It’s an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There’s all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

Here Robert shares a tip on Buying Lakefront or Cottage Property:

1. Never buy property without setting foot on it first. Take the time to look it over closely and inspect it yourself.

2. Has the property been appraised recently?

(a) If so, when?

(b) How did the seller arrive at the asking price?

(c) Check MLS and FSBO web sites and print off some of your own comparables.

3. If there is a cottage?

(a) Is it insulated? Or, how many seasons is the cottage rated for?

(b) If there is no cottage, are their restrictive covenants? Does one have to built within a certain period, by a certain date? Do you have your choice of builder? Building architecture?

(c) Was a geological report done? Obtain a copy.

4. Surveyor’s Certificate available?

(a) Obtain a copy of the so that you can determine exactly where the property lines are.

(b) Does it show the buildings: cottage, garage, boat house, etc.? If not, plan on buying title insurance.

(c) Check with the municipality whether the building must be a certain distance from the property lines and check this against the survey to confirm the building complies with bylaws.

(d) Is there road access, as well as the terms of the road maintenance agreement, if applicable?

(e) Confirm right of access to the land if not accessible from a public road.

5. Access to electricity, water, sewage and other utilities?

6. Is the property serviced by an on-site Septic System?

(a) How old is the septic tank?

(b) What is the location, age, size and depth of the tank?

(c) If so, has the system passed inspection within the past 2 years?

(d) Can the Seller provide a copy of the report?

7. Is town sewer available?

(a) If the property is serviced by town sewer, is there a betterment still to be paid or connection costs?

(b) What is the yearly cost of town sewer?

8. Does the property require flood insurance? If so, can I get a copy of the current policy?

9. Are there any known defects in or around the property that I should know about?

(a) Obtain a Property Condition Disclosure Statement;

(b) Have the current homeowners completed any upgrades?

(c) Was the work permitted? Request copies from town departments.

10. Are there any easements associated with the property? Can you provide a current copy of the deed? Best to have your lawyer obtain a copy of the title prior to negotiations.

11. Find out about the conditions of the shoreline in the summer? Weed count? Type?

12. Is the water level is always the same or if it fluctuates throughout the year?

(a) Is the lake water level controlled?

(b) Is the water quality tested annually?

13. Are there restrictions in the use and/or development of the shoreline?

14. Water.

(a) Have the lake/river water been tested. You would not want to spend a quarter million dollars or more only to have your child develop a rash after they go for a swim.

(b) If there is a pressure water system that draws water from the lake

i) How old is it?

ii) Test it to ensure it is functioning; and,

iii) Look for leaks.

(c) If the lot is serviced by well water, have a water potability test conducted.

15. What recreational activities are allowed / not allowed on the lake?

16. Are the bylaws or restrictions with respect to fire?

17. Is there a boat dock?

(a) Does it have to be removed and stored in the winter or left year round?

(b) Maintenance required?

18. If the property is remote, make sure you know who is responsible for maintaining the road. Banks may require a copy of a Road Maintenance Agreement before they will lend on remote property.

19. Does the lake have an active Lake Association? If so, obtain contact information.

Robert MacKay is your Trusted Regina Real Estate Lawyer  

It’s an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There’s all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

Here Robert shares a tip on Legal Fees:

What does it cost?

Legal Fees

Most people wonder about lawyer’s fees. Maybe you saw it on TV or you have heard of lawyers charging $200, $400 maybe even $600 an hour. Maybe you have even dealt with a lawyer all before and can recall only a couple phone conversations lasting only a few minutes each and ten or so minutes during office visit to sign papers.

What isn't seen, is all the time it takes to check titles, request and receive mortgage instructions, prepare the mortgage documents, have them checked for accuracy, have them signed and witnessed, deal with the other party's lawyer, receive pay-outs (if applicable), complete interim and final reports to all parties, trust accounting reports to the law society, among many other possible tasks that often arise.

Further, people tend to not see the risk that lawyers ensure against in real estate transactions. Most real estate transactions involve loans of $100,000's of thousands of dollars and assets of $100,000's of thousands of dollars. Lawyers oversee most of the financial aspects of a transaction and ensure that the exchange of title(s) for money happens, as it is supposed to. Considerable risk to the lawyer is involved in doing so.

Therefore, in most real estate transactions, the actual legal fees charged are dependent upon the value of the property involved, whether or not there is a mortgage, whether there are multiple transactions and how quickly the lawyer is required to close the deal.

The Law Society of Saskatchewan has a tariff that serves as a guideline for legal fees in real estate transactions. For example, for the purchase of a $105,000 home with a mortgage, the recommended fee is $950.00. Disbursements are additional. Lawyers who specialize in residential real estate may charge less than the suggested tariff amount. Fees may also be more for complicated or higher risk transactions or where other services are provided.

Consider asking for an estimate in writing. This simple precaution resolves most misunderstandings that may arise over the final bill, as to what was or was not included in the original fees quoted.

ISC – Land Titles Fees

Information Services Corporation (ISC), i.e. Land Titles, charges fees for title searches, mortgage registration or discharge and for transfer of ownership. The fee to register land under $500,000 in value is 3% of the land value. A $100,000 property would, therefore, cost $300 to register. Most mortgages cost $150 to register. Title searches cost $10.00 each and usually three searches per title are required on the average purchase transaction.

Tax Adjustment

Property taxes are paid to the local municipality. Buyers may have to pay to reimburse sellers for taxes already paid, pay the taxes for the entire year or pay a prorated share. Depending on the value of the property and the time of year, this can be several thousand dollars. Your lawyer should be able to provide you an estimate of the cash required for taxes on closing.

