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© 2019 by SUMMIT LEGAL GROUP

Privacy Policy

 

  • SUMMIT LEGAL GROUP knows that you care about how information about you provide is used and shared, and we appreciate your trust that we will commit do so carefully and sensibly. This privacy policy is our promise to you that the data we collect through this web site will be used in a manner consistent with that commitment.  SUMMIT LEGAL GROUP will use the information you provide us for internal purposes only. We will not sell, rent or trade the information to any outside entity.

FREQUENTLY ASKED QUESTIONS

Real Estate

Congratulations on your upcoming real estate transaction.  We have compiled a list of frequently asked questions to guide you through the process. 

 

WHEN WILL I HEAR FROM THE LAW FIRM?

Upon receipt of your real estate agreement our team will begin working on your file.  At such time, a member of our team will contact you to confirm receipt of the documents and answer any preliminary questions you may have.

WHAT DO I DO IF I HAVE QUESTIONS?

We encourage you to call or email us with any questions! You will be provided with contact information for your lawyer and the paralegal coordinating your file. As the lawyers are in lengthy meetings throughout the day, your paralegal will be your best point of contact.  They know your file in depth and can handle many questions, or consult with your lawyer between appointments to ensure you receive an answer quickly. 

WHAT IS INCLUDED IN THE FLAT RATE FEE?

We strive to deliver the best possible legal service for reasonable and competitive fees.  Our flat rate legal fees for Real Estate transactions are inclusive of all regular disbursements.

Such as:

  • Receipt and review of conveyancing and mortgage instructions (purchase/refinance);

  • Order and review of Land Title and municipal tax searches;

  • Preparation of relevant transfer and mortgage documents;

  • Preparation of Statement of Adjustments and other relevant documents;

  • Review of Real Property Report;

  • Receipt and review of registered documents;

  • Meeting to review and execute all documents;

  • Receipt and forwarding of trust funds;

  • Submission of executed documents to Land Titles’ office for registration (purchase);

  • Submit Statement of Adjustments and Transfer of Land to Purchaser’s solicitor (sale);

  • Receipt of funds from Purchaser’s solicitor. Payment of all financial encumbrances on title and deposit sale proceeds to the seller (sale);

  • Receipt and review of Land Titles once all financial encumbrances have been discharged from title, and forward clear title to Purchaser’s solicitor (sale).

 

ARE THERE ANY ADDITIONAL CHARGES?

If your transaction poses unexpected and extra time consuming difficulties, additional costs may result. Such difficulties may include Conflict Resolution and Real Property Report non-compliance issues, such as encroachments or development permit applications.

 

Further expenses may apply for, but are not limited to; bridge financing, contract review, additional titles, tax searches for municipalities outside the City of Calgary, title insurance, additional mortgages, condo estoppel and insurance certificates (condominium sales), real property reports, certificates of compliance, encroachment or relaxation agreements, multiple appointments, rush files and evening/weekend appointments.  GST is not included in base fee.

You will be informed of any addition time or expenses that may be charged to your account. 

WHAT IS A REAL PROPERTY REPORT (RPR)?

The RPR is a one-page survey of the lands, indicating the legal boundaries and any improvements on the land.  The RPR is inclusive of, but not limited to, such things as the home, deck(s), shed(s), air conditioning unit and fences.

 

Purchase: It is likely that the purchase contract required the seller to provide a current RPR to the buyer. We will provide this document to you at your signing appointment or in your final reporting package.  We strongly recommend that you store this document in a safe place, as you may need it in the future should you decide to sell or refinance your home. 

 

Sale: It is standard practice for a RPR, along with evidence of municipal compliance, be provided to the purchaser. We ask that you ensure the municipality has included a Certificate of Compliance stamp on the RPR. If you have any questions in regard to your existing RPR, we would invite you to contact us. Should you not have a current RPR with compliance our office can arrange to have a one prepared for you. 

 

WHEN WILL MY SIGNING APPOINTMENT TAKE PLACE?

Once we have received all necessary documentation from you, your realtor and mortgage company, we will schedule your signing appointment.  This typically takes place 3-10 days prior to close.

WHO WILL I SIGN WITH?

You will meet with a Lawyer to sign and review all documentation pertaining to your file.  

