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Jul 18, 2024 · Claiming that there is a regular commission rate is contrary to the provisions of the Competition Act. Yet in Alberta, the typical combined real estate commission or fees of both the buyer and seller agents is 7% for the first $100K of the home’s price and 3% of the remaining balance above $100K.
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- Legal fees and disbursements. These fees are charged by a lawyer or notary, and can cost up to $1,200 depending on the complexity of the deal. Your lawyer or notary will arrange all transfers, payments and other factors of the funds for the real estate transaction.
- Property or land transfer tax. This is applied on all purchases of homes. These taxes are calculated at different rates depending on the province and city in which the sale takes place.
- Property taxes. This should come out of your legal fees, and your notary will take care of this. You will owe or receive a prorated amount for the remainder of the year’s property taxes.
- Utility payments/hook-up fees. You will have to pay to have your utilities connected to your new property.
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May 3, 2023 · Legal Fees and Disbursements. In a real estate transaction in Alberta, legal fees and disbursements refer to the costs of hiring a lawyer to help with the legal aspects of the transaction. These fees typically include a flat rate for the lawyer’s services.
Quick facts about Real Estate Law and buying or selling a home. Sellers pay the real estate agents – Real estate commissions are paid by the sellers.. The importance of Clear Title – One of the most important functions completed by your Edmonton Real Estate Lawyer is a Title Search, completed to ensure you are getting a title clear of encumbrances or other issues.
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Sep 30, 2022 · Notary/real estate lawyer fees for buying a house in Alberta. In Alberta, you need to have a notary or real estate lawyer act on your behalf while purchasing a property. This is due to the fact that notaries and real estate lawyers are able to register a legal charge on the property (which, in turn, confirms the new ownership).
