Can One Lawyer Act for Both the Buyer and the Lender in Alberta?

This answer covers the law of Alberta.

Yes, in appropriate cases. A lawyer may act for both borrower and lender in a mortgage or loan transaction if both consent, and the lawyer must disclose all information material to the transaction to both. Before acting for more than one client, the lawyer must explain the advantages and disadvantages, be satisfied the arrangement serves each client, warn that information is not confidential between you, and warn that the lawyer may have to withdraw if a conflict cannot be resolved.

Joint representation is not suitable everywhere. Where the likelihood of a conflict is high, joint retainers should not be accepted, and if a conflict arises the lawyer may have to withdraw from acting for one or both clients. A lawyer who previously acted for the seller or the lender may be barred from acting against that former client without consent.

The purchase and the mortgage are completed by registering a transfer and a mortgage at Land Titles, and prompt registration protects the buyer and lender against competing registrations. What your lender requires about who acts is a practical matter set out in its instructions, not a statute, so ask the lender early.