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Once you have a signed purchase contract, a lawyer or a notary handles the legal side of an Alberta closing. Knowing the steps helps you spot problems before the possession date.
Before closing
Your lawyer reviews the purchase contract and conditions, searches title for registered interests such as mortgages, caveats and easements, and checks the real property report. In Alberta, that report shows where buildings sit on the lot, and a municipal compliance stamp is commonly requested to confirm they meet setback rules.
For condominiums, the condo documents, bylaws and financial information need review.
Mortgage, insurance and money
The lawyer reviews and signs off mortgage documents and arranges for funds to be paid and adjusted, including property taxes and utilities. Many buyers also purchase title insurance, which can cover certain title and survey risks.
Alberta does not charge a land transfer tax, but registration fees at Land Titles are payable based on the property value and mortgage amount.
Closing day
On the closing date, funds are released and the transfer and mortgage are registered at Land Titles, and the keys are released once the seller is paid. If something goes wrong with financing or title, the lawyer is the person who deals with the other side, so keep them informed of any changes.
Homebuyer checklist
- Send your lawyer the signed contract and condo documents as soon as you have them.
- Ask whether a current real property report with a compliance stamp is available.
- Budget for registration fees, adjustments and any title insurance.
- Tell your lawyer straight away if your financing changes.