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Removing the drama (and stress) from property sales

Home // Real Estate Law // Sales

From a legal perspective, the best property sale is one that has no drama and is completely routine. "Problems come up when you skip a step or don’t pay attention to the details,” says real estate lawyer Andrew Geisterfer.

Expert legal services for property sales in Edmonton, handled by a top real estate lawyer

Learns why it pays to speak with proven Edmonton real estate lawyer Andrew Geisterfer before you put a property up for sale.

There are good reasons to have your real estate lawyer involved during the entire sales process, not just when a deal has been concluded. "Having your real estate lawyer involved right from the start can shorten the sales process and help you get a better price. Moreover, it’s never a good idea to agree to a deal without first getting the opinion of your real estate lawyer.”

Once a deal is reached, your real estate lawyer gets in touch with the purchaser’s lawyer and your mortgage company. The purchaser’s lawyer needs to be advised of the amount that has to be paid at closing, taking into account any payments that need to be made, such as taxes. The mortgage company needs to be contacted to determine how much remains on the mortgage at closing.

Other steps required to complete a property sale:

  • Respond to the purchaser’s lawyer’s letter of requisition and agree on the payment process
  • Conduct a search to determine if any other mortgages are registered on the property
  • Ensure necessary documents have been completed
  • Complete the payout of the mortgage, the real estate commissions, outstanding property taxes, utilities, etc.
  • Notify the municipality and utilities of the change in property ownership
  • Issue a report to the property seller

Property sale real estate fees

Pending: standard fees for a property sale

Property sale documentation

  • Agreement of Purchase and Sale
  • A key for the property
  • Communications with home utilities
  • Forwarding address and phone number
  • Lender information (if there is a mortgage or line of credit on the property)
  • Property survey
  • Tax bill

Legal Scenario

Leaking basement

"I moved into my new home in early January and at that time there appeared to be no issues with my basement. However, when the usual spring thaw came in April I noticed that my basement was leaking. What should I do?"

What Would Andrew Recommend?

This scenario highlights the importance of having a property inspection done before you sign a deal. A property inspector is trained to see thing you don’t see. For example, in the winter, when everything is frozen, you are not going to see any water accumulation in your basement and you may therefore assume it is dry. A trained and experience home inspector will look for stains on a wall or other indicators that there was a leak during the summer months. It’s even better if you also have the sellers expressly warrant that the property has never been subject to flooding and they are not aware of any flooding issues with the home. That way you have a legal recourse if it turns out that they were not being honest.

Meet Andrew Geisterfer Edmonton Real Estate Lawyer

Andrew Geisterfer

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