Residential & Commercial Real Estate
Francis Law provides commercial and residential real estate services to both rural and urban clients for transactions relating to real property, including, document preparation and attestation in respect of purchases, sales, refinancing and transfers of Title.
WHAT BUYERS NEED TO KNOW BEFORE BUYING (non-exhaustive):
- The Purchase Contract should reflect the name(s) of the Seller(s) exactly as it appears on title.
- If there are several owners, for the Purchase Contract to be enforceable all of the owners must be parties to the Purchase Contract.
- Ensure that the legal description on the Purchase Contract matches the Property being purchased.
- Ensure you note down the serial numbers of the chattels that are being included with the purchase of the Property and note those serial numbers down on the Purchase Contract.
- Make sure you have carefully read over what the Purchase Contract provides with respect to the Deposit in the event of the Purchase Contract is terminated.
- Make sure that you check the state of Title to ensure there are no court proceedings registered against the Title of the Property you are buying.
WHAT SELLERS NEED TO KNOW BEFORE SELLING (non-exhaustive):
- That generally, unless your Property is a brand new, commercial property or substantially renovated Property, the sale of your Property will not attract GST.
- You should try to schedule the transfer of the Property to a date that is during the week, on a non-holiday, so the banks will be open.
- Under the standard Alberta Residential Real Estate Association Purchase Contract you will be responsible for providing a Real Property Report (RPR) reflecting the current state of improvements on the Property with evidence of municipal compliance or non-conformance at least ten business days prior to the Closing Day.
- The Seller is expected to have the Property as presentable as it was when the Buyer saw it and decided to buy the Property.
- One remedy a Seller may have if the Buyer defaults on the Purchase Contract is to claim the Deposit.
Please do not hesitate to call our Real Estate Department at: 587-353-5535 if you have any questions.