property Without a Lawyer

Podcast Episode 89:
Transfer of Land.”

A Transfer of Land is a document that allows the Land Titles office to register a property in the name of a new owner. In rare circumstances, you might be able to get this done without seeing a lawyer. In this Tale, our investor got a Transfer of Land from a highly motivated seller. Luckily, he also knew what other critical things he needed to do and who he needed to talk to in order to make the transaction go smoothly. This strategy doesn’t come up too often, but when it does, you need to know what to do so you can act quickly.

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Looking for a lawyer to help with buying or selling property in Alberta? Contact Barry now!

“Keys” image by Merio used under CC0 1.0 Public Domain.

Copies of Land Title or Deed.

Focus on Real Estate: Quick Tips.

A land title or deed contains a lot of valuable information. In this video, you’ll learn the basics of how to get a copy of this important document. If you need a real estate lawyer in Alberta, 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 bite-sized pieces of real estate knowledge.

Buying and/or selling real estate in Alberta? Barry can help. Contact him now!

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