winnipeg real estate lawyers

The Property Buying Closing Process in Winnipeg

When purchasing a property, whether residential or commercial, the process is the same: Decide on must-haves, begin searching, choose a property, budget for the cost, arrange financing, place an offer/counter offer as necessary, seek the advice of the best and top real estate lawyers and professionals and finally, once everything is in place you may purchase the property. Upon selecting a commercial or residential property, the negotiation and closing process begins. For those who have not been through the property buying procedures, allow us to take a closer look at the closing portion of this transaction.

Closing is the last in a long line of steps for property purchase. To begin this process, the buyer and sellers must agree to the purchase price and all pertinent documents including proof of title, mortgage insurance, inspection reports, and contract are competed and collected.

Earnest Money
Earnest money is money provided by a potential buyer to show they are serious about their interest in the particular Winnipeg, MB property and may be paid in cash or check.

Check the Title
A title agency or closing agent is chosen to verify the title of the property being purchased. The agent will confirm that the seller has legal rights to sell the property as well as ensure that all necessary taxes are current.

The buyer will have to enlist a home inspector to report the status of vital components of the property. Based on the inspection report, the buyers have the right to request corrections before continuing with the purchase or to back out altogether. Buyers need to do a final walkthrough of the property during the last 24 hours prior to closing to ensure it is as the buyer promised.

Unless you are purchasing the property in full with cash, you will require financing. In order for a lender to determine a fair loan value, the property must be appraised. If the lending institution is satisfied with the appraisal, they may speed up the closing process.

Loan Approval
The property appraisal is a vital part of the lenders decision to approve a home loan. Once everything falls into place and the loan is approved, the title company will receive all relevant lending documents. The seller must settle all loans related to the property before the owner may sign these documents and an escrow account is opened for more streamlined transactions.

Now it’s time to sign all of the documents for the lender, the seller and the title. Depending on the state, the seller will either sign at the same time as the buyer, or prior to the closing date. This is the only part of the process that is slightly different for commercial properties. Since commercial real estate is considered an investment and these properties are usually owned by entities rather than individuals, more care must be taken to formally investigate all buyers. Due to the high risk involved, a diligence period is determined in which all documents – leases, etc. – are agreed upon by both the buyer and the seller.

All real estate transactions require care and caution so it is suggested to appoint a real estate lawyer to aid in expeditious and efficient closing proceedings by avoiding errors in the proceedings.

best real estate lawyer winnipeg

Finding the Best Real Estate Attorney in Winnipeg MB

When buying a new home or investment property, consulting with a real estate attorney in Winnipeg because not only do they help you understand property laws for your area, but they can also help you find the best broker and even negotiate the price for you. It is their job to comb through the surplus of legal documents you encounter throughout the purchase process to ensure your rights are not violated.

The best real estate attorneys have certain qualities including, but not limited to:

  • Excellent Communication Skills
  • Strong Command of Legal Jargon
  • Powerful Negotiation Skills
  • Current Knowledge of Changes to Pertinent Laws and Statutes
  • Familiarity with Various Aspects of Legal Proceedings, Practices, and Concepts
  • Upholding the Code of Ethics and Responsibility Expected of Legal Executives

How to Become a Real Estate Lawyer in Manitoba

If the above criteria describes you, or you would like it to, it is time to start working toward you dream career. The process can start as early as high school as completing with excellent grades helps to ensure admission to a successful law school. Upon application to a law school, you might be required to take an entrance exam on your way to being a real estate legal professional.

Once in college, focus on courses that pertain to real estate advocacy and position an internship with a prestigious law firm before graduation. Also, take some time to understand the standards of the Bar Association prior to entering graduate school. Following graduate school, it is time to take the Bar exam and prepare an effective resume for distribution upon receipt of passing results. Once you receive your results, submit your resume to all reputable law firms for which you wish to work – starting with the firm where you performed your internship if you liked them as they are familiar with your work ethic.

