Whether you're buying or selling for the first time or you've done it before, real estate transactions are stressful as well as exciting. Our goal is to bring about a successful transaction while making the experience as stress-free and pleasant as possible.
At MERGEN LAW:
- We have completed thousands of residential sales and purchases.
- Our vast experience includes drafting complex purchase documentation and tailoring forms to meet specific needs.
- We work collaboratively with your real estate agent and mortgage representative to ensure documents reflect the parties' interests and agreements.
- You will be advised of any potential legal risks that come to light during the process and of how you can protect your interests.
- You can save significant money in reduced payout penalties when refinancing your mortgage.
Putting You in Control of Your Transaction
We consider ourselves to be part of your team and an integral part of a successful real estate transaction. That's why we take the time to educate you about the process and the responsibilities of each member of your team. This puts you in control and makes the entire experience much more pleasant.
Your team consists of your Calgary real estate lawyer, your real estate agent, your mortgage broker and, of course, you. If everyone does his or her job, the transaction will go smoothly. Here's what you should expect from the members of your team.
Your Calgary Real Estate Lawyers Will:
- Outline all costs involved
- Review the contract and ensure you understand all provisions before you sign
- Ensure you understand any mortgages or other financing, including any payout penalties
- Register the mortgage
- Ensure you are protected against potential frauds
- Examine title to the property and prepare the conveyancing documents and the mortgage
- Handle discharges from title
- Attend at signing with you
- Handle the trust funds
- Communicate with other lawyers
- Register documents at Land Titles
- Release keys
- Pay the real estate commissions
Your Realtor® Should:
- Write the terms of the contract
- Review the real property report
- Search title for any usual items
- Send conveyancing letter to lawyer
- Do walk-through at closing
How the Realtor® can help the lawyer so the transaction is successful:
- Draft clear contractual terms
- Clearly write any holdbacks into the contract
- Review the Real Property Report to ensure it's current
- Send the conveyancing letter and contract to the lawyer early
- Provide Realtor®'s contact information in order to ask questions or for releasing key
- Only phone for key releasing if it is noon and you have not heard from us
- Provide vital information about you – availability, contact information, marital status
- Provide condominium management information to obtain the estoppel certificate and amount of fees
- Provide contact for information about lake/association fees, such as the amount and whether they have they been paid
- Explain any arrangements made for interim financing you are selling and buying
- Try to payout mortgages, commissions and client within two days, keeping in mind that you cannot expect all funds from the sale to be received and disbursed on the same day as the purchase
- Give you a checklist for key items to bring to the lawyer's office
- Explain that you will be signing a transfer back and tenancy at will
- Explain TIPPS vs. Single City tax payment
- Present mortgage number and explain that the lawyer will require this
- Provide two pieces of ID, a void cheque and a Real Property Report
Your Mortgage Broker Should:
- Do a credit check
- Arrange for mortgage
- Help with interim financing, if necessary
- Ensure the lawyer's instructions are received from the lender in a timely fashion
- Explain that you must now pre-qualify for a mortgage assumption from certain financial institutions
- Deal with your frustrations as to the length of the mortgage process