What Should I Look For In A Real Estate Lawyer?
Good communication and reviews, competitive rates, and lots of experience when things get complicated!
What Does A Real Estate Lawyer Do?
Where do we begin? We do a LOT but in summary, we ensure the purchase, sale, or refinance goes smoothly and all legal aspects are covered.
What are disbursements?
Expenses that a lawyer incurs in the course of providing legal services.
What Are Legal Fees vs Disbursements?
Legal fees are what a lawyer charges for their services. Sometimes you pay a fixed fee and other times, you pay an hourly rate or a mixture of both. Disbursements are costs the lawyer pays for on behalf of the client who then pays them back. This money does NOT go into the lawyer’s pocket!
At What Stage Should I Contact A Real Estate Lawyer?
As soon you are thinking about buying, selling, or refinancing when you are negotiating an offer, or shortly after the contract is signed. It’s never too early to hire your lawyer!
How Much Does A Real Estate Lawyer Cost?
Short answer, it depends! Contact us today for a cost estimate.
What Is The Difference Between Title Registration And Title Insurance?
Title registration is when a transfer is registered at the land titles office and the title reflects new ownership. Title insurance will ensure that the new title is against potential defects, amongst other things.
Are lawyers required to obtain title insurance?
Nope, but we often purchase it on behalf of our clients because we know the drill and get better rates than buying it off the street.
What is a Real Property Report and when do I need one?
An RPR is a legal document that illustrates the location of significant visible improvements relative to property boundaries. You need one when it is a term in your contract.
What is Land Transfer Tax?
There is no Land Transfer Tax in Alberta (yet)? In BC, property transfer tax is based on the fair market value of the property on the day it was registered with the Land Title Office unless you qualify for an exemption. Do not be confused with annual property taxes.
How do I calculate Land Transfer Tax?
In BC, the general property transfer tax rate applies for all taxable transactions which are as follows:
1% of the fair market value up to and including $200,000
2% of the fair market value greater than $200,000 and up to and including $2,000,000
3% of the fair market value greater than $2,000,000
If you’re a foreign national, foreign corporation, or taxable trustee, you must also pay the additional property transfer tax on the fair market value of the residential portion of the property if the property is within a specified area of B.C.
How should I prepare for my sale closing?
Send your lawyer your realtor’s contact information with a copy of your contract, copies of your ID, a mortgage statement, and a void check for the proceeds deposit is a great place to start!
Should I make my final property tax payment?
Yes, if it’s due before you sell the property. Your lawyer will adjust for any over or underpayment after the property as at the closing or completion date.
What information should I provide to my lawyer to close my purchase transaction?
Your realtor’s and mortgage broker or banker’s contact information along with a copy of your contract and any amendments, copies of your ID, and a void check is a great place to start!