Alberta Residential Real Estate Purchase Agreement

Not so long ago, everyone could hang their balance and call themselves a home inspector. Home inspectors must now be admitted to Alberta. Alberta`s new real estate purchase agreement in paragraph 8.2 (b) requires that inspections be conducted by a licensed home inspector. Your brother-in-law, the carpenter, or your grandfather, who used to build houses, no more, your inspector. You may continue to perform other duty of care, such as an oven inspection or a channel camera inspection. Cost of condominiums: Previously in the 2014 Area housing agreement, if a buyer received and paid for the condo document because the seller did not want it or not, the buyer could deduct these fees with the purchase price. There was no other remedy for buyers to cover the costs. This did not leave the opportunity for the buyer, who has not renounced conditions, to obtain the sometimes very high costs and the complexity of the purchase of condominiums. With the 2017 Area condo contract, the buyer can now charge the seller a 30-day payment request. Note: A buyer may still have to chase the seller to pay. Comments: The first amendment is intended to ensure the security of deposits. The second amendment allows the buyer to make a down payment until the seller has cancelled the contract. Overall, 2017 is probably a good change, as it would allow a buyer to keep the contract alive, especially if they were just a little late and the seller really had no objection.

Dower or Dower Rights refer to the requirement of Alberta legislation (The Dower Act) that a non-owner spouse accept the sale of a property. Thus, if a right holder is married (not under the common law), but according to the title for himself and if one of the spouses has already lived in the fortune since his marriage, the untitled spouse has what he calls “Dower Rights”. The untitled spouse has the “right” not to give consent and therefore to stop the sale. Section 7 of the 2016 Alberta Real Estate Contract makes Dower Consent a condition. 1 (h) is interesting. This clause obliges the seller to make some effort to know and understand the real facts behind his representations and guarantees in Clause 6. Sellers often sign contracts without really taking into account their representations and guarantees, and then try to explain later why these representations and guarantees were not true. Posting the forms a professional signs to you in advance can go a long way to ease uncertainties and allow professionals to ask the right questions to professionals. Below are examples of forms and agreements, the versions of which are often used by industry experts to work with consumers. What is Earnest Money? Earnest money is the surety that a buyer puts to show his interests and seriousness when buying the residential property.

If the contract is executed, the amount is credited to the purchase price. If the sale fails, the money will be returned to the buyer. Property Description: Section 1.1 of the new AREA 2017 housing contract is much clearer when it comes to the units that come with the purchase. Condominiums still contain a housing unit, but may also include parking and parking spaces. These spaces can either be titled, assigned or rented if they are not titled.

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