At Main Street Law, we frequently see clients who wish they’d tackled a few key discussions before moving in. While it’s not about expecting the worst, it’s about being informed, prepared, and fostering mutual respect. Whether this is your first home together or a progression after years of dating, here are three essential legal conversations to have before signing that lease or mortgage. 

1. How Will You Share Finances and Household Expenses? 

Money becomes an integral part of daily life when you live together, even if you aren’t legally married. Agreeing on how to handle expenses and finances upfront can prevent misunderstandings later. 

Questions to Discuss 

• Will you open a joint bank account or keep finances separate? 
• Who is responsible for paying the rent or mortgage, utilities, and other household bills? 
• How will you divide expenses if one partner earns significantly more than the other? 
• If one partner owns the home, will the other contribute to the mortgage, and what does that mean for ownership? 

Why This Matters Legally 

Financial contributions made while cohabiting can lead to disputes if the relationship ends. For example, if one partner helps pay down the other’s mortgage, they might later claim an interest in the property without a prior agreement in place. 

Pro Tip 

Write down your agreements around finances. While it doesn’t have to be overly formal, documenting shared responsibilities creates a clear understanding. For added security, consider formalizing your arrangement in a cohabitation agreement, with the help of a lawyer. 

2. Who Owns What—and What Happens If Things Change? 

When you move in together, you each bring personal belongings—furniture, electronics, perhaps even a beloved pet. Over time, you’ll accumulate more shared items, from appliances to sentimental purchases. Sorting out ownership in case of a breakup can be challenging without a plan. 

Points to Consider 

• What items do each of you own individually versus jointly? 
• How will shared purchases, like furniture or a car, be divided if the relationship ends? 
• Will you take steps to protect inheritance or family-owned assets? 

Why This Matters Legally 

Under Alberta’s laws, common-law partners who have lived together for 3 or more years, or have a child together generally share the same property rights (also known as Adult Interdependent Partners) share the same property rights as married couples. Without clear documentation, disputes over assets can arise. 

Pro Tip 

A cohabitation agreement can outline ownership of property and provide a framework for dividing assets fairly if the relationship doesn’t work out. It’s particularly useful for blended families, second relationships, or couples with significant pre-existing assets. 

3. What Are Your Expectations If the Relationship Ends? 

Talking about a potential breakup while moving in might feel uncomfortable, but it’s one of the smartest things you can do. Planning for “what if” scenarios now can save you from tremendous stress later. 

Questions to Ask 

• If the relationship ends, who would stay in the home? 
• Will one partner buy out the other’s share, or will you sell and split the proceeds? 
• What happens to jointly held savings or shared debt? 
• If there are children from a previous relationship, how will parenting responsibilities be honored? 

Why This Matters Legally 

Without a written agreement, separating couples often face uncertainty and disputes over finances, property, and living arrangements. Building an exit plan into a cohabitation agreement can help ensure a smooth transition and avoid unnecessary conflict. 

Pro Tip 

Think of this conversation as a sign of mutual respect and maturity. A basic plan doesn’t mean you’re preparing for failure—it shows you value clarity and fairness in your relationship. 

What Is a Cohabitation Agreement? 

A cohabitation agreement is a legally binding document that defines the rights and responsibilities of both partners while living together. It can cover key issues such as: 

• Ownership of property. 
• Division of expenses. 
• Allocation of joint debt. 
• Arrangements for children from previous relationships. 
• What happens in the event of a separation. 

Who Needs One? 

While not every couple requires a formal agreement, it’s especially important in situations where: 

• One partner owns the home. 
• There’s a large income or asset disparity between partners. 
• Either partner has children from a previous relationship. 
• You plan to stay together long-term without marrying. 

Isn’t This Just for Common-Law Couples? 

Mostly. Under Alberta law, couples become “common-law” (recognized as Adult Interdependent Partners) after living together for three or more years, having a child together, or signing an agreement. Common-law partners have different legal rights compared to married couples, making these steps vital. 

That said, even married partners can benefit from clarifying finances and property ownership—especially in blended family situations or when one partner acquires significant assets before moving in together. 

How Main Street Law Can Help 

Starting your life together on a strong foundation is about more than love and excitement—it’s about clarity, communication, and shared understanding. At Main Street Law, we make these conversations straightforward and approachable while helping you protect your future. 

We Offer Guidance On 

• Financial and property rights for cohabiting couples. 
• Drafting and reviewing cohabitation agreements. 
• Advising on joint ownership, shared expenses, and future planning. 
• Navigating legal options if your relationship changes. 

Our experienced family lawyers serve couples in Spruce Grove, Edmonton, Drayton Valley, and surrounding communities. No matter how long you’ve been together, it’s never too early to understand your rights and safeguard your future. 

