Buying or selling real estate is one of the most significant financial transactions most people will ever experience. Whether it’s a first home, an investment property, or a commercial space, the process can be complex. Alberta’s real estate laws and requirements make it crucial for both buyers and sellers to have the right guidance. With the support of an experienced real estate lawyer, you can avoid costly mistakes, reduce delays, and ensure every step is handled correctly.
Residential vs Commercial Real Estate
The needs of residential and commercial clients differ:
Residential Real Estate
Involves homes, condos, townhouses, and land purchased for personal use.
Typical transactions: purchases, sales, refinancing, and mortgage documentation.
Common issues: Real Property Report (RPR) compliance, condo bylaws, and financing approvals.
Commercial Real Estate
Includes office buildings, retail properties, warehouses, and industrial lands.
More complex due to leasing arrangements, zoning issues, and multi-party negotiations.
Often involves larger financial stakes and longer due diligence.
Step-by-Step Process of a Real Estate Transaction
Offer to Purchase
The buyer submits a written offer with conditions (e.g., financing, inspection).
A lawyer ensures the conditions are legally enforceable.
Due Diligence
Reviewing title searches, encumbrances, and municipal compliance.
Lawyers check for liens, easements, or restrictions.
Financing & Mortgage
Buyers provide mortgage instructions to their lawyer.
The lawyer confirms terms with the lender and ensures proper registration.
Closing Process
Funds are transferred via certified cheque or bank draft.
Seller delivers keys and clear title to the buyer.
Lawyer ensures land titles are updated.
What to Bring to Your Signing Appointment
- Two pieces of valid ID (one government-issued photo ID).
- Bank draft or certified cheque (when purchasing).
- Void cheque (for purchases or refinancing).
- Real Property Report with compliance (for selling or refinancing, except condos).
Common Mistakes to Avoid
- Not checking RPR compliance before selling.
- Signing agreements without legal review.
- Failing to understand mortgage terms.
- Not disclosing defects or liens.
How a Lawyer Protects Buyers & Sellers
- Ensures contracts are legally binding and fair.
- Prevents delays by resolving title or compliance issues.
- Protects financial interests in disputes.
- Provides peace of mind at every step.
Conclusion
Real estate transactions in Alberta can be stressful, but with the right lawyer, they don’t have to be. Whether you are buying, selling, refinancing, or leasing, our team ensures your transaction is smooth, secure, and legally sound.
