Vernon & Salmon Arm Real Estate Lawyers Providing Property Sale Services

When selling real estate, obtaining a signed Contract of Purchase and Sale with a buyer often feels like the last big hurdle before moving on to your new property. Securing experienced and knowledgeable legal representation is essential. Whenever a piece of real estate is exchanging hands, issues can arise that need to be proactively resolved to avoid a delay in closing, which can result in costly fees or even litigation, depending on the severity of the issue.

The real estate lawyers at CM Lawyers have prepared countless real estate closings. With more than 50 years of combined experience, we anticipate each step and react quickly and effectively in the event of any unforeseen issues.

Accessible & Effective Advice on Selling Property

Many real estate practices operate very impersonally, with lawyers reviewing files only on occasion and support staff overseeing the details and dealing directly with the clients. At CM Lawyers, we adopt a hands-on approach and establish a personal connection with each client from the start. Our priority is to ensure our clients are informed and included in every aspect of the sale throughout the closing process. 

When your file is received at our office, you can expect a call from a team member within a few days to discuss the closing process and any concerns you may have. Our lawyers and staff will make themselves available for questions along the way and will keep you informed in a timely manner of any changes or issues that may arise. Our welcoming atmosphere is evident throughout our office, from our casual dress code to our friendly staff.

Potential Complications During a Property Sale

Generally speaking, complications are most likely to arise when a purchaser’s lawyer makes the seller’s lawyer aware of a problem with the title. The title is the record of ownership rights for a property, along with any encumbrances that are registered against it. Sometimes, in a real estate transfer, issues that the seller may not have been aware of will surface and need to be resolved before the closing. Examples of potential problems on title include:

• A private mortgage that has been paid off but was never discharged;
• Easements (the right of others, such as neighbours or utility companies, to access the property under certain circumstances);
• Restrictive covenants (a legal mandate restricting the use of a property, such as the ability to hang laundry in the yard); and
• Builder’s liens (a registered debt relating to contracting or construction that requires payment before a property can be transferred).

In some cases, such as an easement in favour of a utility company, these items will remain on the title after closing. Others, like a lien or an old mortgage, must be resolved before closing.

Quick, Responsive Assistance During the Sale Process

At CM Lawyers, we review all encumbrances on the title and advise you on any that must be removed before closing. Concerning a lien or other registered debt, we will make arrangements with the debt holder for payment from the sale proceeds in exchange for removing the encumbrance from the title. We will also provide an undertaking to this effect to the purchaser’s lawyer so that the closing will progress as planned. We have significant experience handling these matters and will work with you to find the best and most efficient resolution to any such issue.

Transparent Closing Costs

As part of our commitment to transparency, the real estate lawyers at CM Lawyers prepare a Statement of Adjustments for each client that lays out all funds owing to and from them on closing. This helps clients know what to expect and prepare accordingly.

The closing costs typically associated with the sale of a residential or recreational property are as follows:

• Realtor commissions: The seller is responsible for paying the commissions for both the buyer’s and seller’s agent on closing. These fees are also subject to GST.
• Mortgage balance: If there is a mortgage on the property being sold, the balance owing will be paid out of the proceeds, including any applicable prepayment penalties. It is advisable that sellers reach out to their mortgage lender before selling their home to determine what those penalties may be to avoid a surprise down the road.
• Property taxes: If there is any balance owing for property taxes, this will also be paid from the sale proceeds upon closing.
• Adjustments: Adjustments will be determined by the lawyers for the buyer and seller concerning expenses such as property taxes, condominium fees, utilities and rental income, if applicable. These amounts will be pro-rated to the date of the closing.
  

Contact CM Lawyers for Experienced Advice on Selling Real Estate in Vernon & Salmon Arm

At CM Lawyers, we are dedicated to top-tier client service. We will always prioritize your convenience and our own accessibility while closing your real estate sale. We will inform you of any changes or progress; if you have questions, we will be available to answer them. Our real estate lawyers are responsive and attentive, consistently placing client satisfaction first.

CM Lawyers has convenient office locations in Vernon and Salmon Arm and assists clients throughout the surrounding communities, including Northern Okanagan and Shuswap. Please call our Vernon office at (250) 308-0338 or contact us in Salmon Arm at (250) 803-9171. Clients can also reach out online to schedule a confidential consultation.