Real Property Reports in Alberta

What’s a Land Survey and Why Do You Need One to Sell your Property?

Barry continues his conversation with Century 21 realtor Keith Faria. This time they’re talking about Real Property Reports (RPR), which are two-dimensional drawings created by professional surveyors.

In Alberta, the standard real estate purchase contract requires sellers to provide a current RPR and proof of municipal compliance. Watch the video to get an explanation of what these terms mean and why they’re important.

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Holdbacks in Real Estate Purchase Contracts

Holding Money Back to Get a Seller to Fix Problems with a Property

Barry recently had a chat with Century 21 realtor Keith Faria about holdback clauses for buying and selling real estate in Alberta. They recorded this video to share their thoughts and advice with you.

In a real estate purchase contract, there are ways of getting a seller to do things to the property before the sale. A ‘holdback’ is a clause that reserves part of the purchase money to fix problems—just in case the seller doesn’t do things when or how they were supposed to…

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How to Pick a Lawyer for Mortgages, Refinancing, and Buying or Selling a Home

Why Use a Real Estate Lawyer for My House Purchase or Sale?

Here’s the scenario. When we get a new Alberta real estate transaction sent to us here at RMLO Law LLP in Edmonton, I take a look at what lawyer/law firm is representing the other party. Normally it’s a law firm that does a lot of real estate. Great, that means that we will be working with somebody who understands how real estate works with respect to timing, documentation, and nuances of this legal specialty. What I hate to see is if the law firm is better known for their expertise in other legal specialties, such as divorce law or litigation.

Yes, we are all lawyers but it’s an age of specialization. Continue reading

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

When to Remove Conditions on a Purchase Contract

Podcast Episode 90:
Diligence Pays Off.”

I’ve said it before and I’ll say it again: when you’re buying a property, never remove conditions on the purchase contract until you’ve done due diligence. A real estate lawyer like me can protect your interests and help you negotiate a better deal, but I can only work with the documents and evidence available. In this Tale, our investor was working on buying a multifamily rental property. Unfortunately, there were many discrepancies with the contents of units as well as with the estoppel certificates (aka rental confirmations forms). Good thing they didn’t remove conditions before they finished their diligence!

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

Use the form below to contact Barry McGuire, real estate lawyer, Edmonton, Alberta.

Exercise That Diligence” image by Alan Levine used under CC Attribution 2.0 Generic.

I Don’t Really Need a Lawyer, Do I?

Podcast Episode 69:
“Lawyer? I Don’t Need No Stinking Lawyer!”

Experienced investors sometimes do real estate deals without the help of a lawyer. But even knowledgeable people can miss things that a professional wouldn’t! In this Tale, we have a seasoned investor who acted for himself when he bought a property, but got help from me when he was selling. I found a couple of things registered on the title that he wasn’t aware of. Lucky for him, it was quick and easy to have these removed, but it could have been much worse. If you are going to be your own lawyer, make sure to be even more diligent because you’ll be dealing without backup…

Download the audio file HERE and the text/handout HERE.
(control click or right click + save as)

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Real Rules of Real Estate: RPRS & Realtors

Podcast Episode 63:
Real Property Reports and Realtors.”

In this Tale, our investor was right to walk away, but they will probably lose their deposit. Avoid using the same realtor for both buyer and seller. Know the difference between a Real Property Report and Title Insurance. Make sure your team members are real estate investment professionals, not just family, friends, or people who speak your language.

Download the audio file HERE and the text/handout HERE.
(control click or right click + save as)

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Do I Need a Real Estate Lawyer?

“Real Estate Matters:
Revealing a real estate lawyer’s role.”

The Edmonton Journal‘s Scott Bollinger has written a helpful series of articles called Real Estate Matters. In this edition, he breaks down what a real estate lawyer does, and why you need one when buying or selling properties. Link to the article: HERE.

The whole thing is worth a read, but two quotes stood out. The first is applicable in general: Continue reading