Edmonton Real Estate Lawyers Serving Alberta and Western Canada
If you are engaged in any type of real estate transaction in Edmonton, it is in your best interest to consult with an Edmonton real estate lawyer.
Buying or selling a home is typically one of the largest financial transactions we will make in our lives. As such, it is wise to protect your legal rights and best interests, by hiring legal counsel.
At Chadi & Company, our trusted team of real estate lawyers has been serving clients in Edmonton and the surrounding areas, and throughout Alberta for 30 years.
We have successfully represented countless clients in the purchase and/or sale of both homes and commercial properties.
How an Edmonton Real Estate Lawyer Can Help
When real estate transactions are fairly straightforward and conventional, lawyers typically step in toward the end of the process. Once the real estate agents and buyer/seller have agreed on a purchase price and terms of sale, a real estate lawyer can:
- Review contract terms to ensure that they are in your best interest;
- Negotiate for repairs after a home inspection;
- Conduct a title search and resolve any issues, including judgments and liens against the property; and
- Represent you at closing.
Both buyers and sellers can benefit from having a real estate lawyer by their side in any real estate transaction, but this is especially true when the purchase or sale is expected to be complicated, such as when the buyer or seller is dealing with:
- An out-of-town property;
- A bank-owned property;
- A short sale property;
- A commercial property;
- A property with structural issues;
- A property that is part of an estate sale;
- A property that is in a flood zone;
- A property with high radon levels;
- A jointly-owner property, when one owner is uncooperative; and
- A property with judgments or liens against it.
Typical Fees Involved with Buying a Home
Buying a home can be an expensive process, and not just because of the price tag on the home. It’s a good idea to budget for an extra two percent of your home’s purchase price on additional costs.
For example, if you are buying a $400,000 home, expect to spend another $8,000 in other costs and fees. This amount may increase if your down payment is less than 20 percent and in some other situations.
Common costs and fees involved in the purchase of a home may include:
Property evaluation fee for your home appraisal
Title insurance, which will be required by your mortgage provider;
Property insurance, required by your mortgage provider;
Mortgage insurance, if your down payment is less than 20 percent;
Estoppel certificate fees to check for outstanding payments and interest on condominium fees, if you are buying a condo;
Legal fees for paperwork;
Additional legal fees on properties with issues such as title issues, structural problems, or as part of an estate sale.
Home inspection fees; and
What Is Typically Included in the Real Estate Legal Fees?
The legal fees charged by your real estate lawyer will depend largely on the particulars of your unique transaction, the complexity of your purchase or sale, and the firm’s fee structure.
At Chadi & Company, we charge real estate clients a flat-rate fee, which encompasses all standard real estate disbursements, including filing, administration, documents, registration of title and mortgage, and charges for couriers, photocopying, and faxing.
As a result of this transparency, our clients are able to easily and effectively budget for the cost of real estate legal services, giving them a greater sense of control over the entire transaction.
Furthermore, when choosing legal counsel, it’s important to work with a lawyer who specializes in real estate law and has extensive experience handling transactions similar to yours.
Real estate laws in Edmonton are complex and constantly evolving, and only a lawyer who specializes in this area will be able to effectively protect your best interests.
Choosing a Real Estate Lawyer
When it comes to protecting such a substantial investment, it’s important to choose legal counsel wisely.
Edmonton real estate legislation is complicated and constantly evolving, and someone who dabbles in this area is simply not going to have the knowledge to adequately protect your rights, nor your investment. The more experience the lawyer has in real estate transactions, the better. In layman’s terms, you want someone who’s “seen it all.”
It’s also important to use the initial consultation to make sure you feel comfortable with the potential candidate. Do they seem honest, confident, reliable, and forthcoming? If anything seems off, too good to be true, or makes you uncomfortable, keep looking.
Now is also a good time to ask how the lawyer charges. Generally speaking, a flat fee is best.
Real estate transactions are already filled with unexpected costs and uncertainties. Don’t add any unnecessary surprises to your plate.
Contact Chadi & Company Today
If you are engaged in any type of real estate transaction, the skilled legal team at Chadi & Company can help.
Our Edmonton residential property lawyers have been assisting clients with the purchase, sale, and lease of residential and commercial real estate for 30 years.
Whether you are buying your first home or selling a multi-million dollar commercial property, we can ensure that your rights and best interests are protected throughout the entire process.