Buying real estate In Alberta is typically an exciting process, but it can turn into an unanticipated nightmare. Sometimes a seller will go to great lengths to hide defects that might jeopardize the sale. However, some laws require real estate sellers and their agents to disclose any material defects. Professional building inspectors can even miss some of them.
When property deals in Alberta involve seller financing, it might be a red flag. In real estate, seller financing opens up opportunities for sellers or agents to commit fraud. This option involves the seller offering the property for sale with the buyer making monthly payments. If the seller owns the property outright, it could be compared to a rent to own transaction, in which the buyer could ultimately own the property. Otherwise, the monthly payments would be used to pay the existing mortgage, but this in itself is fraud because the mortgage holder owns the property until it is fully paid, which means the property could not be sold.
For tenants and landlords in Alberta, the critical point is skillful negotiations. This is a particularly important part of deals that involve commercial real estate. In far too many cases, the eagerness to sign a contract can make the agreement a less profitable experience for that party.
Purchasing a dream home in Alberta can be an exciting experience, and submitting an offer to buy could be one of the most significant decisions anybody will make. But what would the options be if there are issues with the house or the finances that cannot be overcome? Once both the seller and the prospective buyer have signed the offer to purchase real estate, it becomes an agreement that is legally binding and enforceable.
Buying, or renting a condominium or home in Alberta is typically an exciting experience, but unanticipated pitfalls exist. Sadly, real estate fraud is becoming more and more prevalent, and being aware of the tricks scammers use might prevent such incidents. Consumers must look out for red flags that might indicate title fraud, mortgage fraud and online property sale or rental scams.
Anyone who sells a residential property in Alberta would naturally want to get as much money as possible for it. Having to share the proceeds with a real estate agent can make a significant dent in the financial outcome of such a transaction. The entire process can be navigated with the support and guidance of legal counsel.
The first thing to do when acquiring a business in Alberta is to decide whether to start a new venture, buy an existing business or purchase a franchise. Along with the cost to acquire commercial real estate, the running expenses, projected returns, the value of the time and attention it will require must be considered. Knowing and understanding how the business will meet the goals of the purchasers will improve the chances of success.
Anyone in Alberta who plans to purchase a home will need to consider various issues before signing a sales agreement. This is true regardless of whether it involves residential real estate or commercial property. Potential buyers need to plan ahead and focus on some essential steps.
In previous posts in this series, we defined construction liens, then looked at registering liens, and preserving and enforcing liens. In this post, we’ll examine holdbacks and lien funds. They are distinct yet related to each other. These constitute the monies owners must keep in reserve or pay to remove liens from the title to the lands.