5 Tips on How to Select a Regina Real Estate Lawyer

Lawyers in Regina — Real estate and property law comprises the financing aspects of property: Such as mortgages, liens, and foreclosures.

If you have purchased or are thinking about purchasing property, whether you are considering a house, a commercial building or a piece of land, you may want to consult with a real estate lawyer in order to protect yourself from any unforeseen liabilities that might be attached to the property.

Real estate contracts tend to be full of legal jargon that can be difficult for the average person to understand. However, if you have selected the right attorney with years of experience to assist you with the real estate transaction, he or she can help relieve you from the stress of the deal by ensuring that all of your documents are in order and ready.

Selecting the right attorney will go a long way to ensuring that your house buying or selling process is a smooth one.

1. Choose a Real Estate lawyer

Not all lawyers in Regina practice Real Estate law!

It seems obvious, but some clients make the mistake of addressing any lawyer. For example, some might choose a family friend who helped with their divorce. Not every lawyer can help you in Real Estate.

Real Estate Legislation is complex and constantly changing and lawyers should be up-to-date on all changes. So, whether you are purchasing a new home, refinancing a mortgage, or listing your home for sale it is important that the lawyer you select is actively practicing Real Estate law.

2. Get Referrals from Mortgage Brokers & Realtors

Mortgage Brokers and Realtors have first hand experience working with Real Estate Lawyers and have an intimate understanding of how they treat their clients, legal service fees, and how quickly and efficiently they work.

The lawyers Legal Assistant plays an extremely important part in the Real Estate transaction often doing all the upfront work. Working with each lenders funding department, ISC (Land Titles), Mortgage Brokers, and Realtors. A Legal Assistant that is experienced in Real Estate transactions is as important as working with an experienced lawyer.

3. Contact the Saskatchewan Bar Association

The Saskatchewan Bar Association will be able to provide you with a list of attorneys in the Regina area that specializes in Real Estate law. Using the Saskatchewan Bar Association as a resource has the added benefit of ensuring that the attorney you choose is properly licensed to practice law in Regina. You typically can either call the bar association or visit their website to find a list of Real Estate lawyers in Regina

4. Examine Regina Lawyers/ Real Estate reviews

Many resources exist online that allow clients to provide reviews of attorneys whom they have hired to represent them in different types of legal matters. By reviewing other individuals’ experiences with a particular attorney, you can judge whether an attorney might be the right fit for you.

5. When do you need to provide the lawyers name and contact information

Lenders will request your lawyers contact information when submitting the signed mortgage commitment with the Mortgage Broker. Required for lender solicitor instructions.

How to select a local Regina Realtor — here

How to select a local Regina Mortgage Broker — here

Kim Seifert
Mortgage Broker  lic# 316147
M 306-533-4492 | F 306-545-7446| kseifert@dominionlending.ca  
The Mortgage Firm  lic# 315912
3889 Arcola Ave E, Regina, SK S4V 1P5

6 Tips on How to Find a Realtor in Regina

Whether you’re buying or selling a house, understanding how to find a the Best Realtor in Regina is essential and probably personal as well. Your agent will help you through all steps of the process and answer the countless technical, tactical, and financial questions that arise.

So you don’t waste hours Googling for answers that a good real estate agent will have a clear handle on the ins and outs of the local housing market. Below are some of the best resources to turn to find someone you know you can trust.

1. Find a Realtor in Regina with the most listings

One simple, somewhat passive way to find the Best Regina Realtor is to identify which agents have the most listings in Regina and surrounding areas. Experience with many clients indicates a certain amount of ambition and hustle. You can review current MLS listings for Regina at Realtor.ca

Just because a Realtor has the most Real Estate listings in the area doesn’t mean they are the best Realtor for you!

2. Get referrals from family, friends, other Regina Real Estate Professionals

Probably the most common strategy for finding a Real Estate agent in Regina is through word of mouth. Ask your family, friends, neighbours or other Real Estate professionals (ie. mortgage brokers, lawyers) who they recommend or have used before. Make sure to ask “would you use them again?”

The home buying process is an emotional time for many. Be careful using close friends and/or family as this could lead to conflict in the home buying process.

