7 Property Buying & Selling Scenarios in Which a Real Estate Lawyer Could Prove Invaluable

Buying or selling a property in Edmonton always involves a real estate lawyer — provincial law requires one to complete the transfer of title and funds.

However, not every real estate transaction is straightforward, and even with an experienced agent assisting you, there are situations where the insight and guidance of real estate lawyers in Edmonton can prove invaluable — especially in any of the following seven scenarios:

1. You’re required by law to use a lawyer.

While a lawyer’s involvement is mandatory in Alberta for completing the sale or purchase, many buyers and sellers don’t realize that a lawyer’s help is valuable well before closing — for example, when drafting or reviewing an offer, clarifying legal obligations, or resolving issues that could delay the transaction.

2. You’re completing a private sale without any agents involved.

You may be able to save money by selling your home privately (‘for sale by owner’), but preparing the documents associated with the transaction is rarely achievable without professional help, and negotiations may be tricky.

3. You’re buying a property without your own agent.

Without a real estate agent to represent you when buying a property, the seller’s agent may offer to handle everything in what is known as ‘dual agency.’ While this might sound like a convenient option, it’s difficult for an agent to act in your best interests, as well as those of the seller, and when it comes down to it, they’re likely to side with the seller. Your own lawyer will work for you and your best interests alone.

4. A problem has arisen with either the property or the deal.

From boundary and rights-of-way disputes to easements and a whole host of other issues that can crop up when buying a home, without guidance from a lawyer, you may struggle to resolve such issues. If the property is involved in some sort of litigation, such as foreclosure, or a dispute arises between buyer and seller, legal advice might well be needed.

5. You’re unsure about the tax consequences.

Knowing how buying or selling a property will affect your taxes isn’t always easy, and from capital gains tax for homes that have gone up in value to mortgage interest and property tax deductions for buyers, advice from a lawyer can help you get to grips with your tax return.

6. You have plans to alter the exterior of the property.

There may be strict rules enforced by a homeowner’s association or local authority that guide what you may or may not be able to change on the exterior of your property. From solar panels and additions to teardowns and paint jobs, a real estate lawyer can help you determine what you can and can’t alter, assist with structuring the transaction, and guide you towards gaining the necessary approvals.

7. You instinctively feel you should consult with a lawyer.

Some property transactions might seem unusual, be mishandled, or even be a little suspicious, and you may feel as if advice and guidance from property lawyers in Edmonton would be beneficial.

Buying or selling a property is a significant transaction to undertake by anyone’s standards, and with so much at stake, investing in expert guidance from a lawyer can help protect your hard-earned money, as well as your sanity!