Must reading for anyone getting ready to sell a home, house or condo

Home | Selling | True or False?

See how much you know about the law in the province of Alberta governing the sale of a property by determining whether the following statements are True or False.   Click on each statement to get the answer.

Deficiencies

It's important to get your real property report and compliance well in advance before you sell your home or bare land condominium.

True. Getting your real property report and compliance in advance gives you time to fix deficiencies in compliance or allow you to negotiate with the buyer to accept any deficiencies.

Tenants notice

There is no need to give your tenants proper notice when selling your home.

False. Failure to provide notice could expose you to damages from the buyer or tenants.

Condo assessments

When selling a condominium, you are responsible for any special assessments passed by the condominium board up to the date of closing notwithstanding that such are not due at the date of closing.

True.

Hold back

A non-resident seller of a home is required to obtain a certificate of disposition by a non- resident from Canada Revenue Agency before closing and if such is not available before closing a hold back of up to 50% of the sale price will be required until such is obtained.

True.

Mortgage payout

To ensure you are not caught off guard at closing, it is important to know the payout penalty on your mortgage.

True.

Spouse or ex-spouse consent

If you are on title by yourself and you are married or separated and have not finalized your divorce yet, you do not require the consent of your spouse or ex-spouse when selling your home.

False. You require the consent of your spouse or ex-spouse.

Private sale

Having the legal help of a lawyer is less important in a private sale.

False. You need a lawyer to assist you with the sale agreement.

Condo sale

If you are selling a condo, you should order all condo documents ahead of time and provide these documents to the potential purchasers before condition removal date.

True.

Insurance coverage

A gap in insurance coverage could occur if you cancel your house insurance before a deal has closed.

True. It is dangerous to go without insurance coverage, even for a few days.

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What anyone buying a property needs to know

Did you know that the lead person on many real estate transactions in Edmonton is a conveyancer, not a real estate lawyer?  It's true.  In many Edmonton law firms, the lawyer has little or no involvement until signing.

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