Work Scope for Winnipeg Real Estate Attorneys

  • Help Clients Understand Purchase Contracts
  • When Selling Property, Prepare Purchase Documents and Sell Agreement
  • Prepare Important Documents Including Deeds, Power of Attorney, etc.
  • Provide Clients with Legal Advice
  • Arrange for Secure Transfer of Security Deposit
  • Verify the Existence of Easements, Court Cases, Liens, Covenants, or Other Claims Against the Property
  • Communicate with Banks and Finance Companies on Behalf of the Client(s)
  • Prepare and File All Legal Documents
  • Participate in Closing Proceedings
  • Arrange for Insurance Coverage to Protect Clients in Winnipeg Against Legal Loopholes
  • Ensure Clients Receive Valid Ownership Documents and Reports
commercial residential property attorney

Short Sales Residential / Commercial Winnipeg Properties

Homeowners who are facing foreclosure or bankruptcy will often try to sell their home through the short sale process. If a mortgage holder defaults on their payment, the lender is liable to begin foreclosure proceedings, which will negatively impact the credit profile of any person responsible for the loan. In order to begin the short sale process, both the borrower and the property in question must qualify and, the lender must be consent. Let’s go through some of the basics of short sales.

What is a Short Sale?

As discussed above, a short sale can only take place once certain criteria are met. The following are general terms and conditions of a short sale. The borrower must have defaulted on the loan by at least 31 days. The current fair market value for the property must be less than the amount owed on the loan. The borrower should not have any other means of paying off the loan and is facing legitimate hardship with repayment. The borrower’s application for short sale proceedings must be presented to the lender prior to the start of foreclosure proceedings. Finally, and perhaps most importantly, the lender must agree to the short sale by weighing their options between foreclosure and short sale on a case-by-case basis.

Short Sale Process

First, the borrower must file a request with the lending institutions loss mitigation department, as this is the department that deals with the numerous procedures surrounding defaulted accounts. The borrower should seek the help of an accountant as well as a real estate attorney in Winnipeg, MB to determine the tax implications as well as the legal aspects of short sale proceedings. The lender will obtain all pertinent information regarding fair market value and, if the appraisal shows the value to be quite low, it is unlikely that the institution will agree to a short sale.

If the short sale isn’t shot down immediately – or, even it if is – it is time to negotiate with the lender. Your goal is for a judgment of “Paid in full without pursuit of deficiency” meaning any remaining difference between the sale price of the home and what is owed on the loan will be written off by the financial institution and the borrower will not be responsible for any of it. If the lending institution issues a judgment of “deficiency” the borrower must pay the difference.

For approval of a short sale application, the lender will require a hardship letter, documents recording assets, bank statements, etc. The fastest way to sell a home that has been listed for short sale is to have a buyer lined up prior to completing negotiations with the lender. If this is not possible, the property will be listed through a realtor as with traditional sale however if the property does not sell within the agreed upon time frame, foreclosure proceedings will begin.

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Real Estate Lawyers For Winnipeg Property Issues

Real estate attorneys handle problems with commercial and residential property transactions. These lawyers help make dealing with issues regarding property tax, zoning, fraud, contracts, and titles.

Commercial Real Estate Attorneys in Winnipeg

These lawyers handle legal issues pertaining to commercial property and are trained in protecting property that is either business or residential in nature. Commercial real estate lawyers in Winnipeg and Manitoba resolve many issues including tenant eviction, rent, security and enforcement of lease contracts, and employee issues. They are also capable of drafting required paperwork for leases, changes to property contracts, sale or rental of property, and revocation of leases.

Property Tax

A property tax or property attorney in Winnipeg, Canada can handle legalities surrounding your payment of property taxes appropriately. They provide advice on completing tax forms, making necessary payments, and legal representation in the unfortunate event of tax fraud or evasion charges. Additionally, property tax lawyers can assist with bargaining and dispute settlement.

