FAQ

At VNY Law, we understand you may have questions about our legal services and processes. We’ve compiled answers to the most common questions our clients ask about real estate transactions, wills, estate planning, and working with our firm. If you don’t find the answer you’re looking for, please don’t hesitate to contact us directly.

As soon as possible!

If you are selling, we recommend looking for a lawyer as soon as you list.

If you are purchasing, we recommend looking for a lawyer as soon as you begin house shopping.

Obtain quotes from various lawyers and retain a lawyer that meets your budget, has experience and knowledge, and is responsive.

Once retained, you will generally be asked basic details about yourself as part of the intake questions in order for the law firm to open your file.

For a sale and refinance specifically, you will also need to provide any account or loan numbers that need to be paid out upon closing and funding.

Once all conditions have been waived or satisfied, and the lawyer receives the Conveyancing Report—which outlines the parties involved and the terms of the contract—they will typically reach out to initiate the intake process.

Clients are generally contacted approximately two weeks before closing to arrange a signing appointment.

For a purchase transaction, the signing appointment cannot be scheduled until the lender has provided mortgage instructions to the lawyer.

Disbursements are out-of-pocket expenses that a lawyer pays on behalf of the seller or buyer. These costs are then passed on to the client as part of the legal fees.

Common disbursements in a real estate transaction include:

  • Title search fees – To confirm legal ownership and check for any liens.
  • Property tax certificate – To confirm the annual property taxes and check for what has been paid and/or if there’s any arrears or penalties.
  • Registration fees – For registering the deed/transfer and mortgage with the land registry.

As of October 20, 2024, Alberta Land Titles has updated its fee structure for registering property transfers and mortgages. The current fees are calculated as follows:

Transfer of Land (Property Transfer) on One Instrument (Title)

  • Base Fee: $50; and
  • Variable Fee: $5 for every $5,000 (or portion thereof) of the property’s value

Mortgage Registration on One Instrument (Title)

  • Base Fee: $50; and
  • Variable Fee: $5 for every $5,000 (or portion thereof) of the mortgage amount

A Real Property Report (RPR) is a legal document prepared by a land surveyor that shows the boundaries, structures, and improvements on a property in relation to municipal bylaws and regulations. It includes:

  • The property’s legal boundaries
  • Locations of buildings, fences, driveways, decks, and other structures
  • Easements, rights-of-way, and encroachments
  • Compliance with municipal zoning and bylaws


You will need a Real Property Report with municipal compliance certificate when you sell your property or refinancing a mortgage. An RPR is usually valid unless changes have been made to the property (like adding a new garage or deck).

If the report is outdated, you may need to get a new one or obtain a statutory declaration stating no changes have occurred. You will need a new Real Property Report to ensure compliance if and when you are building a new structure, fence, deck, or addition.

Closing day is when the ownership of the property officially transfers from the seller to the buyer. The real estate lawyer plays a crucial role in ensuring everything is processed correctly and efficiently – communication and preparation is key.

For Buyers:

  1. Final Funds Transfer – The buyer’s lawyer receives mortgage funds from the lender and ensures ‘cash to close’ is sent to the seller’s lawyer promptly prior to 12:00 PM (noon).

  2. Key Release – Once the seller’s lawyer receives funds, they will notify the seller’s realtor to authorize key release. The seller’s realtor will coordinate with the buyer’s realtor to receive keys. Buyers should pre-arrange a time with their realtor to meet on closing day.

  3. Title Registration – The buyer’s lawyer registers the property transfer and mortgage with the Alberta Land Titles Office.

For Sellers:

  1. Key Release Authorization – Once the ‘cash to close’ is received and the transaction is finalized, the seller’s lawyer authorizes the release of keys.

  2. Mortgage Payout – The lawyer pays off any existing mortgage and any outstanding property taxes or condo fees.

  3. Fund Distribution – The remaining sale proceeds are transferred to the seller, minus legal fees and any adjustments.

The process of funds transfer and key release is completed by 12:00 PM (noon), with payouts and sale proceeds being distributed thereafter.

Delays can occur if funds are not received promptly on the morning of closing day or documents are not received in a timely manner.

Yes, Fire (Home) Insurance is required when purchasing a condo. While the condo corporation typically carries a master insurance policy for the building, this master policy only covers common areas and the building structure, not your unit’s contents or personal liability. As a result, unexpected assessments (e.g., if the building suffers damage not fully covered by the master policy) can become your financial responsibility.
Generally, all mortgage lenders will require proof of insurance before funding your mortgage. You will need to provide your confirmation of insurance, also known as “Insurance Binder”, to your lawyer.

Types of Condo Insurance You Need:

  1. Personal Property Insurance – Covers your belongings (furniture, electronics, clothing, etc.) in case of theft, fire, or damage.

  2. Liability Insurance – Protects you if someone is injured inside your unit or if you accidentally cause damage to another unit (e.g., a water leak).

  3. Improvements & Betterments Coverage – Covers upgrades you made to your unit (e.g., new flooring, countertops) that may not be covered by the condo corporation’s insurance.

  4. Loss Assessment Coverage – Protects you if the condo corporation charges unit owners for damages or deductibles that exceed the master policy limits.

  5. Additional Living Expenses (ALE) – Covers temporary living costs if your unit becomes uninhabitable due to an insured event.

For assistance with obtaining insurance, please contact our office and we can connect you with trusted insurance providers we have worked with in the past.

A traditional or mainstream mortgage lender is a financial institution that provides home loans under standard lending criteria. These lenders are typically well-established, regulated, and offer competitive interest rates.

Examples of Traditional/Mainstream Lenders: RBC, TD, Scotiabank, CIBC, BMO

Both B-Mortgage Lenders and Private Mortgage Lenders are alternatives to traditional mortgage lenders (banks).

B-Mortgage Lenders are financial institutions that operate similarly to banks but have more flexible lending criteria.

Examples of B-Lenders: MCAP, RFA, Home Trust, Equitable Bank, First National.

Private Mortgage Lenders are individuals or companies that lend money outside of the traditional banking system.

Examples of Private Mortgage Lenders: Calvert Home Mortgage Investment Corporation, Magnum Mortgage Corp, Skye Private Lending.

There are additional fees for thee type of lenders due to the extra legal work involved. These transactions require more extensive due diligence, as lenders impose stricter conditions that need careful review. Additionally, a lawyer must draft and review customized legal documents, such as personal guarantees and unique mortgage agreements. Private lenders may also require additional title and security registrations, including second mortgages or caveats, which increase the complexity of the transaction.