Retain an experienced real estate lawyer when buying a home

By LegalMatters Staff • A home purchase often is the largest transaction most people will ever make. That is why they must avoid common mistakes before plunging into the residential real estate market.

“Buying a home is a complicated process,” says Edmonton real estate lawyer Sean Schaefer. “On one hand, it is very dry and technical because of the paperwork involved. However, it is also emotional and when would-be purchasers see what they believe is their dream home, emotions may cloud their better judgment.”

He says one common error he sees is when buyers do not retain an experienced real estate lawyer.

“While it is possible to purchase a home in Alberta without retaining the services of a real estate lawyer, a home purchase without legal counsel is a foolish move in almost all cases,” says Schaefer. “Keep in mind that once you sign a purchase agreement it is difficult to back out.”

He explains that the services a real estate lawyer offers include reviewing all legal documents involved with the sale and completing a title search to ensure the property is free of liens, debts and title defects.

Schaefer advises people not to throw all their savings into the down payment

“There are many other costs that will have to be covered, such as property insurance, title insurance, lawyer fees, home inspection costs, moving expenses and more,” he says. “After the purchase is made, you will need money to buy things for the home and deal with ongoing costs and taxes.”