A real estate lawyers role in a real estate transaction is very important and necessary for the transaction to occur. Depending on the type of transaction your lawyer will do a variety of things to make sure the funding occurs. The legal fees to close a purchase transaction are part of your consideration’s for closing costs.
When you purchase a home, your lawyer:
- conducts land title search
- registers you home at land titles
- draws up the list of various debits and credits pertaining to the transaction- known as the statement of adjustments
- does the legwork to make sure the sellers property taxes are up to date, and calculates the balances owing between
- makes sure the sellers mortgage has been discharged
- title insurance for lender if required, and can add on owner title insurance if requested (a good idea!)
- facilitates the transference of funds on your closing (possession) day.
When you refinance your home, your lawyer:
- Conducts a title search to make sure there are no defects
- Registers your new mortgage amount at land titles
- facilitates the financial transactions- including the payout of any required debt
- draws up your financial documents from the lenders instructions
- some lenders offer the use FNF or FCT to complete your refinance transaction. They do the legwork of a lawyer but often the cost is less.
When you sell your home, your lawyer:
- Conducts a title search to make sure there are no issues
- drafts the deed of the home for the buyer
- calculates all of the closing cost you will be required to pay
- draws up the statement of adjustments
- ensures your mortgage has been discharged
- facilitates the transfer of fund on closing day
- pays out the refund to you after paying out any debts required from the profit of your sale, and the real estate commission, and legal fees required
We serve all of Alberta, with a focus on our local Edmonton, Sherwood Park, St. Albert, Fort Saskatchewan, Spruce Grove, Stony Plain, Beaumont, Leduc and surrounding areas!
We are franchised with our National Brokerage Mortgage Architects and can broker your mortgage in other provinces as well. We would love to work with you!