Alberta Budget: It's Way More Expensive to Buy Real Estate Now

The recent Alberta government budget created a lot of buzz. It even resulted in an early election campaign to garner support and a 'mandate'. But a few little line items in the budget that you may not have heard too much about were the significant increases in government fees - some increases are in the order of 600%.

If you are buying a home and close after July 1st, 2015 you'll be in store for a bit of a shock when your lawyer fills you in on what the 'closing costs' are going to be. For example, if you are buying a home worth $500,000 and placing a mortgage of $400,000, your disbursement costs will go up by over $1000.00. So a closing in June might result in legal fees, GST, and disbursements of roughly $1200 - but the same transaction that closes in July will result in closing costs of over $2200. Your lawyer's fees now represent less than 40% of your overall closing costs. So when you are choosing a lawyer, choose one that comes with a recommendation, who has experience, who does a lot of real estate - and not one that gives you a a 2-4% discount off your closing costs.

And remember to vote . . . .

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Richards + Company provides legal services to individuals and businesses in Edmonton and throughout Alberta. We actually have clients from all across Canada. Our areas of focus and expertise include Real Estate (Residential and Commercial); Corporate (e.g. incorporations, amalgamations, acquisitions, etc); Commercial (bank financing, land development, business purchases, limited partnerships); and Wills & Estates.

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