The real estate pricing within Canada is rising fast, and it is high time that you invest in getting a property before it slips out of your hand. Toronto and Vancouver have already seen a massive uprise in property values. It is predicted that Alberta will be next in line to experience rising prices, so it is high time you invest in a property in Alberta.
Alberta is a picturesque province; it has mountains, prairies, desert badlands, swamps and vast coniferous forests. The housing prices here are highly affordable, and it can be an excellent investment for you to make.
Interested in buying a property in Alberta? Let’s look into the things you need to know before purchasing a property in Alberta.
Before Purchasing The Property
Whenever you decide that it’s prime time to purchase a property in Alberta, you should first lookup for a suitable property that goes along with your budget and suits your choice including location, size of property etc. After that, you should approach the real estate agent who’s trying to sell you the property.
Afterward, you should ask certain questions to the real estate agent and get to know details about the property.
Certificate of Compliance
Once you’re happy with the details, you should ask for a certificate of compliance from your real estate agent. It is a document that is certified by the local government that the real estate to be sold meets with local laws and has no disputes whatsoever. It also ensures that the property meets the setback regulations of the Land Use Bylaw Act.
Inspection of Property
After getting the certificate of compliance, you should do a proper inspection of the property. It is highly recommended that you hire a third-party home inspection team to do the inspection for you. The inspection must be non-invasion, and it will help you determine the present condition of the property and if it actually complies with the real estate law Calgary.
Once you’re done with the inspection of the total property, you can then sit with the real estate agent to discuss the costs.
Knowing The Costs
If you’re buying your first home in Calgary, you must be aware of all the expenses of owning a house. At first, you’ll have to provide a down payment for the home which may be around 5% to 10% of the total price.
Let’s say that you choose a house that’s worth $400,000. You will have to pay the following expenses:
- 5% of down payment, resulting in $20,000
- Home insurance $2,500 / year
- Mortgage insurance, which is around $11,500
- Lawyer and home inspection fees. These will be around another $2000-$3000
- Property taxes which is $1500 / year.
- Condominium property amendment act price, $200 per month
- Moving and servicing expenses
Knowing the expenses will help you in determining if the property is worth purchasing. Sometimes you’ll watch prices soar without any warnings; this is why having a proper research is always recommended.
Once you’re happy with the condition and pricing of the property, you can move to the next stages of buying a property in Alberta.
Purchasing The Property
Before you go into purchasing the property in Alberta province, you should hire the best real estate lawyer, sit with the real estate agent and check all the documents. Check to see if all the laws are followed. For example, if the property is a matrimonial property Alberta, you should check to see if there are exemptions for matrimonial property Alberta and if the Division of Property Common Law Alberta (DPCLA) has been met accordingly.
Going through such documents will ensure that you’re purchasing a property that’s legal and you’ll not face any future trouble from this property.
Hiring A Real Estate Lawyer
Before signing any agreements with the real estate agent, it is recommended that you consult with a real estate lawyer. The lawyer is a crucial part; you should never exclude lawyers during your purchase of the property. The lawyers can go through all the documents and check to see if the property abides by the real estate law Alberta.
They’ll also find loopholes in the agreement and correct the deal. You’ll get a lot of value from the inclusion of the real estate lawyers.
Discussing Terms With The Real Estate Agent
Once you’re satisfied with the property you’ve chosen, you should discuss all the terms with the real estate agent. This includes the Purchase and Sale Agreement, legal obligations, written consent of property handover and a warranty from the seller.
You can go through these papers, and ask any questions or doubts you have regarding the property or the papers. You may also consult with your real estate lawyer before purchasing the property in Alberta.
After negotiating with all the terms of the property, you can go forward in transferring the ownership from the local Land Titles Office. Such documents are known as Transfer Titles, and these are registered at the Land Titles Office of the locality. In this office, the seller will name you the owner of the property. Consult with your expert real estate lawyer Calgary to check if all the details have been filled.
Paying For The Property
After getting the transfer titles, you can be sure of the purchase. You can discuss terms of payment, either in check, cash or mortgage payments. You should also be sure of the security of the purchase, and take a signed document stating that the agent has received the money.
Purchasing a property can be one of the most exciting moments in your life. It’s something that will provide you financial backing for the rest of your life, unless you decide to sell it.
Till now, you’ve gone through a lot! All the documentation, consultations and legal procedures may seem too much to handle, but it is surely required for the future benefit of you and your property. Once you’re done with every document and legal procedure, you will be able to enjoy the benefits from the property for a very long time.
In addition to that, it’s truly an excellent investment to make. Land prices are increasing day by day. For this reason, you should secure your own piece of property before these go beyond your purchasing capacity.
The property you’ve purchased will prove worthy in the future. The soaring prices will ensure that you have a fixed asset that you can turn to during hard times. You can also pass it onto your children to secure a brighter future for them. The possibilities are endless – and you’re the one driving it into the direction.
Whether you’re looking to buy a property in Alberta or wanting to divide your real estate, you’ll surely need the best lawyers in Calgary. Osuji & Smith is one of the leading law firms in Canada, and have been recently elected to be one of the top three law firms in Calgary by Three Best Rated. We surely can deliver top-notch service for your case!