Examples of nondisclosure include a property in another province where the responses of the agent and the seller about the reason for selling were misleading. They falsely represented that the property is for sale because the seller’s child had to go to a different school. Upon checking into the matter, the purchaser learned that the seller’s husband, who allegedly was a notorious gang leader, was murdered on the property.

Another potential buyer researched a reasonably priced residential property on Google and learned that the Humane Society seized over 1,000 rabbits that were housed in the home. Sellers must also disclose issues such as electrical, roof-related problems, basement leaks and more. Importantly, disclosure is required even if defects have been remedied. It could be a filled-in cracks in the basement, repaired sewer pipes and other damage, often caused by tree roots.

Purchasers of real estate in Alberta are entitled to ask appropriate questions, and sellers must provide answers on which the potential buyers can rely. Those who have problems with properties bought without full disclosure of problematic issues may have recourse via the province’s legal system. However, the process can be time-consuming and expensive. In the cited example of the gang leader’s murder, the purchasers only recovered their $300,000 deposit nine years after discovering the truth.

Because of the current situation and its effects on the economy, the real estate market just started to gain a little strength again. Even though numbers are moving in the right direction and may be cause for optimism, there is still a high rate of unemployment in Calgary and throughout the province. Analysts predict employment numbers to be back to normal by 2022.

Many homeowners have been struggling to make ends meet, but those looking to purchase real estate are in a good position since there are many homes on the market currently that are likely more affordable for some. The current median price for a single family home in the city of Calgary sits at $487,567. CREB also indicates that migration is playing a part in the real estate market since more people are leaving the province rather than moving to it. 

There are many things that come into play that affect the real estate industry in Calgary and, indeed, the entire country. Those people who are looking to purchase or to sell real estate should have some idea of those laws that could affect them, particularly those dealing with contracts. Looking to a lawyer experienced in real estate law may be the first place to seek the answers to confusing or complex issues.

A house inspector can include an electrical inspection during which outlets and receptacles will be examined. All the outlets should be checked for ground or arc fault circuit interrupters for protection from electrical fires and shocks. Electrical panels and wiring typically last for many years, but homes built after 1930 should be checked for grounding. Inspections of wiring on residential properties must be done in four-year intervals to identify and address worn-out insulation, frayed connections and damage caused by rodents.

All the fixtures and light switches should also be inspected to ensure they comply with the code. All switches must connect with outlets or light fixtures. Electrical panels could have been installed long ago and should be checked to ensure they can handle the demands and safely distribute electricity throughout the property.

All this could be daunting for first time homebuyers in Alberta. A lawyer with experience in all matters related to real estate could be a valuable adviser in the home buyers’ corner. Legal counsel can arrange for the necessary inspection to be done and ensure that minimum standards are met. A lawyer can also negotiate to have the cost of  any work needed to meet the required standards paid for by the seller.

A conditional Offer to Purchase allows the prospective buyer the opportunity to view and confirm information. Conditions could include obtaining financing and a home inspection if the offer is for a single-family home. If the offer is for a condominium, a review of the condominium documents might be included in the conditions. For a conditional offer for a residential property in the country, the buyer may want water and soil tests before confirming the offer.

The buyer must include an expiry date for the conditions, making sure to allow enough time to satisfy all of them. If the buyer is satisfied, he or she must waive the conditions before the expiry date, and such notice must be done in writing. That will change the purchase offer to a purchase contract that is final and binding. If the waiver is not signed before the expiry date for the conditions, the offer will be cancelled.

To ensure that all the necessary procedures are followed, many prospective real estate buyers in Alberta utilize the skills of a lawyer with experience in this field of the law. Legal counsel can provide support and guidance throughout the dealings with the seller. The lawyer can also assist with drafting the conditional Offer to Purchase, the waiver and any other legal proceedings.

Selling a business could include the sale of company assets as part of conveying ownership. Assets could include equipment, inventory and accounts receivable, among others. An asset sale could be advantageous because the Canada Revenue Agency allows assets to be written off based on the depreciation formula. Tax advantages are possible through bargaining the asset price.

Another option is to sell shares in the company, which will involve the transfer of the business name along with the sale of the assets. Also, such a transaction includes selling business liabilities, lawsuits, debts and tax problems if any exist. For those who need to make a fast sale due to business problems, this type of sale might be a suitable option.

It is not uncommon for business owners in Alberta to have many questions about the legal proceedings that form part of any real estate sale. Answers can be obtained by consulting with an experienced lawyer who can also provide valuable advocacy throughout every step of the way. Legal counsel with experience and knowledge in all aspects of commercial real estate laws can assist throughout the ensuing administrative and legal proceedings.

