Everyone dreams of having their own home. In Edmonton, buying your own house can be a breeze since there are a lot of real estate properties on sale.
If you want to buy a property in Edmonton, having a lawyer can be helpful. Read on to know more about what a real estate lawyer in Edmonton can do for you.
Real Estate in Edmonton
Data from Best Edmonton Real Estate shows that there are over 5,400 properties listed in Edmonton today. The most expensive property is priced at over $9.5M, while the most affordable property is sold at $7,900.
The average price of one-bedroom homes is $181,000, while the price for two-bedroom houses is roughly $268,000.
If you have a big family, you may be looking for a place with four to five bedrooms. In Edmonton, four-bedroom houses have an average cost of $537,000, while five-bedroom homes cost $663,000.
According to Zolo, Edmonton has the most expensive real estate properties in the Greater Edmonton area. It is also the second fastest-growing city in terms of real estate in the area.
Edmonton Real Estate Development
A survey from the Royale LePage firm shows that the aggregate price of a home in Edmonton is higher by 9.7 percent compared to last year’s third quarter.
During the same period, the price for a single-family home rose by 11.1 percent to $470,00. In contrast, the price of a condominium dropped by 3.0 percent to $194,700.
The demand for properties that cost between $550,000 and $850,000 is also increasing. The rising demand can be attributed to buyers stretching their budget to look for houses outside the competitive first-time buyer market.
Edmonton Real Estate Law Services
When you have a legal issue regarding real estate, you need the right advice and support. Legal disputes are common in the case of commercial real estate transactions. If you face legal real estate disputes, you will need a real estate lawyer with the right experience.
Acquiring real estate, primarily commercial real estate, can be a complex process. There is also a lot of money involved. So it is not surprising that lawyers sometimes need to intervene.
Because of the high stakes involved in the transaction, it is not wise to buy real estate without legal assistance.
A real estate lawyer is crucial, especially in the following events:
- When legal issues arise during a real estate transaction
- When the arrangements of a deal are particularly complicated
- When you are uncertain of the legalities of the transactions
If you are buying real estate, a real estate lawyer can provide you with the following services:
- Provide legal representation
- Write up title insurance policies
- Handle the fund transfer for the purchase
- Review and prepare all of the legal documents, including agreements, mortgage, title, and transfer papers
- Ensure that the whole process is legal and binding
- Conduct title searches on the property
- Settle any disputes
- Streamline the buying process
If you are selling real estate, a real estate lawyer can also be of help. Below are the legal services you can ask for when hiring a real estate lawyer.
- Provide legal representation
- Help you list the property you are selling
- Coming up with the terms and conditions of the deal
- Negotiating the deal with potential buyers
- Prepare the documents during the listing stage
- Review the purchase and sale agreement to look for potential issues before you sign it
- Send important documents to the buyer or the buyer’s lawyer
Having a real estate lawyer comes with several benefits. They can provide legal advice that will protect you and reduce the risk of you facing legal hurdles.
A lawyer can also make the process of selling and buying real estate faster. Their experience allows them to streamline the process.
They can also make sure that you are buying and selling real estate for the right price. With a lawyer, you will know that you are spending and getting the right amount for a property.
A lawyer can also aid in the negotiations. They also make sure that the deal is legitimate, legal, and binding.
Residential Real Estate vs Commercial Real Estate in Edmonton
Number of units
Residential real estate has one to four-unit rental houses. Meanwhile, commercial real estate can have five or more units.
Type of buildings
Residential real estate can be condos, duplexes, and quadruplexes. In contrast, commercial real estate can be office, retail, industrial, multifamily, and special purpose buildings.
Type of tenants
Families and individuals rent residential real estate. Meanwhile, businesses lease commercial properties.
If you’re facing real estate issues and concerns in Edmonton, contact the Diamond and Diamond lawyers to be guided on your next steps.
Did you know?
“When looking for possible real estate lawyers to hire in Edmonton, don’t hesitate to ask for referrals from your network.”
– Diamond and Diamond
What to Look for in an Edmonton Real Estate Lawyer
If you are looking for a real estate lawyer, the first step you need to take is to make sure the lawyer you want is legitimate. Reach out to the Law Society of Upper Canada to know if the lawyer is:
- Licensed to practice law in Alberta
- Subject to restrictions or trusteeships
- Disbarred or disciplined
- Real estate insured
Your lawyer must have working experience in the laws and rules that impact the real estate industry in Edmonton. They should also be knowledgeable of the typical cost of property in the area.
Choose a lawyer who is familiar with national and local business laws. They must also have a complete understanding of contract law, including the special clauses that relate to the different types of real estate property.
Before hiring a lawyer, talk to them first to determine the scope and extent of his law experience in Edmonton.
You should also make sure that all disbursements and fees quoted to you are all-inclusive. Doing this can prevent unhappy surprises on closing.
You can also seek lawyer referrals from your friends and family. You can also ask your real mortgage broker, estate agent, insurance agent, and banker for lawyers you can consider.
You should also ensure that you and the lawyer’s office have the right chemistry. You must feel that you can work with him and his staff with zero problems.
Work with Diamond & Diamond Real Estate Lawyers in Edmonton
If you have the right legal support, buying a real estate property in Edmonton can be a painless process. Contact Diamond & Diamond Lawyers today for a free case evaluation.
With our real estate lawyers in Edmonton, you can have the legal representation that protects you. Whether you are selling or buying an Edmonton property, our experienced lawyers are sure to support you every step of the way.