Can We Both Use the Same Lawyer in a Real Estate Transaction?
This question comes up all the time in my Alberta real estate legal practice. I’ll get a call from a buyer or seller, we discuss the details of their purchase or sale and then the question comes up: “This is a simple deal and we want to save some money on legal fees. Can we both use you as our lawyer to close this deal?”
The short answer is maybe, but practically speaking, no. Continue reading
Faulty Furnaces and Inspection Issues.
It’s always a good idea to get a professional building inspector to assess any property you’d like to buy. But it doesn’t guarantee 100% that you won’t have problems with your real estate purchase! Whose responsibility is it if there are issues that the inspector doesn’t find? The following is a story about a client, an inspection, and a rusty old furnace.
My client hired a reputable home inspector to check a potential house purchase in Calgary, Alberta. After what appeared to be a thorough inspection, which included the 17-year-old furnace, my client decided to purchase the 1960 bungalow.
Days before occupancy, the natural gas furnace died, apparently from a rusted out heat exchanger. My client thought the home inspector should have caught this. The two estimates for repair were $4,000 and $10,000. Continue reading
Podcast Episode 77:
“Is Title Insurance Worth It?“
In Western Canada, title insurance was created to cover problems with real property reports, but did you know that it also covers many other issues? In this Tale, we have a case where the lender got title insurance, but the buyer/homeowner did not. When there was a $21,000 claim made regarding gap registration, the matter went to court. This problem could have been avoided with a mere $50 of extra insurance! Many of the Tales I tell are like this one, which is all about helping you avoid other people’s mistakes.
Download the audio file HERE and the text/handout HERE.
(control click or right click + save as)