A home purchase involves a series of legal steps, and many of them happen behind the scenes. Understanding them makes the process less stressful.
Before you remove conditions
Your lawyer can review the purchase contract before you are bound by it, including conditions such as financing and inspection, possession dates and what is included in the sale. It is much easier to ask questions early than after conditions have been removed.
Title and your mortgage
Your lawyer searches title to the property, reviews any registered interests and confirms what will be registered against it. If you are borrowing, your lawyer also reviews the lender’s instructions and mortgage documents and explains the terms you are signing. Many buyers also arrange title insurance, and your lawyer can explain how it works.
Condominiums
If you are buying a condominium, your lawyer reviews the condominium documents, such as the bylaws, financial statements and reserve fund information, so that you know what you are taking on.
Adjustments and closing costs
On closing, items such as property taxes and condominium fees are adjusted between buyer and seller. Alberta does not charge a land transfer tax, but you will pay Land Titles registration fees for the transfer and any mortgage, along with legal fees and disbursements.
Registration and possession
Your lawyer holds the funds in trust, arranges for the transfer and mortgage to be registered at Alberta Land Titles and confirms when you can take possession.
Next steps
If you are planning to buy or sell, get in touch as early as you can. See also our real estate services.
This article is general information, current at the date of publication, and is not legal advice. Please speak with a lawyer about your own situation. Reading this article does not create a lawyer-client relationship.