Purchasing Real Estate in Edmonton, AB

New real estate, whether it’s your first or 3rd home, is an exciting time! With this said, while it can be fascinating, it can also be a worry to ensure you get all the contractual details inline once you have the purchase agreement or have been approved for a mortgage. MD Real Estate lawyers make sure you don’t get taken advantage of when negotiating a deal.

Once you have a purchase agreement from the buyer, a real estate lawyer is required (by law in Alberta) to facilitate the remainder of the real estate purchasing process. This process develops like so:

1. Your realtor will inform your bank that your contract is now unconditional, at which point your bank sends mortgage paperwork to our office (MD Law Firm, as the buyer’s lawyer). Please note, if there is no realtor involved at all, you must notify the bank at this stage by yourself.
2. The seller’s realtor will then send real estate instructions to both the seller and buyer’s lawyer, including a copy of the contract and all other contract amendments. Once again, if there is no realtor, you will have to get the paperwork to us yourself.
3. Here at MD Real Estate, we will open a new file in your name and start our due diligence on your behalf.
4. We will email you with the following steps, including filling in a form with the necessary details we require to move forward. We will start preparing the mortgage and related paperwork.
5. We contact the seller’s lawyer, go over details of the contract and look over their paperwork to ensure it is valid.
6. Financial calculations are sent to you, which tell you how much money you are required to pay (This includes the deposit you have already paid). Your home insurance memo is also sent to you, highlighting details to your bank about the insurance you will require to move forward.
7. Once completed, we will sign the paperwork at a time that works for your schedule. (This process takes 45 minutes to 1 hour due to an in-detail review of the seller and bank’s paperwork.
8. We ask you to bring your bank draft for the balance required per the financial calculations at your signing appointment. After this stage, we send all your paperwork to the land titles office to register the title to your new home in your name(s).
9. In conjunction with your bank, we organize to get your mortgage funds deposited.
10. We send the seller’s lawyer the balance of funds required to finish paying for your new home.
11. We finalize with the seller’s lawyer to authorize the release of keys.
12. The seller’s lawyer authorizes the seller’s realtor to release keys. Your realtor hands over the keys to you.
13. Congratulations! You are now a homeowner.