Canada’s real estate industry is flourishing, contributing nearly 50% towards country’s GDP growth. This is indicative of the fact that an increasing number of citizens are investing towards residential real estate and purchasing property in the country. According to a report compiled by the Canadian Real Estate Association (CREA), the sale of every residential property in Canada generates almost $51,409 in spin-off spending.
Therefore, even though purchasing a home today is a nifty investment, it is important for buyers to be careful before acquiring the property. For most customers, purchasing a home is a significant venture which they intend to last for a long time. Consulting a real estate lawyer during this process ensures the sale goes through successfully and the property verifies to be a profitable investment.
Here’s a closer look at the importance of consulting real estate lawyers before buying a home:
Completing the Property Search
A detailed property search involves a complete inspection of the home you are planning to buy by your real estate lawyer. To guarantee that the purchase turns out to be a sound investment, it is important to make sure the property is in compliance with Alberta’s construction and fire-safety codes. Your real estate lawyer reviews the real property report of the house carefully to ensure its compliance. He also conducts a comprehensive search regarding the tax certificates or arrears outstanding on the acreage to ensure its future viability.
Drafting the Purchase Agreements
Your purchase agreements complete the procedure of acquisition of the property and grant you ownership of the residence. Most real estate agents use standard purchase agreements to complete this transaction.
However, these standard forms may not include significant details like the terms for renovation and expansion of the property, remarks from a real property report or details regarding the non-conformance of the property. Consulting an experienced real estate lawyer to draft and authenticate these documents is necessary to ensure your home is a profitable investment.
Conducting a Full Title Search
All transactions pertaining to the sale and purchase of property in Alberta are regulated by the Real Estate Act. Therefore, it is important for buyers to conduct a detailed search of the title of the property before completing the purchase to avoid unnecessary financial encumbrances in the future. Your lawyer requests and reviews all the necessary documents from the office of Alberta Land Titles. He also makes sure, if there are any obscured encumbrances associated with the property like encroachment agreements or party-wall agreements they are resolved timely.
Accessing Rebate Options
This benefit is especially essential for first-time home buyers. People who are purchasing a home for the first time in Alberta are entitled to a rebate on the land transfer tax. Consulting a real estate lawyer before purchasing the property lets you access this rebate and optimize your tax returns significantly.
Closing the Deal
The closure of the property deal concludes the entire transaction and transfers the deed of the house in your name. This process includes the transfer of the title of the land and payment of the balance amount pre-determined for the property. It is important to ensure the presence of your real estate lawyer throughout this procedure to warrant a successful transaction.
Venturing into residential real estate can be a valuable investment if done wisely with the aid of a professional. Consult our team of real estate lawyers today to ensure a successful purchase.