Fort McMurray Real Estate Lawyers
The real estate market right now is one of the booming industries. Although land does not depreciate in nature, the pandemic drove its soaring price in 2020. It continues to see a massive influx of customers, exceeding the market supply. As such, the prices continue to move upward.
Indeed, properties are one of the most viable investments to have right now. Canada continues to ease its restrictions, and properties become more of a staple. Yet, before having one, it is wise to seek assistance from someone who knows the ropes. With that, we will take a look at the real estate in Fort McMurray and the lawyers who can help you.
Overview of The Real Estate Law in Fort McMurray
Many businesses shut down and laid-off workers when the pandemic peaked. In turn, the pandemic recession took place, and growth slumped. To help the Canadian economy, the Bank of Canada had to set the interest rates at almost zero. This made borrowing more attractive, and the real estate market benefited from it.
Given the lower rates, more buyers entered the real estate market. It led to the continuous increase in the House Price Index of Canada. With that, analysts and economists were initially apprehensive about it. This scenario is comparable to the Housing Bubble in the US in the early 2000s. But, it is the demand that drives the price growth, not the speculative mania and deregulation.
In Fort McMurray, property prices remain on the rise, which may hurt affordability. Overall, Alberta had an increase in HPI with 5.5% in Edmonton and 5.5% in Calgary. Even so, the demand for properties continues to overwhelm the market. A massive influx of residential property customers remains in Fort McMurray. As such, the prices of properties in the area continue to move in the same direction.
In 3Q 2021, the median property price in Fort McMurray reached $464,000. This was 2% higher than the median property price in 3Q 2020 at $454,000. Despite this, the number of single-detached houses sold rose to 200 to 227 units. The total residential properties increased by 6%, reaching 313.
What Does a Real Estate Lawyer Do?
It is enticing to buy properties today, hoping that the value will increase further. It is more likely to happen as the economy of Canada continues to reopen. Yet, it is better to have someone who can guide you through all the way. With a real estate lawyer Fort McMurray, your transactions are safe and legal. Here are some of the things that a real estate lawyer does.
One of the most vital tasks of a real estate lawyer is drafting documents. He has to prepare transaction deeds, such as leases, financing, and purchase contracts. Even so, only licensed lawyers can draft and revise documents.
Real estate lawyers know the ropes in the market. They have a broad knowledge of transactions in the real estate industry. With that, they can negotiate the terms and conditions of deals. They work with other professionals, such as lawyers, developers, brokers, and investors.
Deal with Litigation
Sometimes real estate transactions end up in lawsuits or court settlements. Given this, real estate lawyers must stand on behalf of their clients. From the drafting of legal pleadings to attending hearings, they will help you. Also, they can file appeals if necessary. They can negotiate with the other party to settle disputes and make agreements.
A real estate lawyer works on reviewing and assessing transactions and giving advice. Before the client signs deals, a lawyer may examine if there are issues with the transaction. It includes legal and environmental issues and other reports related to it. They have knowledge and training to know if there are problems that the client does not notice. A real estate lawyer also acts as a legal guardian of the clients to avoid legal traps.
Work on Foreclosure Proceedings
The Fort McMurray real estate lawyer helps in mortgage and trust deed foreclosure. This fact is more evident during economic downturns. He may represent the lenders to guide them through the process. This includes filing lawsuits and even appeals in courts. Meanwhile, he may represent borrowers to help prevent mistakes in the foreclosure process. He may negotiate with the lenders to stop the process with a settlement agreement.
How Can Real Estate Lawyers in Fort McMurray Help You?
Aside from their basic tasks, they offer their expertise to ensure safe transactions. They can help you avoid unnecessary problems that may lead to higher costs. Moreso, they ensure that everything remains in line with the real estate law. Here are some of the ways real estate lawyers can help you with your transactions.
Review the Legal Agreements, Provide Legal Advice and Answer Questions
A real estate lawyer reviews the legal agreements before the clients sign them. In that way, he will help them avoid legal traps and other related issues. He assesses everything from the legal title to potential environmental issues. He will determine if there are problems that the client does not notice. With that, he can give them advice on what they have to do. Moreso, he can answer questions, especially if you are a first-timer.
Protect You Legally
A real estate lawyer can protect clients from legal problems that may lead to lawsuits. He guides the client in the registration and explains the types of homeownership. Moreso, he purchases property insurance on your behalf and reviews the policy. It is a requirement in real estate purchases.
Inform You of Government Incentives for First-Time Home Buyers
With a Fort McMurray lawyer, you will know the government programs for first-timers. In that way, you can save more money or borrow from your Registered Retirement Savings Plan. More so, you can avail of a non-refundable first-time home buyer’s tax credit. This will be available if you or your spouse or common-law partner qualifies for Line 31270. There will be more credits if you have a disability tax credit certificate.
Close the Transaction and Inform You of What to Expect on Closing Day
A real estate lawyer will meet with you before the closing of transactions. He will answer questions about closing, closing funds, and when to receive your house keys. Moreso, he will ask you to sign some documents after the documentation and info process. He will also pay land transfer tax and HST on your behalf.
Given this, you must pay professional fees and disbursements, title insurance, and others. He will get the mortgage funds from your lender and deliver the amount once the deal closes. The documents will then be transferred to you. These include the title, statement of adjustments, and the like.
Legal Risks in Real Estate Transactions
A contract dispute can happen when there is an issue with the negotiated property price. It arises once the contract has been signed, but the sale has not been completed. Some problems include the purchase price, closing date, and condition of the property.
There are now laws that protect buyers from wrong information. There are laws against misleading or unlicensed advertisements.
Misrepresentation can happen when there is a misstatement of property features.
If you feel a little out of your depth when dealing with real estate legal matters, don’t be afraid to hire an experienced real estate lawyer to help you make sense of the process. Contact Diamond and Diamond today!
As part of our legal practice in real estate law in Fort McMurray, an experienced real estate lawyer will seek to protect you from legal complications while processing your real estate matter.
Contact Diamond and Diamond’s Real Estate Lawyers in Fort McMurray
Doing real estate transactions can be challenging due to the tedious process. But with the lawyers in Fort McMurray, you are sure that transactions are safe and legal. If you plan to purchase a property, reach out and seek assistance from Diamond and Diamond Law. It has expert real estate lawyers to guide you through the process.