• Finding the “right” Realtor is personal and subjective.
• May work if the person’s sale or purchase was similar to yours.
• Don’t assume one size fits all, even if their experience lines up with yours.
• Compare the referral with 1-2 other realtors.
• Be careful hiring agents you know personally, set ground rules.
• Mortgage Brokers, Lawyers have first hand experience working with Realtors and have an intimate understanding of how they treat their clients and how they work with other professionals.

3. Get a referral from your previous Realtor

If you’re moving to Regina, you could reach out to your previous Realtor for a referral. Most brokerages have a network of Real Estate agents they use across the Canada, and they can refer you to someone who would likely be a good fit. Understand, Realtors usually get a referral fee for recommending a local Realtor.

4. Look for community leadership

Here’s an outside-the-box approach: Look beyond the performance numbers and find agents who have actually invested in the Regina area. Work with someone who believes in the community and does more than sell homes. Someone who participates in local schools, sports, developing businesses, or charities.

5. Evaluate what ‘good/ best’ means to you

Your idea of a good/ best real estate agent is probably different from someone else’s, so it’s important to make a list of qualities you most desire in the person you hire to sell or find you a home.

Does “good or best” mean they’re the most ethical, have the highest sale volume, or have the greatest experience? Do you want an agent who takes charge, or one who focuses more on making you feel heard? Is customer service the highest priority? Avoid superficial “best local contests” as well. They are just made up competitions to get more traffic to media providers.

6. Make sure the Regina Realtor’s license is up-to-date

Before you sign with an Realtor check if there Realtor’s license is up-to-date. To check that the license is current, go to the Canadian Real Estate Association CREA or Saskatchewan Realtors Association SRA websites. You will also be able to see if the agent has faced any disciplinary action.

In conclusion

Avoid using platforms like Zillow and Google to find Realtors as the huge number of search results can make it inefficient and overwhelming. It is also hard to tell the top agents from agents who paid for more visibility. These tools are better for vetting agents than finding them.

So, finding the Best Real Estate Agent in Regina is a personal decision and shouldn’t be taken lightly. Feel free to reach out to me and I can provide a list of local Regina Realtors that I have personally worked with and know first hand how they treat their clients and how they work with other Real Estate Professionals. If you are looking for other advice please checkout my Blog section.

How to select a Lawyers in Regina— here

How to select a local Regina Mortgage Broker — here

Kim Seifert
Mortgage Broker  lic# 316147
M 306-533-4492 | F 306-545-7446| kseifert@dominionlending.ca  
The Mortgage Firm  lic# 315912
3889 Arcola Ave E, Regina, SK S4V 1P5

Can you get a mortgage while on maternity leave in Canada?

Simple answer is Yes you can qualify for a maternity leave mortgage. In general, you will qualify if you provide a letter of employment from your employer. It must confirm your current Rate of Pay, Guaranteed Hours, and finally your Expected Return Date. NOTE: Not every mortgage lender has the same rules regarding Parental Leave.

What are the mortgage rules for maternity leave?

• Credit score over 640 (anything less usually requires a strong co-signer — immediate family member – ie: spouse/ significant other, parents, siblings, grandparents).
• 100% of employment income can be used for the mortgage loan provided you are returning to work within 12 months of the closing date.
• 60% of your income will be used if you are returning to work more than 12 months after closing.
• Letter of Employment stating return to work date.
• Self-employed, or you are not salary or guaranteed hours you will be required to use 2 years’ T4’s/ NOAs to qualify at the percentages noted above.
• Whether you are pregnant or on maternity leave lenders can not discriminate or prevent you from qualifying for mortgage financing.

What you require on the Letter of Employment?

In order to evaluate your application using 100% of your typical income you must provide the bank/ financial institution with a ‘return to work’ letter. It must state your employment status. This letter must include:

• Your original start date.
• Plan to return to work date.
• Job title and income information.
• A clause stating that you will be returning at your full employment income. Regardless of previous years’ T4s or Notice of Assessments.
• Must be on company letter head.
• Must have current date and contact information listed.

For more information on writing an Employment Letter check out my article here.

What can working with a mortgage broker do for me?

