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.
In the previous post, we explained how construction liens offer assurance to contractors and suppliers that they will be paid for their work or materials. In this post, we look at how liens are registered.
Agreements of Purchase and Sale are legal documents in which a purchaser makes an offer to purchase a property from a vendor. The Agreement contains a monetary offer and lists the conditions to be fulfilled before the purchase of the property is completed.
In an era of high demand and higher bids for homes, buyers who write warm personal letters to sellers often win the bidding war and buy the house they want. This is a growing trend that some realtors say ‘must’ be part of an offer if a buyer wants to have any hope of purchasing the property.
Buying a house is very expensive. Paying capital gains tax to the Canada Revenue Agency (CRA) is the last thing a purchaser wants to do. But this happens when purchasers buy property that is owned by a non-resident of Canada without working with a lawyer experienced in these types of transactions.
There are many hidden costs involved in purchasing a property. One of these is land-transfer taxes, which can be extremely high in hot real estate markets like Toronto and Vancouver. A recent nationwide comparison of 25 major Canadian real estate markets found that the Alberta cities of Calgary and Edmonton had the lowest land-transfer taxes from sea to sea.