Real Estate
A home is where the heart is. And we at Bosecke Song LLP understand the heart of people and the inner workings of the law. For most people, the sale or purchase of their home is one of the most significant financial transactions they will undertake. The Edmonton real estate market is booming, and we want to ensure your home is sold for the best price, and your new home purchase goes smoothly. As your legal representative, we value your expectations, and solve your legal problems efficiently and cost-effectively.
Although we are based in Edmonton, we are capable of handling real estate transactions for property anywhere in Alberta.
Seller's Checklist
- Ensure that the Offer of Purchase and Sale specifically refers to which Chattels are included or excluded from the purchase (e.g. appliances, mirrors, drapes, light fixtures, etc.). If possible, include serial numbers.
- Is there a warranty on the house which can be assigned to a Purchaser? Have there been any significant improvements made to the house recently (e.g. replaced furnace, installed new roof, etc.). Are the original or other plans and specifications available to a Purchaser? These can be positive selling features and should be brought to the Purchaser’s attention.
- Be sure of the amount of commission payable to the real estate agent, who is responsible for it and when it is payable.
- Have reasonable time limits been placed on any matters which have to be completed or complied with before closing.
- If your Offer to Purchase requires that you provide the buyer with a Real Property Report and compliance certificate, this should be ordered as soon as possible to ensure that there is sufficient time before closing to obtain any additional permits which may be required by the local municipality.
|
Purchaser's Checklist
-
Make your offer subject to conditions for your own protection, such as:
- Subject to financing
- Subject to building inspection
- Subject to Vendor supplying recent Real Property Report (if available) or, better yet, Compliance Certificate
- Subject to lawyer’s approval
-
Always include a time limit for acceptance by the seller.
-
Ensure that the Offer to Purchase and Sale specifically refers to which Chattels are included or excluded from the purchase (e.g. appliances, mirrors, drapes, light fixtures, etc.). If possible, include serial numbers.
-
If you are planning on assuming an existing mortgage, ensure that it is assumable. Contact the mortgage company well in advance of the sale to determine what information they require from you. Make sure that you are clear on the terms and conditions of your mortgage.
-
Your Offer should contain a condition that the building and improvements on the property comply with City and Municipal Land Use Bylaws, Zoning Regulations, and Planning Department Requirements.
-
Get estimates from the realtor, the mortgage lender and your lawyer, of the costs you will have to pay in addition to the purchase price.
|