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  • Miki Somos

Real Estate Transaction from a Lawyer's Perspective

Updated: Nov 29, 2019

General Information

  • My name is Andrej Simecek.

  • I studied philosophy at the University of Toronto, University of Calgary and Charles University in Prague.

  • I studied Law at Thompson Rivers University in Kamloops where I graduated in 2017

  • I articled in Edmonton and in Cochrane.

  • I opened my own practice immediately after my articling was over in October 2018.

  • I love the practice of real estate law as it requires a lot of meticulous work and organization.

  • I provide a very personal approach, and I will go out of my way to accommodate the client’s needs. I am available to meet in the evenings and on weekends. If you have mobility issues, I will come to your house to meet, at no extra charge.

  • My fees are very competitive while still respecting the profession which I love.

*Please note that no legal advice is hereby being given.



Purchase from a lawyer’s perspective

  • Below I will give you a very brief rundown of an ordinary real estate purchase with a mortgage.

  • My office contacts you to confirm that we will act for you. We will give you details of how the transaction works and answer any questions you may have.

  • We receive the signed real estate contract and we obtain the necessary Land Title and Tax Certificates. We inspect the latter documents and make sure everything is in order.

  • You contact your mortgage company and give them our firm’s information. They will send us all the necessary mortgage documents.

  • Our office contacts the lawyer on the seller’s side. The seller prepares the necessary transfer documents and sends them to us.

  • We schedule a meeting. At the meeting, we go over all the paperwork. Please bring with you a copy of a void cheque and money order containing the amount for the down payment. And of course, bring two pieces of identification.

  • On the day of closing/possession, we receive funds from your mortgage company. On the very same day, we will forward to the seller's lawyer the mortgage proceeds plus the down payment you brought to the office.

  • On the closing/possession day, we will also register you as the new owner(s) at the Land Titles Office and we will register your new mortgage as well.

  • The seller's lawyer will discharge (remove) the old mortgage, if any, from the title.

  • Finally, after the seller has discharged the old mortgage, they will provide our office with Land Title Certificate which shows you as the new owners and your new mortgage on the property.

  • We will send you a reporting final letter with all the necessary documents and my service will be concluded.


Sale from a lawyer’s perspective


Below I will give you a very brief rundown of an ordinary real estate sale with a mortgage.

  • We contact you to confirm that we will act for you. We give you details of how the transaction works and answer any questions you may have.

  • We receive a signed contract. We obtain the necessary Land Title and Tax Certificates. We inspect the latter documents and make sure everything is in order.

  • We will need to consider your Real Property Report (RPR) very soon to determine whether your current RPR will be sufficient or you will need to order a new one.

  • An RPR is a plan or drawing of the various physical features of the property.

  • Generally, if you have done any construction on the outside of your property (i.e. a new deck, fence, concrete pad…) this will mandate a new RPR, as well as if the RPR is generally more than 15 years old.

  • Also, if you are selling a condo, we will need to obtain an Estoppel Certificate. It covers the financial standing of the condominium fee account. It also covers other information about the condo corporation, such as the absence of claims, debts and the existence of insurance policy.

  • Our office will contact your mortgage company and request a payout statement. This statement is calculated to the day of possession/closing and tells me how much we need to send on the closing day to the mortgage company to pay off your mortgage. We will get back to this point soon.

  • Our office will prepare the transfer documents that transfer ownership from you to the buyer. At our meeting, you will sign these transfer documents and others. We will then forward them to the buyer’s lawyer. Please bring with you a copy of a void cheque and two pieces of identification.

  • On the day of possession/closing, we receive the purchase funds from the buyer’s lawyer. On the very same day, we send the payout to the mortgage company (as per their payout statement). We send money to your realtor for their commissions. We pay our fees and finally, we deposit the remainder of the funds directly into your account.

  • Under usual circumstances, all the money that we receive in the morning is disbursed by 2:00 pm.

  • In about four to five weeks your mortgage company sends us confirmation that your mortgage was paid off in the form of discharge statement. Our office registers the Discharge Statement at the Land Titles Office and thereby your old mortgage is removed from the title.

  • This concludes our service for you and you will receive a final reporting letter with all the necessary documentation.


by:

Andrej Simecek

Barrister & Solicitor

Danube Law

19 Millrise Crescent SW

Calgary, AB, T2Y 2H6

(403) 714-9110

andrej@danubelaw.ca

www.danubelaw.ca




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© 2019 by  Miki Somos. RE/MAX Real Estate (Central) Calgary, Alberta