Residence Purchase and Sale: A Legal Guide from Real Estate Lawyers

Unless you are involved in the real estate market of Alberta, buying or selling residential property can be quite an overwhelming process, especially when it comes to the legal steps involved. After all, it’s crucial to have an in-depth understanding of the real estate regulations of Alberta to ensure your residence purchase or sale complies with all the real estate laws, so you don’t have to face any legal pitfalls in the long run.

real estate sale lawyer

Need help? In this guide, pro real estate sales lawyers will help you learn the legal steps involved in residential property purchase and sale in Alberta with a simple breakdown step-by-step. Let’s begin. 

Understanding the Legal Steps Involved in Residence Sale and Purchase

First, understand that when you buy or sell a residence, having an experienced real estate lawyer in Alberta on your side is crucial to ensure a smooth transaction. 

With a real estate sale lawyer, you can ensure compliance with Alberta’s real estate legal specifications, while accessing legal expertise during the closing process, especially in case of reviewing legal documentation and drafting contracts. Also, you can have expert guidance in case of property title and ownership issues and negotiation. 

real estate lawyers

Now, when it comes to understanding the legal steps in a residence purchase and sale process, real estate lawyers break them down in the following ways. Such as:

Legal contract of purchase and sale

In the selling or buying process of a residence, the first step is to get into a legally binding contract that outlines all the terms and conditions of the property transaction. Here, you need to ensure that the following elements are present in this contract of sale and purchase:

  • Identification of both parties
  • Property details
  • Purchase and deposit amount
  • Terms and conditions
  • Date of completion to transfer property ownership
  • Closing costs
  • Default and remedies

Property inspections-

Once you have signed the contract, you should conduct an in-depth property inspection to ensure no hidden title or ownership issues. Here are the key property evaluations you can conduct:

  • Title Search
  • Home inspection
  • Real property report
  • Insurance coverage
  • Legal and financial due diligence
  • Environmental assessments

Considering financing and mortgage-

After the property inspection, you need to look into financing and mortgage options in the property purchase or sale process. It will help you ensure the transaction process is in order and you have access to the necessary funding. When considering the mortgage option, make sure you choose the type of mortgage, such as adjustable rates or fixed rates, that suits your financial condition and goals.

Title Search

Once you have determined all the financing and mortgage options, conduct a title search with the help of professionals to ensure the residence property you are buying or selling has no ownership or title issues. Here are the types of title searches you can conduct:

  • Property survey
  • Title search for liens, legal claims, or encumbrances
  • Property tax assessment
  • Zoning and planning regulations
  • Insurance considerations

Lastly, you need to facilitate the closing process to determine that all the legal procedures are going smoothly, leading to a successful transaction, while registering the transfer of ownership is also a crucial step to ensure that the ownership has been legally changed and recorded. 

Seeking an Experienced Real Estate Law Firm in Alberta?

If yes, we are here to help you throughout the residence purchase and sale procedures. At Peter B Mason Professional Corporation Real Estate Lawyers, our real estate lawyers will assist you in every step of buying or selling a property and ensure a smooth and legal transaction. 

Call us now or get an instant estimate online today!