Zoning or Land Use

Winnipeg lawyers specializing in zoning and land use will handle permitting and licensing for your property. These attorneys also handle legal conflicts with regulators who control the allocation and use of the land as well as environmentalists.

Mortgage Fraud

Mortgage fraud attorneys deal with issues concerning infringements of legal contracts s well as state requirements for mortgages. If you are accused of any illegal acts concerning mortgages – paying, issuing, collecting, etc. – these lawyers will defend you in court.

Buying and selling property is the primary reason people enlist the help of real estate lawyers, as these transactions can be lengthy and complex.

Contract Review Prior to Execution

Never enter into a property contract without having it reviewed by a trusted lawyer. If the contractors are rushing you to sign, you have the option to write “Contract subject to attorney review” which informs the contractors that you will require time for legal review.

Clearing and Reviewing Title

Allowing a lawyer to review and research the title of a property can help you to avoid any headaches that might arise in the future.

Contract Dates and Requirement Monitoring

The real estate lawyer you hire will understand and prioritize based on important dates in a contract as failure to do so has the potential to cause the transaction to fall through. The attorney will ensure all necessary documents are gathered and reviewed prior to meeting dates and that the interactions run smoothly.

It is important to note that the cost of hiring an attorney is relatively high and, because of this, many people do choose to proceed with their real estate transactions on their own. However, the level of security and knowledge these professionals provide to their clients far surpasses anything an average property owner is equipped with.

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Careers In Winnipeg Real Estate Law

Property attorneys serve one of two functions in the real estate realm – handling legal aspects of real estate transactions and acting as litigators in real estate proceedings. Some real estate lawyers specialize in specific areas of law such as fraud litigation including disclosure or mortgage fraud, or land use, which focuses on zoning laws.

Real Estate Lawyer Job Descriptions and Required Skills

Winnipeg real estate lawyers who deal primarily with real estate transactions will spend much time preparing and reviewing pertinent documents, negotiating conditions and terms of transactions, and coordinating the transferring of titles. Companies who are buying or selling property might call upon these lawyers or if they are unsure as to how property laws might affect their business.

If real estate fraud occurs or there is a breach of contract, it is a real estate lawyer who will represent the client in court. They work a number of hours in order to adequately serve their clients. This position requires strong communication and negotiating skills as well as the ability to network effectively.

All Winnipeg real estate lawyers must possess excellent time management skills as they will be juggling multiple cases regularly and need to serve all clients equally.

Career and Salary Outlook for Real Estate Lawyers

The average salary for lawyers in this field is $118,000 USD. Salaries are based on experience and, of course, hourly rate. Being employed in a large firm either as an associate or a partner has the ability to increase an individual’s salary as well.

With the housing market declining during the recession, the demand for Winnipeg real estate lawyers has also declined. To compensate, companies might hire fewer attorneys or enlist the services of paralegals and accountants to help meet their needs more affordably.

Being willing to relocate can open the door to a wider range of opportunities however keep in mind that relocation requires passing the bar exam in your new state. If your forte is commercial real estate, you might have luck finding employment in large firms with full-time litigators and environmental attorneys. Other real estate lawyers are employed by the government and using their knowledge to be successful in the zoning and building departments of counties and municipalities. Generally, real estate attorneys with their own firm practice focus primarily on residential real estate transactions.

Real Estate Attorney Education Requirements

Real estate lawyers must obtain a doctoral degree from an accredited school – some of which offer specialized studies in property law – as well as a license for passing the Bar exam. During law school, it is important to intern with as many law firms as possible in order to gain real life experience in your field. Once you have graduated, it might be necessary to continue your education every three years or even yearly. It is also worth noting that The American Bar Association has a sector called the Real Property, Trust, and Estate Law division. While membership to associations like this is not required, it provides excellent networking opportunities, a chance to learn new skills, and add a level of prestige to your resume.