Knowledge

  • What Is Bridge Financing?

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    Bridge financing is short-term financing used when a homeowner is purchasing a new property and taking possession prior to the sale of their current property. Lenders grant short-term financing, or interim financing, to “bridge” the gap between the closing dates of the transactions and allow buyers to use the equity in their current property prior […]

  • What Are Real Estate Holdbacks?

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    Real Estate Holdbacks are mechanisms used when a seller, at the time of closing the transaction, still has outstanding contractual obligations to fulfill before the sale proceeds can be released. Holdbacks commonly occur in real estate transactions and can be expressly drafted into the transaction agreement or can be negotiated by the parties, through their […]

  • What is a Real Property Report?

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    A Real Property Report (RPR) is a legal document that clearly illustrates the location of significant visible improvements relative to property boundaries. RPRs will show visible improvements including such items as decks, fences and hot tubs and will identify and describe right-of-way’s, easements and encroachments on or off the property. A Real Property Report can […]

  • What is Title Insurance?

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    Title Insurance is an insurance policy that protects property owners and lenders from financial losses related to the property’s title and ownership. Albertans, when purchasing or selling residential real estate, have increasingly relied on title insurance to complete the real estate transactions. However, while title insurance can prove helpful in certain circumstances, parties should be […]

  • What is a Bareland Condominium?

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    Bareland Condominiums are, typically, stand-alone structures such as detached homes, townhouses, and duplexes. When most people think of condominiums, they think of a unit in an apartment building. These more “traditional condominiums” are called conventional condominiums. In a conventional condominium, owners own everything within the walls, floors, and ceilings of their unit. The remaining property, […]

  • Mortgage Basics

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    This article will provide a brief overview of the mortgage instrument itself, define certain common terms associated with mortgages, and provide a brief overview what may trigger the foreclosure process. Almost every person purchasing a house in Alberta will do so by obtaining a mortgage. However, not every current or prospective home owner understands the […]

  • What Does An Executor Do?

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    The Executor is the individual named in the will or appointed by court, whose role is to carry out the directions of the deceased person’s will. If there is no will, then the court-appointed Executor is responsible for administering the deceased person’s estate. The Executor’s role can be a complex and difficult role. The Executor’s […]

  • Residential Real Estate Terms Defined

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    Residential real estate transactions in Alberta are most commonly governed by the various versions of the Alberta Real Estate Association’s template forms of agreement.  These templates continually evolve and their standard terms aim to highlight and address many of the key considerations sellers and buyers should consider when agreeing to these transactions.  Within these forms […]

  • Differences Between Purchasing a New Condo or a Re-sale Condo

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    Purchasing a condo new will have differences in the complexity of purchase agreements, closing processes, and warranty programs when compared to purchasing a re-sale condo or newly constructed house. Differences from Purchasing a Re-Sale Condominium: Purchase Agreements: A New Condominium Construction Contract is typically lengthier and more complicated than a re-sale Purchase Contract; The New […]