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Real estate lawyers are critical in making real estate transactions systematic and hassle-free. Though the exact involvement of Canadian lawyers differs from province to province, they are the ones accountable for streamlining real estate deals. Due to this reason, you must have a real estate lawyer or notary on your side throughout the transaction process. Meanwhile, you should also be aware of some essential legal aspects of property dealing. This post aims to shed light on those factors.
We request you not to consider this article as legal advice. Consider consulting with a proficient real estate lawyer if you are into property dealings. After all, only a lawyer can provide expert guidance as per your distinctive needs and ensure a seamless closing experience for you. At the end section of this post, we will talk about the leading property real estate lawyer firm you can trust in Canada. But before jumping to that, let’s focus on what your lawyer is likely to want you to know before initiating a real estate transaction.
#1 Types of Land Ownership
There are 3 common types of land ownership in Alberta that includes:
- Sole Owner: An individual or a registered company or organization solely owns the property.
- Joint Tenancy: In this type of ownership, two or more persons or entities own a property and hold the right of its survivorship. If an owner dies, his share in the property will go to the other owners.
- Tenancy-in-Common: Two or more owners of a property are called tenants-in-common. If one tenant-in-common dies, his share will go to the estate instead of the other co-owners.
Your lawyer wants you to know this because you have to specify whether you wish to be a joint tenant. You will eventually become a tenant-in-common if you don’t want to be a joint tenant or specify your desired ownership status in the transfer document.
#2 Make Proper Loan Agreements Before Borrowing Money from Friends and Family
Many potential property owners acquire informal loans from their friends or family in order to buy the real estate they want. In that case, you must sign a legal agreement with your lender stating you own the property you buy. Property lawyers want clients to know this to save both parties (the person who wants to buy the property and his acquaintance giving the informal loan) from potential misunderstandings.
#3 Things That Have to Be in Order Before You Receive the Property Key
Real estate lawyers also want their clients to know that the following items have to be in order before they accept the property key:
- The exchange of the closing documents has taken place.
- Title documents have been registered.
- Conditions specified in the agreement have been satisfied before making the final payment.
These are only a few of the many things that lawyers want their clients to be familiar with before buying a property. We can’t discuss all the criteria here as real estate law is a broad practice area consisting of many legal aspects. Covering them all in a single post is impossible. However, we encourage you to schedule a consultation with Peter B Mason Real Estate Lawyers to avail yourself of handholding support and legal guidance for your real estate purchase. We have the best lawyers for property disputes, legal representations, negotiations, preparing and reviewing legal documents, etc. Have us in your team to make real estate transactions an effortless process and get remarkable results every time.