Move Forward With Confidence 

Moving in together should be exciting—not uncertain. By having these legal conversations and exploring smart steps like a cohabitation agreement, you can focus on building a life together with peace of mind. 

Call Main Street Law today at 780-960-8100 or visit mainstreetlaw.ca/family-law to book a consultation. 

Together, we’ll help you protect your future and make this new chapter a positive and secure experience! 

The post Moving in With Your Partner? 3 Legal Conversations to Have First  appeared first on Main Street Law Llp.

At Main Street Law, we work closely with home buyers, sellers, and agents across Spruce Grove, Edmonton, and Drayton Valley. Our mission is simple and unwavering—to protect your interests, flag potential problems early, and ensure your real estate closing goes off without a hitch.

What Exactly Does a Real Estate Lawyer Do?

Whether you’re buying your dream home or selling a beloved property, a real estate lawyer is your advocate. Here’s how they guide you through every step and why their role matters so much.

1. Reviewing the Purchase Agreement

The purchase agreement outlines the price, conditions, timeline, and obligations for both parties. It’s the core of your transaction—but it’s also packed with legal terms that can be confusing.

A real estate lawyer will:

• Examine the agreement before you sign.
• Translate legal jargon into plain English.
• Highlight any unusual terms or potential risks.
• Suggest negotiation opportunities if needed.

Why it matters: Once you sign, the agreement becomes legally binding. It’s crucial to be confident about what you’re agreeing to.

2. Conducting a Title Search

A thorough title search is the backbone of a sound real estate deal. Your lawyer will review property records to confirm:

• The seller’s legal right to sell.
• No hidden liens, debts, or legal issues.
• No restrictions or encumbrances that could affect your ownership or use.

Common problems a title search uncovers:

• Builder’s liens
• Outstanding property taxes
• Easements or rights-of-way
• Incorrect land descriptions

Why it matters: Discovering these issues early can prevent delays, unexpected expenses, or even the loss of your deposit.

3. Preparing and Reviewing Legal Documents

Every real estate transaction generates a stack of important documents. Missing something here can lead to costly problems down the road.

Your lawyer manages:

• Mortgage and financing documents
• The transfer of land to the new owner
• Tax certificates to ensure property taxes are paid
• Real Property Reports (RPR) and compliance certificates
• Closing documents and the statement of adjustments

Why it matters: Proper documentation ensures your transaction complies with Alberta’s Land Title Act and local municipal requirements. Errors can derail your sale or expose you to lawsuits.

4. Handling the Transfer of Funds

A real estate lawyer is also your financial gatekeeper during closing.

They will:

• Hold deposit funds in trust
• Coordinate with lenders or banks
• Pay any outstanding fees or taxes
• Distribute final payments to the seller, your lender, and the municipality
• Release remaining funds to all parties

Why it matters: With large sums involved, having a trustworthy professional manage the finances protects you from fraud or mistakes.

5. Registering New Ownership

After closing, your lawyer registers the new ownership with Alberta’s Land Titles Office. This step officially transfers the title and ensures your legal ownership is recognized.

For buyers, your lawyer will also:

• Register any mortgages or encumbrances
• Address title issues proactively

Why it matters: It solidifies your legal claim to the property and helps avoid future disputes with third parties.

What About Sellers?

Sellers benefit from legal representation, too. Your lawyer will:

• Review offers and explain your legal rights
• Ensure all buyer conditions are met
• Arrange payouts for existing mortgages
• Adjust property taxes, condo fees, or rent
• Prepare closing documents and ensure you receive proceeds promptly

Selling without a lawyer can expose you to legal disputes, financial setbacks, or complications if the buyer encounters title issues.

When Should You Hire a Real Estate Lawyer?

Ideally, involve a lawyer before signing any purchase agreement. At the latest, bring them in as soon as your offer is accepted. Lawyers not only review documents but guide you step by step through the closing process, safeguarding your interests at every turn.

Frequently Asked Questions

Can’t my real estate agent handle this?

Your agent is invaluable for marketing and negotiation but can’t provide legal advice or draft legal documents. Only a lawyer ensures your rights are fully protected and that your agreement is legally binding.

Do I need a lawyer for a new build?

Absolutely. New builds involve complex contracts and unique risks. Your lawyer will review builder agreements, address potential issues, and clarify your rights during construction.

Is hiring a lawyer expensive?

Legal fees are a small percentage of your purchase or sale and can save you thousands. At Main Street Law, we believe in straightforward, competitive pricing and offer detailed quotes before you proceed.

