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Five things you need to know about the buying or selling of a property

Asian couple reviewing information provided by the law firm Lawrence and Tkachuk for individuals getting ready to buy or sell a home or house and need legal services related to the completion of real estate transactions1.    Purchase Agreements should be reviewed by a lawyer to identify and address any conditions that need to be removed or added to protect your interests.

2.    To protect against real estate and mortgage fraud, the Law Society requires every lawyer to confirm their client's identity.  Banks have recently increased the amount of documentation required to ascertain a purchaser's identity and income.

3.    A vendor is required to disclose any deficiencies (problems) in the property they are selling. Nevertheless, the purchaser should request a property inspection as it may reveal an undisclosed problem or previously unknown issue.  

4.    A purchaser is required to have fire insurance on the date of possession.  The vendor is required to maintain their own fire insurance until the deal is closed.

5.    If you are purchasing a house, remember to review the Real Property Report, which is a formal survey of the land and the home.  It should also include any structures that have been added, including fences and decks, which must comply with municipal bylaws for the area.  Typically, the purchaser and the bank will want confirmation of bylaw compliance or Title Insurance.

Contact Edmonton lawyer Dustin Tkachuk or the law firm's Legal Assistant, Nici Revers,
by phone 780.428.0777 or online to learn more about the real estate legal services offered by Lawrence and Tkachuk.   "Our legal fees for real estate transactions are very reasonable and flat rates apply for many legal services," says Mr. Tkachuk.

"If you are purchasing a house, remember to review the Real Property Report."

 

Meet the lawyers of Lawrence & Tkachuk

photo of Edmonton lawyer Crystal Lawrence

Get to know Edmonton family law lawyer Crystal Lawrence

Crystal A. Lawrence Professional Corporation

photo of Edmonton lawyer Dustin Tkachuk

Get to know Edmonton family law lawyer Dustin Tkachuk

Dustin J. Tkachuk Professional Corporation