HOW LONG WILL MY APPOINTMENT TAKE?

We ask that you allow one hour for the appointment to allow sufficient time to review all documentation and answer any related questions. 

WHAT SHOULD I BRING TO MY SIGNING APPOINTMENT?

For the appointment, you will need to bring cash shortfall (if any) and two pieces of identification for each signing individual.  Any additional items required will be communicated to you prior to your meeting, by the paralegal handling your file. 

WHAT IS CASH SHORTFALL?

Cash shortfall refers to funds required in addition to your initial deposit and mortgage proceeds, to close your transaction.  We will need these funds in the form of a certified cheque, bank draft or money order made payable to SUMMIT LEGAL GROUP IN TRUST.  Our office will advise you as to the amount of money required prior to your appointment.

IS THERE ANYTHING I NEED TO ATTEND TO?

FINACING

If you are purchasing your new home with proceeds sourced from the sale of an existing property, and the possession of your new home is on or before the date for the possession of the property that you are selling, it may be necessary to arrange .Please discuss this with your mortgage broker as they may be able to arrange this for you.

Purchase: If you are placing a mortgage on your newly purchased home, please ensure that all conditions of the mortgage are satisfied promptly.If these conditions are not met in a timely manner, interest costs may be incurred or possession may be delayed until all conditions are met to the satisfaction of the lender.

Please that we are acting on your behalf and provide them with our contact information to prevent any delays.

UTILITIES

Prior to possession you will need to arrange for the connection, transfer or disconnection of the relevant utilities and related services by contacting the providers of cable, electricity, gas, telephone, television, water and sewer.  You may also wish to arrange to have your mail redirected to your new mailing address.

 

INSURANCE

Purchase: Your lender will require confirmation of insurance prior to advancing mortgage proceeds. At the time of booking your appointment, we will advise you with respect to the lender details that need to be incorporated into the policy. 

Sale: You will need to arrange to have your home insurance policy cancelled following possession. Please ensure your home insurance is not cancelled until the completion of the sale.

PROPERTY TAXES - COMMUNITY ASSOCIATION FEES – CONDO FEES

Our office will adjust all real property taxes, community association fees and condo fees (if any), as of your possession date.  Details of this calculation will be discussed during your signing appointment. 

Purchase: If you wish to register for the monthly Tax Instalment Payment Plan (T.I.P.P.) you may do so by contacting your local municipality. In Calgary you can register by calling 311 or by requesting a T.I.P.P. application online via calgary.ca.

Sale: Should you be paying your taxes in Calgary via the Tax Instalment Payment Plan (T.I.P.P.) we will notify them to cancel all future payments on your behalf, and request you confirm the request by calling 311 or online via calgary.ca.  Outside of Calgary, please contact your municipality. 

WHAT HAPPENS IF THERE IS AN ISSUE AT WALKTHROUGH?

Should you discover any significant damage to the property during your walkthrough, we strongly recommend that you notify our office immediately to discuss legal remedies.  You may, or may not, be entitled to a walkthrough, this will depend on the terms of your contract.

 

HOW DO I KNOW WHEN KEYS ARE RELEASED?

Purchase: On the day of possession, our office will receive mortgage proceeds from your lender and forward the full cash to close (mortgage proceeds and cash shortfall) to the seller’s lawyer.  Upon receipt of the funds, the seller’s lawyer will notify your realtor to release the keys.  Generally, you can expect to receive keys to your home between 12 and 2pm. 

 

Sale: On the day of possession, we will notify your real estate agent when keys are to be released to the purchaser.  The release of keys occurs once our office is in receipt of the sale proceeds. 

HOW LONG AFTER POSSESSION IS MY FILE FINALIZED?

Following possession, our office will work to ensure all matters pertaining to your file are completed as quickly as possible.  This typically occurs within weeks, however may take months should there be complications with the file, such as a cash holdback for an outstanding issue, or if Land Titles is experiencing delays. Once your transaction has been completed in it’s entirety we will forward a reporting letter, known as a Final Report, with a copy of Title (purchase), Statement of Adjustments, Statement of Receipts and Disbursements and our Trust Reconciliation Statement which details all adjustments made and accounts for all funds received and disbursed on your behalf.