A Mortgage Advisor can help guide you through applying for a mortgage pre-approval. Moreover, a broker will help find a lender that suites your immediate requirements. Most Realtors (before showing you homes on the market) will also require a Mortgage Pre-approval letter confirming that you qualify for a mortgage.

As a Brokerage with access to over 40 lenders, we are able to submit your mortgage application to lenders that will take 100% of your usual income into account (NOTE: if you will be returning to work within 12 months after your maternity leave starts). This means you will qualify for the same amount of financing as you would if you were not on leave.

You will also have access to the best available mortgage rates.

Maternity leave does not affect your mortgage application. Simply contact our office for a Free Consultation and discuss your options for buying a house, fixing bad credit, using maternity benefits, and calculating your mortgage payments for your parental leave lower income.

Kim Seifert

Mortgage Broker  lic# 316147

M 306-533-4492 | F 306-545-7446| kseifert@dominionlending.ca  
The Mortgage Firm  lic# 315912
3889 Arcola Ave E, Regina, SK S4V 1P5

What is a Purchase Plus Improvements Mortgage?

Purchase Plus Improvements Mortgage helps qualified homebuyers carry home improvement costs into their mortgage with as little as 5% down. The Purchase Plus Improvements program is designed for borrowers who want to make improvements to their home immediately after taking possession of the purchased property. The Improvements Program allows homeowners to do so with one manageable mortgage payment.

The Purchase Plus Improvements and Refinance Plus Improvements programs are administered through the three main mortgage default insurers (purchase plus improvements CMHC, Sagen improvement program, Canada Guaranty Improvement program).

What does this mortgage allow?

• The cost of home renovations are added to the home purchase price. Mortgages are available up to 95% Loan-to-Value (LTV) or refinances up to 80% LTV. (NOTE: you can only refinance in Canada up to 80% LTV).
• Maximum of $40K for home improvements or up to 20% of the appraised property value.
• Allows renovations that will improve the value of the property. It will not allow items that can be removed from the home. For example: appliances, blinds (shutters are considered built in). Garages, roofing, fencing, upgraded kitchen, bathroom renovations, windows, paint, flooring, adding on to the home, and landscaping are just some of the more popular improvements people complete.
• The home improvements can be completed by a professional contractor or DIY. (NOTE: You can not charge for your own labour).
• Amortization up to 25 or 30 years. This depends on the lender and if the mortgage is high ratio or conventional.
• Maximum 120 days post funding to complete the improvements. (NOTE: Some exceptions apply, especially if COVID restrictions are delaying delivery of material).
• Same great Mortgage Rates apply.

How does the Purchase Plus Improvements Program work?

Step 1: Once you have an accepted Offer to Purchase work with your Regina Mortgage Broker to determine what renovations need to be completed, gather a rough idea of how much they will cost, and what CMHC, Sagen, Canada Guaranty will allow.

Step 2: Acquire improvement quotes from professional contractors on company letter head and supply to the lender and mortgage insurer. Make sure the contractor quotes cover all anticipated costs and contain a detailed list of materials and labour costs as you can not go back later and ask for more funds.

Step 3: Once improvement quotes have been summitted to the lender they will send an appraiser to do an “As-Is” & “As-Improved” appraisal.

Step 4: Your local Regina Mortgage Broker will get your new mortgage approved based on the homes ‘As-Improved’ value.

Step 5: Once the sale of your new home has concluded and you take possession of your new home, you can immediately start the renovations that were submitted to the lender. You have to stick to the lender approved renovations. Since the lender will not release the funds until after the renovations have been completed you can use personal cash, credit cards, or lines of credit to pay for the improvements upfront.

Step 6: Notify the Mortgage Professional once you are getting close to completing the improvements. Supply the Mortgage Broker with the paid invoices and the broker will submit to the lender for their review. This will trigger the lender and mortgage insurer to request a final inspection to verify the home improvements have been completed as directed.

Step 7: Once the lender receives the final inspection report they will direct the lawyer to release the funds. Usually, the lawyer will also be instructed to pay out any credit cards, lines of credit that have been used to pay for the home renovations. If any of the contractors are still expecting payment this will also be looked after.

Step 8: With the upgrades done, and all the mortgage details taken care of, you can fully enjoy your new home.

