Real Estate Purchase Contracts For Residential Property In Alberta
When buying or selling a home, it is important to have a properly drafted residential real estate purchase contract. If you are using a real estate agent, then they will help you draft the contract. If you are buying or selling a residential property without a real estate agent, then you may want to make sure that you hire a lawyer to draft or review the residential real estate purchase contract before you sign it. The real estate lawyers at Kahane Law Office in Calgary, Alberta are able to help you review or draft a residential real estate purchase contract that properly reflects your real estate transaction and will help to protect you.
What Is A Residential Real Estate Purchase Contract?
A residential real estate purchase contract is a legally binding document that two or more people (and/or companies) enter into for the buying and selling of residential real estate. The residential real estate purchase contract must accurately reflect the entire “deal” between the buyer and seller. It is not just enough to have the price listed. By having a properly drafted residential real estate purchase contract in place, uncertainty is reduced. This reduces the chances of problems during the transaction and sets out the “rules” if there is a problem.
Types of Properties Bought & Sold With Residential Real Estate Purchase Contracts
There are a variety of types of property to which residential real estate purchase contracts are used for. Each of the different types of residential rela estate will require modifications to the residential real estate purchase contract. These types of property include the following:
Single Family Dwellings
Single family dwellings are the most common type of property bought and sold using a residential real estate purchase contract. These are typical single family homes (and can include townhouses or row houses). These type of residential real estate purchase contract for the basis of other residential type properties, all of which will require some additional terms.
Residential condominiums include the typical apartment style condominium that people think of when they think of a condo. They can also include, bareland condos or condominiums that looks like townhouses, or single family homes that are on title as a condominium. There is no way of determining if a property is a condo just by looking at it. You need to look at the title to the property to determine if it is a condo. Condominium residential real estate purchase contracts also include the standard terms that a single family dwelling has. In addition, there will be other factors. These include (but are not limited to)
- Estoppel certificates
- Condominium document review conditions
- Condo fees
Residential Rental Units
Both condominiums and single family homes may be rented. Some condo boards have restrictions on condo units being rented. With respect to residential real estate purchase contracts for rental units, there are again some changes that are needed. With rentals, there are often provisions that deal with tenants, leases, damage deposits, adjustments, estoppel certificates from the tenant, etc.. When drafting residential real estate purchase contract for rental properties, it is always a good idea to have a real estate lawyer review the contract before signing.
Selling Residential Homes That Are Part Of An Estate
When selling a home that is a part of an estate, there are very specific rules that should be applied. First and foremost, it is crucial to determine who has the ability to sign on behalf of the estate. Our Legal Minute Video has more on selling a home of someone who has passed away.
What About Online Real Estate Contracts?
As real estate lawyers in Calgary, we are often asked about online residential real estate purchase contracts. Firstly, it is important to note that a lawyer cannot give you legal direction regarding a contract that they have not seen to review. The biggest problem with online contracts is that there are so many of them. They are not regulated. Most online residential real estate purchase contracts that are available are not specifically drafted for Calgary or anywhere in Alberta. Residential real estate purchase contracts in Alberta are different than those in other Canadian provinces let alone other countries. While there are a few good contracts that are online, most of the ones that we review are missing key elements.
Cost Of A Lawyer To Draft A Residential Real Estate Purchase Contracts
The cost of a lawyer to draft a residential real estate purchase contracts is relatively low. Often the cost of reviewing a contract for a client is more than having one drafted from scratch by a lawyer to begin with. In addition, the cost of having issues with buying or selling a home with a badly drafted contract, can be extremely more expensive. Call our real estate lawyers today. You will be surprised how affordable it is to have a legally drafted contracted put together for your specific transaction.
Call Now For a Residential Real Estate Purchase Contract
Call today. Our real estate lawyers are able to help draft your residential real estate purchase contract. We are able to have the contract drafted quickly and at an affordable cost. We have the experience you need for all specific types of property. You can reach us toll-free at 1-877-225-8817, or 403-225-8810 locally or email us directly here.