Buying or selling property in Alberta? It's a huge decision! Protect your investment by asking the right questions. This ultimate guide reveals the top questions to ask your Alberta real estate lawyer, ensuring a smooth, stress-free transaction.

Why You Need a Real Estate Lawyer

Alberta real estate transactions are complex. A skilled lawyer is your advocate, helping you understand your rights, review contracts, negotiate, and ensure a seamless closing. Asking the right questions is crucial for informed decisions and protecting your financial interests.

Top Questions to Ask Your Real Estate Lawyer

Experience and Expertise

1. "How many years have you practiced real estate law in Alberta?" Local expertise matters.

2. "What percentage of your practice focuses on real estate?" Ensure it's their core focus.

3. "Do you specialize in my property type (condo, new construction, rural)?" Different properties have unique legal aspects.

4. "Are you a Law Society of Alberta member?" Confirms their credentials.

Fees and Costs

5. "What are your fees for my transaction?" Get a clear breakdown of all costs (legal fees, disbursements, etc.).

6. "What services are included in your fee?" Clarify what's covered (contract review, title search, closing).

7. "What potential extra costs could arise?" Be prepared for any contingencies.

The Transaction Process

8. "Walk me through the Alberta real estate process." Understanding the process builds confidence.

9. "What key documents should I know, and what to look for?" Ask about crucial paperwork.

10. "What are my rights and responsibilities as buyer/seller?" Know your legal standing.

11. "How will you keep me updated?" Clear communication is essential.

Specific Concerns

12. "What common real estate issues arise, and how to avoid them?" Proactive advice is invaluable.

13. "How do you handle closing delays or complications?" Understand their approach to challenges.

14. "How do you handle disputes or negotiations?" A skilled lawyer protects your interests.

15. (Buyers) "What to look for in the title report?" Crucial for ensuring ownership.

16. (Sellers) "What are my disclosure obligations?" Transparency is key.

Choosing the Right Lawyer

17. "Can you provide client references?" Past clients' experiences matter.

18. "Do you offer a free initial consultation?" Discuss your needs and assess compatibility.

Beyond the Questions

• Trust your gut: Choose a lawyer you connect with and trust.

• Don't rush: Research and interview multiple lawyers.

Investing in a skilled real estate lawyer is an investment in your peace of mind. Asking these key questions empowers you to choose the right legal partner for your Alberta real estate journey.

Your Trusted Partner in Real Estate

Are you thinking of Selling or Buying your dream home? Connect with our expert team and learn how we make every real estate decision a confident one.

Disclaimer:
The information provided in this blog is for general informational purposes only and should not be considered legal, financial, tax, or investment advice. While we strive to ensure accuracy, real estate laws, market conditions, and regulations change frequently. Readers are encouraged to conduct their own research and consult with qualified professionals such as real estate attorneys, financial advisors, mortgage brokers, or tax experts before making any decisions related to buying, selling, or investing in real estate. We do not assume any liability for actions taken based on the information provided in this blog.

Over one million homeowners set to renew their mortgages in 2025 are expected to face substantially higher interest rates, with approximately 85 percent of these fixed-rate loans originating when the Bank of Canada’s rate was 1 percent or lower, according to a recent report from the Canada Mortgage and Housing Corporation (CMHC).

The report highlights that a significant number of fixed-rate mortgages—1.2 million in 2025 and 980,000 in 2026—will soon be up for renewal. For many, these rates will be notably higher than at the start of their loan term, as at least 1.05 million of these mortgages were signed during an era of exceptionally low rates. Currently, the Bank of Canada's rate stands at 3.75 percent.

Economist predict that this renewal wave could increase home listings as financially strained homeowners may choose to sell their properties.

"In late 2024 and early 2025, we expect a noticeable rise in resale listings, outpacing demand growth," said Michael Davenport, an economist at Oxford Economics. "As rates decline and mortgage regulations ease, we’ll likely see a strong boost in housing demand by mid-2025."

In the private lending sector, higher defaults and foreclosures have already led to more distressed property sales, as private loans often have higher interest rates and fewer regulatory protections. The CMHC report reveals that alternative lenders saw an increase in risk in the second quarter of 2024, with the 60-day delinquency rate for single-family homes reaching 5 percent, up from 1.7 percent in late 2022, and foreclosures rising from 1.3 to 3.5 percent over the same period.

For those facing renewals, however, there is some relief. Since June, the Bank of Canada has cut interest rates, currently at 3.75 percent after a series of four reductions from a peak of 5 percent. Another rate cut is anticipated by year’s end, potentially easing mortgage payments for many in 2025.

Without this rapid rate-cutting response, Davenport noted, there could have been a sharper rise in defaults, which might have tipped the economy into a deeper recession.

Source: Toronto Star

Your Trusted Partner in Real Estate

Are you thinking of Selling or Buying your dream home? Connect with our expert team and learn how we make every real estate decision a confident one.

Disclaimer:
The information provided in this blog is for general informational purposes only and should not be considered legal, financial, tax, or investment advice. While we strive to ensure accuracy, real estate laws, market conditions, and regulations change frequently. Readers are encouraged to conduct their own research and consult with qualified professionals such as real estate attorneys, financial advisors, mortgage brokers, or tax experts before making any decisions related to buying, selling, or investing in real estate. We do not assume any liability for actions taken based on the information provided in this blog.