A first home purchase can be a daunting prospect. Many people in Alberta seek the skills of a lawyer who is experienced in handling residential real estate transactions to provide support and guidance. Along with a lawyer, other professionals will also play a role in this event.
The first one will likely be a mortgage broker who will work on getting the most favourable interest rate and payment terms. Pre-approved financing will provide a guideline as to the affordable price range. After identifying a property and making a successful offer, the lender must approve the signed Agreement of Purchase and Sale to confirm the availability of the mortgage.
The next step will be to secure the services of a qualified home inspector who can assess the property's condition and identify any necessary repairs. He or she will inspect roofing, electrical systems, plumbing, foundation and even heating and air conditioning. If there are major issues that are unacceptable, the lawyer can assist in the legal termination of the purchase agreement.
However, if the acquisition of the home is to proceed, a signing of additional documents will confirm the purchase offer. A seasoned Alberta residential real estate lawyer whose services are obtained at the start of the process can explain the steps that will follow and answer questions. A lawyer can be the legal eyes and ears of the purchaser who can scrutinise each document and transaction to explain the language and check for ambiguity or improper wording. The lawyer can protect the rights of the buyer throughout the purchasing process.
Source: reco.on.ca, "I'm in the market for my first home. What experts will I need during the process?", Accessed on Feb. 17, 2017