Notes:

• You have access to the same great mortgage interest rates for which you qualify. There are no hidden costs or mortgage rate increases for this program (NOTE: some lenders will request the borrower to pay for the appraisals — ask your mortgage professional upfront).
• Have firm price quotes prior to finalizing your mortgage, this will speed up the process.
• You will not receive any funds for the renovations until after the work is completed and reviewed by the bank and/or financial institution.

Conclusion

Very solid program and your local Regina Mortgage Broker will walk you through each step along the way. So, thinking of purchasing a home remember that their are Purchase Plus Improvement Programs available to you.

Not buying a home at this time? But you still want to renovate? No worries, as the Refinance Plus Improvements program is there for you. Remember the lowest rates available for your next mortgage loan still apply and no hidden fees.

Kim Seifert
Mortgage Broker  lic# 316147
M 306-533-4492 | F 306-545-7446| kseifert@dominionlending.ca  
The Mortgage Firm  lic# 315912
3889 Arcola Ave E, Regina, SK S4V 1P5

Regina Mortgage Broker and Business Associations

To secure the best interest rates, contact a local Regina Mortgage Broker. Using a local broker in Regina provides you the ability to have a local Real Estate expert that knows and understands local market.

Mortgage Broker Regina Advantages

Using a mortgage broker in Regina poses many benefits, some of which includes:

·        Increased exposure to lenders, mortgage products and best available mortgage rates

·        Only required to pull your credit report once to compare multiple rates and lenders.

·        The mortgage broker can negotiate on your behalf and pass on some of their volume discounts to you.

·        Greater flexibility when finding a time to meet with your broker in-person as mortgage brokers usually have extended hours, outside of the typical bank business hours.

·        Access to your mortgage brokers large amount of industry knowledge as they are not limited to products from one lender.

·        They can help with a number of mortgage solutions such as: debt consolidation, mortgage refinancing, mortgage renewals, home purchase, second homes, and provide one pre-approval.

·        Free service, as mortgage brokers are paid by the lender that provides your mortgage. Exception is working with Private lenders that do not pay finders fees.

Mortgage Broker Association

As provincial associations are not mandated the majority of Regina Mortgage Brokers belong to Mortgage Professionals Canada (formerly CAAMP). Mortgage Professionals Canada is a national mortgage broker industry association which ensures ethical and professional standards are maintained.

Mortgage Broker Licensing in Saskatchewan

For Regina mortgage brokers to be able to conduct business, they must meet the education and experience requirements outlined by the Financial and Consumer Affairs Authority of Saskatchewan. This includes 24 months of experience, the completion of an approved mortgage broker education course, and a criminal record check. The Financial and Consumer Affair Authority of Saskatchewan enforces the Mortgage Brokers Act and Regulations to protect the public and betters the mortgage broker industry.

Other Professional Ties

When purchasing a new home or property in Regina you will come into contact with multiple professionals all who play different roles in the purchase process. The main individuals you will work with are realtors, home inspectors and real estate lawyers.

Realtors are overseen by the Real Estate Council of Saskatchewan. They have access to home sales data (MLS) and can help you find the right property and negotiate with the seller on your behalf.

·        Recommended Realtor in Regina:

• Tim Lipp – Royal LePage Regina Reality
• Brenda Lauf – Re/Max Crown Reality

Home Inspectors provide home inspections to determine the condition of the property. A home inspection will allow you to determine the required maintenance and repairs need on your property. To be a licensed home inspector in Saskatchewan you must meet the requirements laid out by CAHPI Saskatchewan (Canadian Association of Home & Property Inspectors).

·        Recommend Regina Home Inspectors:

• Sheldon Eipert (Certified Master Inspector) – Supreme Inspections

Real Estate Lawyers execute all legal documents such as a purchase agreement and mortgage agreement and ensures your rights as a buyer are upheld.

·        Recommended Lawyers in Regina :

• Jeffrey Norwig – Partner at McDougall Gauley LLP

How to select a local Regina Lawyer — here

How to select a local Regina Realtor — here

Kim Seifert
Mortgage Broker lic# 316147
M 306-533-4492 | F 306-545-7446| kseifert@dominionlending.ca
The Mortgage Firm lic# 315912
3889 Arcola Ave E, Regina, SK S4V 1P5

What is an employment letter?