When a condominium owner rents out a unit, he or she might have to pay a rental deposit to the condominium corporation. This deposit covers maintenance, repairs or replacement of common property and corporation property. The corporation must hold the deposit, which cannot exceed one month’s rental or $1,000, in a trust. At the expiration date of the rental period, the deposit or the unused balance must be returned to the owner, including interest, if any was earned.

If the condominium corporation holds a $1,500 deposit of a unit that was rented out before the revised regulations that became effective on Jan.1, 2020, the corporation can hold the deposit throughout the remaining period of the rental agreement. The corporation must refund the deposit within 20 days from the date at which notice was given. A written statement that shows details of any money used, as well as the interest earned must accompany the refund.

To learn about all the intricacies of the revised condominium governance regulations, many condominium owners in Alberta consult with an experienced real estate lawyer. Along with the rental deposit regulations, legal counsel can explain other aspects, such as the requirements related to informing the corporation when the owner intends to rent out the unit. Along with the requirements of such a notice, the end of a tenancy of a rental unit must be reported to the corporation within a specified period.

Most of Canada recently witnessed an increase in home prices as high as 12.5%. Even those provinces where home prices dropped saw only slight decreases. This is positive news for sellers in those provinces, but someone trying to sell a home in Alberta may not be so fortunate.

While the housing market in the rest of Canada seems to be favouring sellers, Alberta’s home prices stand alone in favour of buyers. Those living in this province may find real estate prices have dropped over 2% from last year. Some economists speculate that the delay of the Trans Mountain pipeline project has lowered the confidence of some consumers, making them hesitate to take big steps such as putting their homes on the market or buying a house.

Nevertheless, those who are ready to take advantage of this market by purchasing real estate will have many legal matters to deal with. No matter if Alberta is experiencing a trend in favour of buyers or sellers, the process can be complex with much at stake. This is why many seek sound advice from a legal professional with experience in real estate transactions.

A landlord can suspect abandonment if the tenant does not respond to calls or remains unreachable for a significant length of time. If the tenant has failed to pay rent and his or her mail is accumulating and not collected — or mail delivery has ceased, it could indicate that the tenant has no intention of returning. The property owner might even find that the utilities to the rental unit have been disconnected.

The owner of the property must not take action to deal with the abandoned goods of a tenant before making sure that the tenant does not plan to return to the rental unit. Sometimes, the signs of abandonment might be misleading, and if the tenant returns, he or she might hold the landlord responsible for lost, destroyed or damaged property. Furthermore, if it is established that the tenant will not come back, the RTA specifies how to deal with abandoned goods.

Under certain circumstances, property exceeding a particular monetary value must remain in storage for 30 days before it can be sold or otherwise removed. It might be prudent for a property owner in Alberta to seek legal counsel if he or she suspects that a tenant has abandoned rental property. A lawyer with knowledge and experience in all facets of real estate can explain the legal rights of the property owner and suggest the most appropriate way to proceed.

Defects that could render the property dangerous must be disclosed. Anything that would make it unfit for occupation or to live in or conditions that make the property unsuitable for the buyer’s purpose must be declared. Also, any other defects that would likely not be discovered during a visual property inspection must be disclosed. Some shortcomings could even escape discovery by a professional property inspector.

Material latent defects could also include matters such as the owner not having the necessary documents such as building permits. The seller must disclose any defects that would require a significant financial outlay to repair. Another latent defect could involve an order by authorities or local government to carry out specific repairs on the property. Nondisclosure might have dire consequences, that could even put the sale in jeopardy.

The process of selling real estate in Alberta can have many hidden stumbling blocks and is typically best handled by an experienced lawyer. Legal counsel can assist with listing material latent defects and other obligations and intricacies of selling a home. A lawyer with knowledge and experience in all facets of residential real estate can improve the chances of smooth sailing throughout the legal and other procedures involved in selling real estate.

Terms are details to which buyers and sellers agree, and they are usually negotiable. Terms include the date on which the new owner will take possession of the real estate along with exclusions and inclusions. Unattached items such as furniture and curtains are typically excluded from the purchase, but goods that cannot be removed without damaging the property are usually included. An example of an attached item is a security system. The terms could include a prepossession inspection to verify that no damage occurred since the date of the offer.

Conditions to include in the purchase offer will depend on the nature of the property. It could consist of a home inspection, a condominium review or a water and soil test if applicable. It makes sense to have expiration dates allocated to all the conditions, and also to have an expiration date for the acceptance or rejection of the purchase offer.

The contents of an offer to purchase real estate can make or break a deal, and most people in Alberta choose to utilize the skills of an experienced real estate lawyer. Legal counsel can provide support and guidance to ensure the client makes informed decisions when it comes to the offered purchase amount and the deposit. A lawyer can also make sure that all the necessary terms and conditions are included in the purchase offer.