Residential Real Estate

purchasing property

Purchasing property can be the single most significant and personal investment an individual can make, and the process should be handled with individualized care. At Robertson LLP, we pride ourselves on our ability to keep the entire procedure personalized and as stress free as possible for our clients because we understand them.

We understand that no-one likes surprises when it comes to legal fees.

At Robertson LLP, we do not charge extra for items such as; monoline lenders or multiple payouts, and our base legal fees do not increase according to the purchase or sale price. We aim to keep our fees up front and affordable for our clients.

Our Buying Process

  1. Robertson LLP receives contract from Purchaser(s) or their agent once all conditions have been waived (a firm deal).
  2. The client(s) receive their Robertson LLP ‘Welcome Email’ introducing them to their assigned Paralegal and requesting some of the required information.
  3. If purchasing with cash, then Robertson LLP can immediately confirm numbers and book the clients’ appointment with one of our lawyers. If purchasing with financing, Robertson LLP waits to receive instruction from the lender, and once received prepares the purchase and mortgage documents, and book the clients’ appointment with one of our lawyers.
  4. Once the appointment is booked, the client(s) receive their Robertson LLP ‘Confirmation of Appointment’ Email. This confirms the time, date, address and name of the Lawyer they are meeting for their appointment. It also lists all the required items which the client(s) must bring with them including a complete breakdown of the Cash Difference required to purchase the property.
  5. The Seller’s lawyer sends Robertson LLP executed sale documents and Real Property Report (if required) for review.
  6. At the meeting the lawyer will go through the financial aspects of the purchase, explain the signing documents and answer any of the clients’ questions surrounding their purchase.
  7. On the ‘Closing Date’, Robertson LLP receives mortgage proceeds (if applicable), registers transfer and mortgage (if applicable) documents at the Land Titles Office.
  8. Robertson LLP then immediately sends the ‘Cash to Close’ to the Seller’s lawyer who will notify the realtor that ‘keys may be released’ once delivered.
  9. After the ‘Closing Date’, Robertson LLP will receive a clear copy of title from the Seller’s lawyer along with any other outstanding items e.g. Real Property Reports and Estoppel Certificates. Then Robertson LLP produces the full reporting package to the client and their lender (if applicable).

 


Phone: 403-407-2605
Or E-mail: realestate@robertsonllp.ca

Disbursements will vary according to the value of the property and include items such as; land titles fees, courier services, tax searches, court runners, title searches and any other out of pocket costs our firm pays on your behalf to facilitate the closing of the transaction. To confirm your quote today, contact our team.

Please call our team directly for a quote on Purchases over $1,000,000.00.

Any lesser fees, or additional charges will be determined during our initial discussion with you concerning your individual real estate transaction. We work hard to understand our clients’ individual situations as best we can to avoid any unforeseen expenses.

Why do I need a lawyer?

Here are just a few reasons why you require a lawyer to purchase property:

  • Your lawyer will review your legal documentation to ensure your rights are being protected;
  • Your lawyer will coordinate the entire closing working with all required parties to ensure success;
  • Real estate transactions in Alberta are typically closed utilizing lawyer trust conditions, unavailable to non-lawyers;
  • Lending institutions require a lawyer to draft mortgage documentation and deliver funds;
  • Legal representation is a preventative measure for any disputes that may arise and is invaluable if they do.

Who pays my real estate agent?

Generally, and unless otherwise agreed, the Seller is responsible for paying the real estate commissions in accordance with the listing agreement.

How do the property taxes work?

Property taxes are adjusted as of the closing date. The seller is compensated against the purchase price by the buyer for any overpayments made on a prorated basis or vice versa.

What happens with Condo fees?

Condo fees are adjusted as of the closing date. The seller is compensated against the purchase price by the buyer for any overpayments made on a prorated basis or vice versa.

What happens to the deposit?

Your deposit acts as credit against the purchase of the property in your favour.

Who has the keys?

Typically, your realtor will provide you with the keys at noon on the closing date.

When do I have to meet the lawyer?

Typically, you will need to meet with the lawyer 7-10 days prior to the Closing Date.

How do I know how much money to bring in?

Your assigned paralegal will provide you with a complete breakdown of how much is required in order to complete your purchase, prior to your appointment.

When do I bring in the ‘cash difference’?

Generally, this should be delivered at the meeting with the lawyer, but in any case, at least three days prior to the Closing Date.

Why can’t I sign and scan my signature?

Alberta Land Titles requires original signatures on all documents.

What is the difference between Joint Tenancy and Tenancy in Common?

The principle difference between an individual holding title to a property as a Joint Tenant versus a Tenant in Common is a Joint Tenancy involves a right of survivorship whereas holding title to a property as a Tenant in Common does not.

Under the common law, a right of survivorship means that should one of the property owners become deceased the remaining joint tenant (or tenants as case may be) becomes the sole owner(s) of the property. Certain liabilities associated with the property prior to the time of death may revert back to the estate but the title and benefits of the ownership will pass to the remaining joint tenant(s) without compensation.

Can I buy and sell on the same day?

It is possible to buy and sell on the same day. However, you will be required to have the cash portion of your purchase prior to the closing date. Most lenders offer interim (AKA bridge) financing options for this situation.

Can I purchase before I sell?

Yes you can. Should you require the proceeds of the sale of your current home to pay the Purchase Price of your new home, most lenders offer interim (AKA bridge) financing options for this situation.

Buying or Selling a home can feel overwhelming – so your legal process should not be complicated on top of that.

We streamline and simplify the process for you, operating alongside other professionals involved in your transaction from start to finish.

What are the next steps?

Step 1: When your Real Estate Purchase Contract is firm, let us know! Our office will open your file the same-day, and send out your Welcome E-mail introducing you to your Real Estate Lawyer and Paralegal team. We will outline all of the steps, appointments and required timelines, and request any additional information that may need to be provided.

Step 2: Communication is key in your Real Estate transaction. Once we have received the appropriate documents, we will send you a confirmation assuring you that they have been received and that your file is progressing, and we will include your Lender and Realtor on any pertinent communication that they need to be included on.

 Step 3: Our office will prepare the documents for signing and book an appointment with you to come into our office to sign. We will also provide you with a list of what you will need to bring for required I.D and documentation for your Real Estate Purchase.

 Step 4: On the ‘Closing Day’ our office will be in touch with you and your Realtor to inform you that funds have been sent or received dependent on whether it is a Purchase or a Sale, and give you the green light to proceed with possession for your Purchase, or to inform you that your Sale has successfully closed. Our office will be in touch with you that same day to confirm outstanding items, reporting, answer any questions you may have about your Home Purchase or Sale and of course – Congratulate you!