REAL ESTATE

“For Sale By Owner” (FSBO) is a term used to describe a real estate transaction in which the homeowner sells their property without the assistance of a real estate agent or broker. In other words, the homeowner takes on the responsibility of marketing and selling their property themselves, rather than hiring a real estate professional to handle the sale on their behalf.

When a homeowner chooses to sell their home as an FSBO, they typically handle all aspects of the sale themselves, including pricing the home, marketing it to potential buyers, scheduling showings, negotiating the terms of the sale, and completing the necessary paperwork.

At SUMMIT LEGAL GROUP we are dedicated to providing exceptional legal services to homeowners who wish to sell their homes privately. We understand the importance of protecting our clients throughout the sales process, which is why we offer comprehensive legal assistance, including preparing a purchase agreement that safeguards their interests.

A real estate co-ownership agreement in Alberta is a legal agreement between two or more people who jointly own a property. The agreement outlines the rights and responsibilities of each co-owner and helps to avoid conflicts that may arise from joint ownership of the property. The agreement can cover various aspects of co-ownership, such as how the property will be managed, how costs and expenses will be shared, how decisions will be made, and what happens if one co-owner wants to sell their share or passes away. The co-ownership agreement is a legally binding document that helps to protect the interests of all co-owners and ensures that the property is managed and used in a fair and equitable manner.

A real estate title transfer refers to the legal process of transferring ownership of a property from one party to another. When a property is transferred, the title of the property must be updated to reflect the new owner’s information. This ensures that the new owner has legal ownership and rights to the property.

In Alberta, a real estate title transfer typically involves several steps, including:

• CONDUCTING A TITLE SEARCH: A title search is performed to ensure that there are no outstanding liens or encumbrances on the property that would prevent the transfer of ownership.
• PREPARING LEGAL DOCUMENTS: Once the title search is complete, legal documents must be prepared to transfer the title of the property to the new owner.
• REGISTERING THE TRANSFER: The transfer of title must be registered with the Alberta Land Titles Office to ensure that the new owner’s information is recorded on the title.

SUMMIT LEGAL GROUP can assist with the legal aspects of a title transfer, ensuring that all necessary steps are taken and that the transfer is completed properly and legally.

A second mortgage is a type of loan that is secured by a property that already has an existing mortgage. Essentially, a second mortgage is a loan that is subordinate to the primary mortgage on the property. This means that if the property is sold or foreclosed, the primary mortgage will be paid off first before any funds are used to pay off the second mortgage.

At SUMMIT LEGAL GROUP, our real estate lawyers are here to help you navigate the process of taking out a second mortgage. We understand that this type of loan can come with certain risks and obligations, and we will work closely with you to ensure that you fully understand the legal implications of this decision. Our team will advise you on your rights and obligations as a borrower, as well as the potential risks and benefits of taking out a second mortgage on your property. With our expert guidance and support, you can make informed decisions about your financial future.

A reverse mortgage is a type of loan that allows homeowners to convert the equity in their homes into cash. Unlike a traditional mortgage, a reverse mortgage does not require borrowers to make monthly mortgage payments. Instead, the loan is repaid when the borrower sells the home or passes away.

With a reverse mortgage, the lender pays the borrower a lump sum or provides a line of credit that the borrower can draw from as needed. The borrower remains the owner of the home and is responsible for paying property taxes, insurance, and maintenance costs. The loan does not need to be repaid until the borrower sells the home, moves out permanently, or passes away.

At SUMMIT LEGAL GROUP, our real estate lawyers will review the terms of the loan agreement, advise on the legal implications of taking out a reverse mortgage, and help the borrower understand their rights and obligations under the loan.