CMHC Fees for Low down payment Mortgages

Anytime you put less than 25% down, you usually pay someone like CMHC, GE Capital or a finance company, a premium which can end up being as high as 3.5% of the amount borrowed. The more you put down the lower the premium. In addition to the premium there is a $165.00 application fee to pay.

Title Insurance or Surveyors Certificate

If your transaction involves a mortgage, most lenders make their loan to you conditional on their being a surveyor's certificate (a.k.a. real property report) or that their mortgage be title insured. Credit Unions in Saskatchewan are an exception to the rule and if the lender is Western based, i.e. from B.C. or Alberta, they require that the mortgage be title insured regardless of whether there is a surveyor's certificate or not. A Surveyors Certificate is a drawing that shows the position and size of any buildings in relation to the property lines of the plot of land. It confirms or refutes whether all buildings fall inside the property and whether any buildings encroach on the property. The cost for a new real property report is usually between $600.00 - 800.00 dollars. Title insurance is generally used when a Surveyors Certificate or Real Property Report is not available. However, title insurance does much more. Title insurance may protect you against defects in title, fraud, renovation work done without proper permits or approvals, outstanding work orders by the municipality, unforeseen condominium assessments and, in some cases, even some mistakes made by lawyers. Title insurance is usually obtained through your lawyer, who will provide the title insurer with the details surrounding your transaction. Title inurance premiums are around $135.00 - 250.00 dollars but premiums vary depending on whether one get both a lender and an owner policy, if the deal exceeds $500,000 or if it is a commercial transaction. Also, lawyers generally charge an admin fee of approximately $75.00 dollars to cover the extra time and paperwork involved.

Robert MacKay is your Trusted Regina Real Estate Lawyer  

It’s an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There’s all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

Here Robert shares a tip on Needing a Lawyer:

Most real estate transactions involve $100,000's of thousands of dollars. Could you afford to lose that kind of money? Even if you could afford it, would you want to? I imagine not.

The banks require that a lawyer act on your behalf and theirs, mostly theirs. They usually will not do a transaction, e.g. they would likely refuse to advance mortgage proceeds on a purchase transaction without a lawyer ensuring that they are protected. Why? Lawyers reduce risk.

For example, imagine spending all the time and effort into finding the perfect property, then handing over two, three or four hundred thousand dollars, or more, and not actually owning the property that you thought you paid for.

Or, imagine getting the title to the property but shortly after getting notice that you are now responsible, i.e. liable, for the previous owner’s debt(s).

While every transaction is unique, generally, lawyers help ensure that:

The common perception is nothing ever goes wrong in real estate transactions. However, it is not true. Approximately 35% of all claims against lawyers arise from real estate transactions. So, what can you do? You can hire any lawyer you want to, so make your life easier, reduce your risk and hire someone whose primary area of practice is in real estate.

Finding the shortest and safest route to any of your dreams requires planning and only with a carefully thought out financial plan can you be sure to make the most of your resources and to protect against risks along the way. At Worby Wealth Management, Chris will do his best to help you achieve those dreams with a plan that is tailored to your specific needs and based on your individual situation.

Let Trusted Regina Financial Adisir Chris Worby of  Worby Wealth Management help you live your dream!

Using a Safety Net:

Worby Wealth Management a Trusted Regina Financial Consultant talks about your Emergency Fund.

Say in the same month you have your water heater go, your car needs $2500 worth of work and you have to take an emergency trip to see an ailing relative. Where is that money going to come from? Many people know we should save a few months’ worth of expenses for the ‘just in case’ times but very few people know how to.

• How much money should be in an emergency fund?

• How to build one

• How to use it for annual ‘fun’ items I’ve heard it said that you should have 3 to 6 months’ worth of expenses handy on a ‘just in case’ basis.

I generally think a dollar amount is a better idea. Think of how much makes sense for you but a good guideline is somewhere in the $10,000 to $15,000 range – that is enough money to deal with most household’s finances for a couple of months in the event of job loss or such but still allows for funds to go towards longer terms goals like retirement.

Building one can be difficult but really, the best way is to set up a high interest rate account separate from your regular chequing account and send money there from every paycheque. Now that you know what your goal amount is, you can target that and, if you want to go from $0 to $10,000 over the course of 4 years, it’s going to be $2500/yr or about $100/bi-weekly. It may take some time to build this up so I often recommend using tax returns or some other once a year source of funds like bonuses to get this done more quickly.

Finally, I get asked how to budget for an annual trip or some such pretty regularly – this fund can help. Say it’s established and you are ticking along just fine at around $12,000 and you have decided this is good for your household. Once that fund gets above that amount, you have spending money! Say you want to take the family to Mexico during the winter every now and then, whenever you have $17,000 (if it costs $5000), you are free to go. Emergency funds, they are helpful and very few people have them. Give me a call or email and we can figure out how to get one up and running for you.

Chris Worby is a Trusted Regina financial advisor and Wealth Management consultant servicing local Regina households and businesses since 2001.

Some of the services that Worby Wealth Management can help you with: 

• Insurance Advice
• Investments
• Wealth Management Services
• Pay Less Tax With Tax Planning 
• Become Mortgage-Free Faster With Financial Education 
• Estate Planning 
• Retirement Planning 

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!

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Al Shick Trusted Regina contractor.

Monte from Rapid Lawn Hydroseeding & Landscaping Trusted Regina turf, lawn & landscaping experts

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