Five things you need to know about the buying or selling of a property

1.    Purchase Agreements should be reviewed by a lawyer to identify and address any conditions that need to be removed or added to protect your interests.

2.    To protect against real estate and mortgage fraud, the Law Society requires every lawyer to confirm their client's identity.  Banks have recently increased the amount of documentation required to ascertain a purchaser's identity and income.

3.    A vendor is required to disclose any deficiencies (problems) in the property they are selling. Nevertheless, the purchaser should request a property inspection as it may reveal an undisclosed problem or previously unknown issue.  

4.    A purchaser is required to have fire insurance on the date of possession.  The vendor is required to maintain their own fire insurance until the deal is closed.

5.    If you are purchasing a house, remember to review the Real Property Report, which is a formal survey of the land and the home.  It should also include any structures that have been added, including fences and decks, which must comply with municipal bylaws for the area.  Typically, the purchaser and the bank will want confirmation of bylaw compliance or Title Insurance.

Contact Edmonton lawyer Dustin Tkachuk or the law firm's Legal Assistant, Nici Revers,
by phone 780.428.0777 or online to learn more about the real estate legal services offered by Lawrence and Tkachuk.   "Our legal fees for real estate transactions are very reasonable and flat rates apply for many legal services," says Mr. Tkachuk.