Tagged : Buying

Found 4 blog entries tagged as "Buying".

Real Property Reports

Real estate transactions almost always require a current Real Property Report (RPR). An RPR is a legal document an Alberta Land Surveyor prepares. It’s basically a high level drawing of the property, the boundaries, and the buildings and structures on it, so buyers know exactly what they’re buying.

An RPR contains:

  • legal description and municipal address of the property
  • date of land title search and date RPR was done
  • Certificate of Title (land title) number and names of registered owner(s)
  • location and description of all buildings and structures (e.g. decks, fences) with dimensions, directions and distances from the property boundaries
  • location and dimensions of any visible encroachments (i.e. buildings or
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What is a Conditionally Sold Listing?

A property with this status means that someone is currently in the process of buying the home. They've written an offer "Conditional" to typically financing, inspections, etc. Upon receiving an offer, a seller has the option to advertise their property as either Conditional or Active. Due to the number of failed mortgage applications, a seller may choose to remain Active on MLS®, with no indication that they are currently pending a sale. However, there is significant value to a seller in marking their property Conditional (when there is no clause) on the MLS® (Multiple Listing Service).

Clauses

Sometimes there are instances that the home may be sold, but the current buyers have a clause where they would need

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Understanding Title Insurance Protection

As incidents of real estate fraud increase throughout Canada, homeowners and lenders are proving to be irresistible targets for fraudsters. To help protect yourself against huge financial losses caused by title fraud, you may consider purchasing title insurance. Unfortunately, many home buyers purchase title insurance without knowing what the actual covered includes. Others fail to purchase an insurance policy altogether. In this article, we discuss key things buyers and owners of real property should know when considering whether to purchase homeowners title insurance. You must purchase title insurance through a law firm in Alberta.

What Is Title Insurance?

Title insurance is an insurance policy that

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Remember Even If It Looks Like A Form: It Is A Legal Contract To Buy A Home

Every year in Alberta, thousands of people enter into Alberta real estate purchase contracts to buy and sell homes. The process of buying a home in Alberta is exciting. Sometimes people lose site of the fact that pre-printed, sometimes electronic real estate purchase contracts are legally binding contracts. While there are different residential purchase contracts for different types of properties, the main legal points are similar. Once signed and conditions are waived, you are required to go by the terms of the contract. If you cannot or will not, you can be sued. If you have never purchased a home before, we recommend visiting our First Time Home Buying page.

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