FAQ - Reich Law Office
The world of real estate can often be a confusing place, filled with promise and yet riddled with potholes that may cause serious damage along the way. To help you better understand the world of real estate law, we have compiled the following list of answers to a few frequently asked questions.
Why do I need legal counsel?
Real estate transactions are made up of a series of details that must be attended to – more than the average buyer is prepared to deal with on their own. Legal counsel in the area of real estate is vital in order to fully understand the process and make sure that every possible contingency has been accounted for and covered.
When do I meet with my lawyer?
You will most likely meet with your lawyer 1 to 2 weeks prior to the day of closing, when all paperwork is to be presented and signed. There may be subsequent meetings arranged if there are issues with part of the documents, but in most cases you will only meet with the lawyer once. That is why it is important to choose a firm that is experienced in real estate laws and practices, and can provide you with an efficient discharge of your legal requirements.
I’m the buyer. When do I transfer funds?
Funds are typically required about 7 days prior to closing. This allows time for correction of any issues that may arise. Your legal counsel can provide guidance on proper handling of monies, down payments, balances, etc.
Are conditions waived once pre-approval for a mortgage is granted?
Not right away. In most cases, the mortgage company may have their own financial tests to be administered. Once you have been approved for the given property you plan to buy, then financing conditions may be waived.
What comprises the legal bill in real estate law?
Real estate legal bills are broken into four main components, the legal fees, and additional fees that may be incurred, actual payments made out to third parties (popularly known as disbursements), and GST. When working with Reich Law Office, you will know exactly what your legal bill is going to be before you incur any costs or make any decisions about moving forward.
Should I make financing a condition of my initial offer to the seller?
As a rule, yes. You can indicate your commitment to buy based on the securing of financing options. Pre-approval is often a good sign, but more than one qualified buyer has been pre-approved only to discover that they could not get approval for the property they were looking at. Perhaps the bank’s appraisal didn’t jibe with the price you had offered. For whatever reason, financing should always be a condition of any purchase offer. Don’t back yourself into a tight legal corner.
Okay, we got the property approved. What now?
You were approved based on information provided in documents requested by the mortgage company. There is a very good chance that a number of supporting documents may be needed to seal the deal. These will need to be provided well in advance of the closing date in order to prevent any stalls in the process.
How do I secure quality real estate legal counsel?
It is important to hire only qualified legal representation, someone who knows the legal system as it exists in Calgary and the surrounding areas. You need someone who instills a feeling of trust, who knows what they are doing and brings all appropriate skills, training, and experience to the table. Get the Reich Law Office on your side by calling (866) 529-7224.
How We Can Help
- Buying Real Estate in Calgary
- Getting a Mortgage in Calgary
- Refinancing Your Mortgage in Calgary
- Selling Real Estate in Calgary
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Reich Law Office
212 Market Mall Professional Centre
4935 - 40 Ave NW