ANSWERS TO COMMON LEGAL QUESTIONS ABOUT REAL ESTATE, BUSINESS TRANSACTIONS AND ESTATE PLANNING.

Yes. In Alberta, a lawyer is required to complete the legal transfer of property ownership. Your lawyer prepares and registers the necessary documents, ensures the title is transferred properly, manages mortgage payouts, and oversees the exchange of funds.

Sully Chapman Beattie LLP represents a number of major home builders, developers and contractors who do business in Red Deer and the Central Alberta Region. In our capacity as their legal representative, we assist those clients with a wide range of issues pertaining to their businesses of contracting, development and sales: Transactions relating to land procurement and development; working with relevant municipal governments associated with development applications and permits; dealing with issues arising under Alberta’s Builder’s Lien Act, and all other related legal services as needed.

Your lawyer conducts title searches, reviews mortgage instructions, prepares transfer documents, handles adjustments for taxes or utilities, receives funds from the buyer or lender, and registers the transaction with the Alberta Land Titles Office.

In addition to the purchase price, buyers should plan for legal fees, land title registration fees, mortgage registration fees, property tax adjustments, and sometimes title insurance.

If concerns such as liens, encumbrances, or easements appear on title, your lawyer will review them and work to resolve or clarify them before the transaction completes.

Incorporation may be beneficial when your business grows, generates consistent revenue, or when you want liability protection and potential tax advantages. A lawyer and accountant can help determine the best timing.

A sole proprietorship is owned and operated by one individual and does not provide legal separation between the owner and the business. A corporation is a separate legal entity that can offer liability protection and different tax planning opportunities.

If your corporation has more than one shareholder, a shareholders’ agreement is strongly recommended. It outlines ownership rights, decision-making processes, dispute resolution methods, and what happens if a shareholder leaves or sells their shares.

Business transactions often involve purchase agreements, due diligence, financing arrangements, asset or share transfers, and corporate documentation. A lawyer helps ensure the transaction is structured properly and protects your interests.

Corporations must maintain annual filings, corporate records, shareholder resolutions, and minute books to remain compliant with Alberta corporate regulations.

A will ensures your assets are distributed according to your wishes and allows you to appoint someone you trust to manage your estate. Without a will, provincial laws determine how your estate is divided.

You should review or update your will after major life changes such as marriage, divorce, the birth of children or grandchildren, acquiring significant assets, or changes in your executor or beneficiaries.

If a person dies without a will, their estate is distributed according to Alberta’s intestacy laws. This may not reflect their wishes and can sometimes create delays or complications for family members.

Yes. These documents allow trusted individuals to make financial and personal care decisions on your behalf if you become unable to do so yourself. They are important components of a complete estate plan.