Timing in Real Estate: The Key to Avoiding Extra Legal Fees

Purchasing a New Home:
What Could Go Wrong?

Timing! I keep blogging about timing because it is one of the biggest problems for real estate transactions. Issues with timing are hugely stressful; they are the most common reason for an increased legal account. And, no one likes to pay more in legal fees than they thought they were going to have to pay!

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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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Buyer and Seller Using Same Real Estate Lawyer

legal dispute

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

Joint Ventures and Land Titles

Who’s on Title?

Two of our clients at RMLO Law LLP formed a typical Joint Venture (JV) to buy a property in Alberta with a brand new mortgage. One client was the “Investor” (the money-man). His JV partner was the “Finder”, (typically a person with real estate expertise and no money). In this case, the Finder had already purchased properties using every cent of his own money. He was out of borrowing capacity.

Part of their JV discussions was, “How should we take title?” Both clients understood that they had a few basic choices. Continue reading

How to Avoid Mortgage Fraud

mortgage fraud

Podcast Episode 97:
“Mortgage Fraud.

The simplest way to avoid committing mortgage fraud is to fully disclose everything about a deal to your lender. If they are satisfied, then you’re probably okay. But what happens if someone else is defrauding you? In Tales from the Trenches, you usually hear second-hand accounts of the trials, tribulations, and successes of Canadian real estate investors. In this Tale, you’ll hear it from the “horse’s mouth.” Special guest Valden Palm tells us how he narrowly avoided getting sucked into a mortgage scam. An unscrupulous guy in Edmonton was buying houses, doing shoddy renovations, and then flipping them between shell companies to get more and more money in refinanced mortgages. Lucky for Valden, due diligence and a gut feeling saved his bacon!

 

Download the audio file HERE.
(control click or right click + save as)

If you’re buying or selling real estate in Alberta, you need a lawyer.
Use the form below to contact Barry now!

“Mortgage Fraud” image courtesy of  www.cafecredit.com used under CC Attribution 2.0 Generic.

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…

 

Download the audio file HERE.
(control click or right click + save as)

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.

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.

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.