Real Estate Frequently Asked Questions
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Real estate transactions are exciting, but they are also complex and time-sensitive. This FAQ is designed to answer common questions and help you understand what to expect when buying, selling, or refinancing property with LETOURNEAU LLP.
If you have questions not answered here, we encourage you to contact us directly.
Getting Started
When should I contact a real estate lawyer?
As early as possible.
Many issues arise before closing—often at the contract stage. Involving a lawyer early can help you:
- understand key contract terms
- identify potential risks or red flags
- avoid costly surprises later
A brief conversation early on can prevent significant problems down the road.
Do I really need a lawyer for a real estate transaction?
Yes. Real estate transactions involve legal obligations, large sums of money, and strict registration requirements.
Your lawyer ensures:
- the contract is properly implemented
- funds are handled safely through trust
- mortgages and encumbrances are dealt with correctly
- title is transferred properly
- you receive what you bargained for
This reduces risk and protects your investment.
Buying Property
How does a residential purchase typically work?
In general:
- 1. You sign a purchase contract (often with a realtor).
- 2. Financing is arranged through your lender or broker.
- 3. Your lawyer receives the contract and lender instructions.
- 4. Searches are completed, documents are prepared, and funds are arranged.
- 5. You meet with your lawyer to review and sign documents.
- 6. On closing day, funds are exchanged and title and mortgage are registered.
We guide you through each step and explain what to expect before closing day.
When do I need to provide my down payment or balance of funds?
Your lawyer will advise you in advance of the exact amount and timing. Funds are typically required before the closing date so everything is ready on time.
When are keys released?
Keys are usually released around midday on the closing date, once funds have been received and legal conditions are satisfied. Timing can vary depending on the transaction.
Should financing always be a condition of purchase?
Yes—even if you are pre-approved.
A pre-approval means you are approved, not necessarily the property. Lenders still need to review and approve the specific property. A financing condition protects you if the lender’s appraisal or requirements are not met.
What do I own when I buy a condominium?
You typically own:
- your individual unit (defined by walls, floors, and ceilings)
- a shared interest in common areas
Condominium ownership also comes with bylaws, fees, and reserve fund considerations. Legal review helps ensure you understand these obligations.
Selling Property
How does a sale transaction work?
When selling:
- your lawyer prepares transfer documents
- mortgages and other encumbrances are paid out
- realtor commissions are addressed
- property tax adjustments are calculated
- sale proceeds are distributed to you
Our role is to ensure you are paid properly and that ownership transfers cleanly.
Do I need a Real Property Report (RPR)?
In most residential sales, yes.
An RPR:
- shows buildings and improvements on the property
- must be accompanied by municipal compliance
If your RPR is outdated or improvements were made, an updated version may be required. It’s best to discuss this before listing your property.
Refinancing & Mortgages
Do I need a lawyer to refinance my mortgage?
In most cases, yes.
Lenders often require a lawyer to:
- register the new mortgage
- pay out existing mortgages or debts
- ensure title is clear
We frequently act for both you and the lender to ensure the refinancing proceeds smoothly and funds are released properly.
How long does a refinance take?
Timing varies, but refinancing often takes a few weeks, depending on lender requirements and document readiness. Starting early helps avoid delays.
Costs & Timing
How much does a real estate transaction cost?
Fees depend on the type and complexity of the transaction (purchase, sale, refinance, residential vs. commercial).
We aim to be transparent about costs and will explain fees and disbursements in advance whenever possible.
How long before closing will I meet my lawyer?
Typically one to two weeks before closing, once documents and lender instructions are in place.
Taxes, Insurance & Adjustments
Who handles property taxes and adjustments?
Your lawyer:
- obtains tax information
- calculates adjustments between buyer and seller
- ensures taxes are properly accounted for
We explain these calculations so you understand how the final numbers are determined.
What about utilities and insurance?
Utilities: Sellers should ensure utilities are paid up to closing.
Insurance: Sellers must maintain insurance until closing. Buyers must have insurance in place before closing if required by the lender.
Commercial Real Estate
Do commercial real estate transactions differ from residential?
Yes. Commercial transactions often involve:
- leases and tenant issues
- zoning and development considerations
- financing complexity
- longer timelines
Legal guidance is especially important in commercial matters.
Common Concerns
What happens if something goes wrong before closing?
Many issues can be resolved if identified early. Your lawyer works to:
- communicate with other parties
- negotiate solutions
- protect your legal position
Early involvement greatly improves outcomes.
Can delays happen?
Yes, but good coordination and early preparation reduce the risk. We work closely with all parties to keep transactions on track.
What if I have more questions?
Real estate transactions are not one-size-fits-all. We encourage you to call us
with questions—no issue is too small to clarify when significant money is involved.
📞 403-329-4311
Our Real Estate Lawyers
Disclaimer
This FAQ provides general information only and does not constitute legal advice. You should consult a lawyer regarding your specific circumstances.
The information on this website is for information purposes only and should not be construed as legal advice.