Whether you are buying, selling, or refinancing your residential real estate (house, townhouse, or condo), JKB Law can assist you in a way that is accessible, approachable, and streamlined.
REAL ESTATE SERVICES
LET'S WORK TOGETHER
Consistency
& Reliability
We provide consistent and reliable services, so when you hire us, you know that you can get an answer and we will be there when you need us.
Responsive
& Adaptive
We ensure to provide timely responses to all inquiries. We will adapt our services to meet your objectives/priorities because your end goal is unique to you.
Cost-Effective
& Transparent
Our rates are competitive and we are always transparent with costs, so you know what you will pay for the services you require before you hire (retain) us.
Inclusive & Judgment-Free
We offer an inclusive, non-judgmental law firm environment, no matter your circumstances. With expertise in serving South Asian/immigrant, LGBTQIA+, and polyamorous communities.
Frequently Asked Questions
FAQ
Here are some common questions about Real Estate Transactions
Please use our real estate calculator by clicking here to get an estimate that includes legal fees as well as closing costs (also known as disbursements), which includes land title fees, couriers, tax/title searches, etc. Our standard rates are $800 for a sale and $1000 for a purchase. We do not charge any mark-ups or administrative fees. For example, if the courier costs $15.60, then you pay $15.60. We offer discounts for first time buyers and for referrals from preferred partners (realtors/brokers).
Closing costs are the same thing as disbursements. They both refer to all the costs related to the transaction, except for legal fees. These include land title fees, couriers, tax/title searches. At JKB Law, we do not charge any mark-ups or administrative fees (file opening, file closing, etc). Sometimes lawyers advertise lower rates, but then there are hidden fees or mark-ups. For example, if the courier costs $15.60, then you pay $15.60. Please use our real estate calculator by clicking here to get an estimate that includes legal fees as well as closing costs (also known as disbursements).
The real estate lawyer prepares the necessary paperwork, receives and pays out funds as required for the transaction, and helps resolve contract issues. Real estate lawyers are required for transactions involving funds needing to be held in trust (purchase/sale) and mortgage transactions. The reason for this is that you need the funds held in trust until the transaction closes (sometimes called escrow). If the funds went straight to the seller, then there would be no accountability if there are issues that need to be addressed, especially as we are talking about hundreds of thousands, sometimes millions of dollars. Furthermore, lenders require a lawyer to prepare the mortgage paperwork.
Technically, yes, but it is not advisable. First of all, the lender for the buyer has to approve the same lawyer acting for buyer/seller, which usually they will not approve due to concerns around fraudulent transactions. Second, if there are any issues, such as a broken appliance, then the same lawyer cannot help solve the problem. It is a conflict of interest, so each side (buyer/seller) would need to go to their own lawyers to solve the issue. At JKB Law, generally we only represent both sides if the buy/sale transaction is within a family, as there are less likely to be conflicts of interest and usually any issues with the property are known (for example, a parent selling to a child - most children will know the state of the property so they are less likely to be surprised and usually the price is already reflecting a good deal compared to a fair market purchase).
Dower rights are a legal right for the married spouse to provide their consent for any sale or refinancing of the family home. This only applies if there is one person on title, and that person is married to someone (even if you are separated). You require their consent before you can sell or refinance the property. The only way to avoid this is to get divorced or get a dower release signed. That being said, please keep in mind that dower rights are different from entitlement for property division (so your unmarried partner could be entitled to some of the sale proceeds). Please get in touch for a consultation to discuss further as we specialize in real estate law and separation/divorce law
Title insurance is insurance that requires a one-time premium that you pay when you are buying a property. This one-time payment covers you as long as you own the property. Therefore, the longer that you plan on holding the property, the more cost-effective the title insurance ends up being (for example, if the title insurance costs $150, and you hold the property for 15 years, then you are only really paying $10/year, but if you sell after one year then the cost to you was $150/year). Please note the premium is a one-time fee, this is just to explain the value of title insurance over long-term home ownership.
Title insurance covers defects related to the title, such as an encroachment onto city property, or title fraud. Title insurance is required by some lenders. You can learn more from Stewart Title, one of the major title insurance companies that we use regularly at JKB Law: https://www.stewart.com/en/what-we-offer/title-insurance/what-is-title-insurance. (Please note that we do not warrant or guarantee any third party links).
Real Property Report (RPR) is a survey of the exterior of a property. These are required for transactions involving houses and bareland condominiums. RPR should also include a municipal (city/local government) stamp of approval, which shows that the improvements on the land are compliant with the municipal by-laws. The standard purchase contract requires that the seller provide the buyer an accurate RPR. If the seller has not made any changes, then they can swear a statutory declaration (under oath) that the RPR is correct. If they have made changes, then they must provide an updated/new RPR.
There are two types of condominiums: conventional (often just referred to as condominiums) and bareland condominiums. Conventional condominiums are the norm, and this is where the entire exterior property is owned by the condominium corporation itself, so the owner cannot make changes like decks or patios without the condo board approval. In bareland condominiums, the condominium corporation owns the land, but the property on the land (unit, improvements, decks, etc) are not owned by the condominium corporation so the owner can add these items on their own, subject to any bylaws.
Each municipality has different approaches to property taxes. For example, in Calgary, property taxes are payable for the calendar year (January to December) but the invoice is issued end of May and the fees are due end of June. You have a choice to pay monthly using the TIPP program OR paying annually. You do not need to worry about property taxes until after possession, but they should be on your first to do list item so you avoid any potential penalties.
This is a statement prepared by the seller’s lawyer which shows adjustments to the purchase price, including the deposit, adjustments for property taxes, condominium fees, and any other applicable title related adjustments such as homeowner association (HOA) fees. The adjustments show the share that should be paid by the seller/buyer depending on the date of closing/possession.
Closing date is the term used by lawyers and lenders to mean the possession date. They are generally the same date in Alberta transactions. The day that you “close” (complete) the transaction is also the day that you receive “possession” (keys) to the property.
