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Tag: closing costs alberta

  • 3 Questions You Need to Ask Your Alberta Real Estate Lawyer

    3 Questions You Need to Ask Your Alberta Real Estate Lawyer

    If you just firmed up your purchase or sale (Congratulations!), you’ll likely need to choose a Alberta Real Estate lawyer to facilitate your closing.  

    No matter which lawyer you choose, asking the right questions before moving forward with having the lawyer (or law firm) who is going to handle your transaction can make the entire experience smoother and more predictable. 

    Here are some questions you must ask any Alberta Real Estate lawyer when buying or selling a house:

    What Are the Fees, INCLUDING Disbursements?

    Legal fees are the professional fees your lawyer charges for completing your real estate transaction. In addition to legal fees, disbursements are third-party costs paid by your lawyer in connection with completing your transaction. Disbursements usually include costs such as land title fees, tax searches, title insurance, and courier costs.

    Can I Sign My Documents Virtually and How Do You Conduct Your Virtual Meetings?

    An Alberta Real Estate lawyer can now witness real estate closing documents remotely. This means you can meet with your lawyer through video-conferencing to have your closing documents signed and witnessed. However, not all lawyers conduct virtual signing meetings in the same manner.

    At Deeded, virtual signings are easy, efficient and client friendly. Our lawyers can remotely witness Alberta real estate closing documents regardless of where you are located, either inside or outside of Alberta.  All you need is a computer or tablet with a webcam, an internet connection, and a mobile phone.

    What is Your Process?

    Home buying/selling is exciting but can also be one of the most stressful experiences of your life. Whoever you choose needs to be able to explain the closing process so that you can anticipate what is required and know what to expect.

    At Deeded, our goal is to make the process as smooth and seamless as possible. Our welcome package provides you with everything you need to know about the home closing process. Further, at every stage of the transaction, we will let you know what’s happening next. If you have any questions during the process, please do not hesitate to call, email or text us.

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  • Virtual Real Estate Closing:  Here to stay in Alberta

    Virtual Real Estate Closing: Here to stay in Alberta

    Since the Covid shutdown, lawyers have been able to witness real estate closing documents remotely and that includes virtual Real Estate closings in Alberta

    A virtual real estate closing means you can meet with your lawyer through videoconferencing to have your closing documents signed and witnessed instead of having a face-to-face meeting with your lawyer and signing documents with 'wet ink'. At Deeded Law, we leverage the latest technologies to make virtual signings easy, efficient and client friendly.

    The Alberta government recently decided to allow remote witnessing to continue indefinitely.

    How Does a Video Conference Signing Work?

    At Deeded Law, our lawyers can remotely witness Alberta real estate closing documents regardless of where you are located, either inside or outside of Alberta. All you need is a computer or tablet with a webcam, an internet connection and a mobile phone.

    Prior to the meeting, we will obtain your written consent to proceed with a video conference signing and to take screen shots of you and your identification. We will also get a copy of your government issued identification and provide any original documents required to be signed.

    To ensure confidentiality, we encourage you not to have anyone else present in the room during the video conference. During the meeting, you will be required to show the same identification previous sent to us. The lawyer will take “screen shots” and compare the photos on the identification with the individual on the video.

    After witnessing you sign your documents, you will send us a PDF version or photograph of any originally signed documents. Only originals documents are required to be returned via courier using the provided
    return address label.

    You will receive an electronic version of all executed and sworn documents as part of the final reporting package, to keep for your records.

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  • The Top Real Estate Closing Costs to Consider in Alberta

    The Top Real Estate Closing Costs to Consider in Alberta

    It is too often that we get clients who are closing the purchase or sale of their home in Alberta and are surprised to find out that they did not budget for all their real estate closing costs.

    Nothing is more stressful than finding out you have to scramble to come up with more money for your closing.   Nobody likes surprises.  That’s why we are always aiming to educate our clients and partners early in the home buying or selling process.

    If you are buying or selling a home in Alberta, here are some of the real estate closing costs you may encounter:

    Legal Fees

    In Alberta, you will need a lawyer to close your Real Estate transaction.  Legal fees can range from $800 - $1500 and can sometimes include or exclude disbursements (expenses incurred by the lawyer, which are typically passed on to you such as couriers, search costs or other fees).

    When comparing legal fees, ask for an estimate of total fees you can expect to pay for your closing, including disbursements.

    At Deeded, we offer a flat fee for closings and you can calculate your full real estate closing costs on our website. 

    Adjustment Fees

    Say you are buying a home, closing in July and the seller has prepaid their full property taxes for the full calendar year.   In this situation, your lawyer “adjusts” the taxes so that you (as the buyer in this example), would owe a pro-rated portion of the expense to the seller.

    Typical adjustments happen for property taxes, condo/strata fees, or any other fees that may have been pre-paid or unpaid by the buyer or seller.

    It is important to always budget for adjustments as they can increase your real estate closing costs.

    Land Titles Fees

    The cost of transferring land title in Alberta is set by the Land Titles Act and charged by the Alberta Land Titles Office.   It is paid for by the purchaser of the property on closing.

    This fee is calculated based on the value of the property and the mortgage funds borrowed and can be several hundreds of dollars.

    We offer a Land Titles calculator, along with calculating any other closing costs on our website.

    Real Property Report (RPR)

    A Real Property Report (RPR) is a legal document that clearly illustrates the location of significant visible improvements relative to property boundaries.  A seller will typically have to obtain an RPR as a condition of their sale.

    The amount of work (and cost) to prepare a Real Property Report varies between properties. Lot size and shape, number of buildings, natural features, age and availability of the property boundary information all affect the cost.

    Estoppel Certificate Fees

    You need this certificate to purchase a strata unit or a condominium in Alberta.  The estoppel certificate typically costs around $200 and shows you if outstanding interest is due from the previous owner, or if there are any unpaid condo contributions or interest that is due.

    Title Insurance

    Title insurance protects you from unknown title defects (title issues that prevent you from having clear ownership of the property).  For example, existing liens against the property’s title , encroachment issues (e.g. a structure on your property needs to be removed because it is on your neighbour’s property), and Title fraud.

    Title insurance is often recommended, but is optional. The cost of a title insurance policy in Alberta can range from $200 and up, depending on the value of your property and could be a worthwhile investment for peace of mind.

    Property Insurance

    If you are borrowing money for your home, your lender will typically require that you have a certain level of insurance coverage on your home and ask for proof of insurance (also known as an insurance binder), prior to closing. Without insurance, a lender will typically not advance the mortgage funds to the lawyer.

    It is a good idea to call your insurance broker and shop around a few weeks prior to closing.

    Finally, it is important to mention that your fees can vary depending on the property, location and situation. Contact the Deeded team and we’d be happy to give you a more accurate estimate.

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