Choose a Trusted Team for Alberta Real Estate

Whether you’re buying your first home, selling a condo, or handling a rural property transaction, Main Street Law is here to guide you through:

• Residential purchases and sales
• Condominium transactions
• Acreage and rural property sales
• Title transfers
• Mortgage refinancing

Take the stress out of your move. Contact our experienced real estate lawyers at Main Street Law for a smooth, on-time closing. Call us at 780.960.8100 or visit our website to book a consultation.

Protect your next step, and move forward with confidence.

The post Buying or Selling a Home? Here’s Why You Need a Real Estate Lawyer appeared first on Main Street Law Llp.

Whether buying your first home or investing in a commercial property, you may require financing. There are many different options for obtaining financing. One option is what is known as a Monoline Lender.
People are often unfamiliar with the term Monoline Lender. Instead of Monoline Lenders marketing directly to consumers such as traditional, better known Banks do, Monoline Lenders provide their services to Mortgage Brokers: In turn, the Mortgage Brokers act as an intermediate party to bring together a consumer (who needs money to buy the property) and the lender (willing to loan money).
Understanding the meaning of Monoline Lender requires breaking the term into its parts. Mono is Greek in origin and means ‘one’. Lender is a bank or other lending institution. In the context of obtaining a mortgage for a home purchase, a Monoline Lender is a lending institution that focuses on lending services specifically providing financing to purchase property. There are many different Monoline Lenders some of the largest and more frequent Monoline Lenders are First National Financial LP and MCAP. Monoline lenders generally only deal with loans and mortgages on real property: they do not typically offer other common banking services such as chequing accounts or car loans.

It is useful to distinguish Monoline Lenders from other lenders who may have a presence in your community, whether that be Spruce Grove, Stony Plain, or Drayton Valley:

• Firstly, you may contrast a Monoline Lender with a Bank which instead provides a wide array of financial services. In Drayton Valley for example, there are four of the five large banks of Canada: Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), and Bank of Montreal (BMO). Each of these banks provide other financial services in addition to financing for purchasing a property, and they are all federally approved and regulated according to the Bank Act. For these reasons, Monoline Lenders are sometimes also called “non-Bank lenders”.

• Secondly, you may contrast a Monoline Lender with other traditional lenders which are more similar to banks by having physical offices in the Drayton Valley community, which includes ATB Financial (formerly known as Alberta Treasury Branch) and Servus Credit Union. Unlike these traditional lenders, a Monoline Lender typically does not have a physical office in the community, though the Mortgage Brokers they work with typically do have a physical office in the Community.

• Lastly, you may also contrast a Monoline Lender with a private lender. A private lender is an unregulated lender such as the seller, family member, or a member of the community with the means to facilitate a loan.

Regardless of the type of lender, there are various protections in place for consumers obtaining a loan and mortgage including disclosure of financing terms, and requirements to disclose a high ratio mortgage. Also, while each lender is different generally when receiving financing to purchase a property, a mortgage will almost always be registered on title to the property as security for the loan.

Why might I use a Monoline lender?

These are a few reasons why someone may use a Monoline Lender:

• A Monoline Lender may be more willing to approve financing. For example, someone with self-employment may not qualify for financing from a traditional lender.
• A Monoline Lender may offer financing on better terms. For example, a lower fixed interest rate, a lower payout penalty, or better prepayment terms.
• A Monoline Lender may offer to lend on different terms and conditions. For example, a parent buying a home for a child.

Essentially a Monoline Lender focuses on offering mortgages to finance the purchase of a property and can at times provide additional flexibility and/or better terms for a buyer or borrower.

How can a lawyer assist with using a Monoline Lender?

In Alberta, most lenders (including Monoline Lenders) require a lawyer be selected to act for both the lender and buyer to ensure proper documents are prepared and registered. Generally, when purchasing a property and obtaining financing, the buyer contacts the lawyer to begin preparing documentation after the financing condition is waived.
There are many other ways a Real Estate Lawyer with Main Streeet Law LLP can assist you with your real estate transaction, including reviewing a contract, financial commitment letter, or a Real Property Report. Time can be of the essence in a real estate transaction, and the Real Estate Lawyers at Main Street Law LLP are always pleased to assist in any way possible for the ON TIME^TM closing of your transaction.

Please be advised that this article was prepared by Aaron LaForest, Real Estate Lawyer with Main Street Law LLP in Spruce Grove in May of 2023, is intended as a general overview and general information on a legal subject as the law exists at the time of writing and is not intended to be legal advice. Often the specific facts of your legal matter may change or impact the applicability of this information. For legal advice related specifically to the facts of your concern, please consult with any of the Real Estate Law Lawyers at Main Street Law LLP.

The post What is a Monoline lender and why might I use one? appeared first on Main Street Law Llp.