Canadian Real Estate Lawyers
are listed under the following provinces:
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Canadian Real Estate Lawyers
Canadian real estate lawyers are necessary when a person is buying or selling property or if there is a legal question or dispute about property.
Canadian Real Estate Lawyers have an important role in the purchase and sale of a residential home. The lawyer acts as a conduit of the funds making sure that the funds are paid by the purchaser and delivered to the seller. When representing the purchaser the lawyer will review the purchase agreement and the title documents. He will also register the ownership of the home at the Lands Title office.
A lawyer can help you avoid some common problems with a home purchase or sale. For example, a seller may sign a brokerage agreement that does not deal with a number of legal problems. This happens quite often; realtors often use standard forms, expecting that they will cover all circumstances or will be easily customizable for unusual circumstances.
Canadian Real Estate Lawyers can help you understang the Forms of Real Estate Ownership:
Title (or ownership) to most real estate is held in what is called "fee simple" ownership. This includes most single family homes, town house and apartment condominiums, commercial properties and vacant lots or land.
Condominiums are a special type of "fee simple" ownership called "strata title". This means you have "title" or ownership of both your own town house or apartment unit and, along with the other strata owners, you also own a portion of the "common property" in and around the building.
Canadian Real Estate Lawyers can point out the Information to Obtain Prior to Purchase:
- If you are purchasing a new condominium, obtain a copy of the prospectus. The prospectus provides details of the vendor, the financial history, the details of the common facilities and services, property management contracts, unit entitlement, parking, etc.
- If you are purchasing from an existing owner, obtain a copy of the bylaws, the rules and regulations and the annual budget and financial statements. Also ask for a copy of the strata plan setting out the boundaries of the unit and a copy of the minutes of recent strata council meetings. Find out if owners are permitted to rent their property.
- Ask about the amount of your share of the common expenses, the amount of reserves, the need for major repairs, and the property management agreement. Find out what services are covered by your maintenance fees and what special assessments have been or are likely to be made.
- Property Management. The strata corporation is usually run on a voluntary basis by the owners. Therefore, the corporation usually contracts with a professional property management company to handle its day to day business.
- Maintenance Fee. The strata corporation prepares an annual budget of anticipated expenses and assesses each owner a portion based on the unit entitlement. Payments are usually made monthly.
A Canadian Real Estate Lawyer can protect you by reviewing the purchase agreement and by pointing out any pitfalls in the registry of the property.
Passing Clear Title
Canadian Real Estate Lawyers ensures that clear title is passed by ensuring that funds are not transferred until clear title is passed.