Protecting Your Real Estate Transaction
Buying or selling a home involves important legal and financial details. Murphy Law reviews the transaction, confirms that title can be properly transferred, and ensures funds are handled in accordance with the agreement. If your purchase is financed, we also coordinate with your lender to complete the required documents and funding arrangements.
Making an Offer
Your Offer to Purchase sets out the terms and conditions of your proposed purchase. If you are working with a realtor, they will prepare the offer with you. If you are not working with a realtor, Murphy Law can prepare the Offer to Purchase as part of our standard conveyancing services.
Home Inspection
A professional home inspection can help identify visible issues with the property's structure, systems, and overall condition before you complete your purchase. While not legally required, it is an important step that can help you make an informed decision. Inspection costs vary depending on the property and the inspector you choose.
Professional Appraisal
A professional appraisal provides an independent opinion of a property's market value. Your lender may require one, particularly for unique or higher-value properties. An appraisal can also help confirm that the purchase price reflects current market conditions.
Understanding Closing Costs
Title Insurance
Title insurance helps protect your ownership interest and is often required by your lender. It can also provide protection against certain title defects, fraud, and other covered issues. Murphy Law will arrange title insurance as part of your transaction when appropriate.
Mortgage Insurance
If your down payment is less than 20%, your lender may require mortgage insurance. This protects the lender if the mortgage goes into default. Your lender will explain the available options and associated costs.
Home Insurance
Before your purchase is completed, you'll need to arrange home insurance. Most lenders require proof of insurance before mortgage funds are released.
Land Title Charges
Registration fees are payable to the Alberta Land Titles Office for registering transfers of land and, where applicable, mortgages. These government fees are based on the value of the transaction.
Life and Disability Insurance
Some homeowners choose optional life or disability insurance to help protect their mortgage payments in the event of illness or death. Your lender or insurance advisor can explain the available coverage options.
Property Taxes
Property taxes are adjusted between the buyer and seller based on the possession date. Murphy Law will calculate these adjustments as part of your closing documents.
Utility Services
Remember to arrange utility accounts before taking possession of your new property to help ensure services are available when you move in.
Repairs and Renovations
Owning a home means planning for ongoing maintenance and unexpected repairs. Setting aside funds for future upkeep is an important part of homeownership.
Realtor’s Commissions
In most residential real estate transactions, the seller is responsible for paying the real estate commission, subject to the terms of the listing agreement.
GST and Your Purchase
Whether GST applies depends on the type of property you are purchasing. While GST generally does not apply to the purchase of a resale home, it may apply to new homes, certain larger properties, mixed-use properties, or other specific situations. If a rebate is available, Murphy Law will explain the process and determine how GST applies to your transaction.