An employment letter for mortgage purposes is a document provided by your employer that confirms your current employment status and income. Most banks and Financial Institutions verify income as a part of their due diligence processes before extending a mortgage, line of credit, and/or HELOC.

Letter of Employment

Download the letter from employer for mortgage template below:

Word document (.docx)

Google document

Small business owners might not have an employee letter for mortgage template. When you request an employment verification letter provide these attached templates. We can help guide the employer and write an employment verification letter with them.

Why do I need a letter of employment for mortgage?

Lenders must do their due diligence before extending a mortgage to a borrower. One of the details they verify is the borrower’s employment status and income because lack of steady, reliable income which means the odds of the borrower defaulting on the mortgage is greater. Verification of employment and income is normally completed using a confirmation of employment letter from the borrower’s employer. You can usually obtain an employment letter for mortgage purposes by requesting one from your human resources (HR) department or supervisor. By the Mortgage Broker gathering all the documents you require before you apply for a mortgage, you will speed up the application process. A confirmation of employment letter for a bank or another financial institution can take time. The sooner you start the process, the quicker you can secure your mortgage.

What should be included in an employment letter?

Lenders must do their due diligence before extending a mortgage to a borrower. One of the details they verify is the borrower’s employment status and income because lack of steady, reliable income means the odds of the borrower defaulting on the mortgage is greater.

• Employer information:
  Most lenders require your employment letter to be issued on an official company letterhead that contains the company’s name, address, logo and contact details.

• Employment status:
  The letter of employment should contain information about your employment status, including how many hours you work, your job title and how long you’ve been employed.
• Financial information:
  The letter should state whether you’re paid hourly or you’re on a salary, how much you make, your payment cycle and if you get bonuses.
• Date and signature:
  Make sure the letter is dated and signed by a representative of the employer.
• Part-time Employment:
  The employment letter should state guaranteed hours, hourly wage along with your job title and start date.

Will all lenders require a letter to verify employment?

No, but most lenders will require some sort of verification. Whether that’s from a letter of employment, notice of assessment from the CRA, pay stubs or bank statements. If a letter isn’t requested by the lender, they may call or email your employer instead. Alternatively, the lender might give you a form for your employer to complete on your behalf.

Best Mortgage Rates

Want to see what rates are out there? Compare mortgages

Most lenders want to verify your employment as a part of their due diligence. This can involve getting a letter from your employer, having your employer fill out a form or having your lender call or email your employer. Some lenders might skip this process and instead ask for proof of employment via notice of assessments, pay stubs and bank statements. Whichever option they choose, the process is generally pretty simple, but it helps to be prepared.

If you’re just getting started with researching the mortgage process, start your search here.

Frequently asked questions:

How recent does the employment letter need to be?
Most lenders require the employment letter to be no older than 60 days from the date of receipt, but it can vary from lender to lender. If you have a letter that’s more than a couple of months old, ask your lender if you’ll need a new copy that’s been signed and dated more recently.

Can I provide my lender with a faxed copy of the letter, or does it need to be the original?
This will vary depending on the lender’s individual policies and eligibility requirements, but most lenders will accept a faxed copy of the employment letter.

Where can I get a proof of employment letter template?
At the top of this guide, there is a template that you can download and use. Some employers have their own templates since employment verification is a common request from employees. Alternatively, you can attempt to make your own letter, just be sure that it includes all the necessary information.

What if it’s a phone call instead of a letter?
If your lender lets you know that they’ll be calling your employer to verify your employment, give your supervisor (or another employer representative) notice to be courteous. It’s also a good idea to ask your employer if they need any information from you before the call.

Self-Employed will I require a Letter of Employment?
If you are Self-employed general lenders do not require a letter of employment unless you take a salary.

Does the employment letter require all employment history?
No, the lender will only require an employment letter from your current employer(s).

Should I write the letter myself?
No, the employers Human Resource Department, or immediate supervisor should write the employment verification letter.

Contact Information:

Kim Seifert
Mortgage Broker  lic# 316147
M 306-533-4492 | F 306-545-7446| kseifert@dominionlending.ca  
The Mortgage Firm  lic# 315912
3889 Arcola Ave E, Regina, SK S4V 1P5