Real Estate FAQs
You need to provide the name of our firm, our address along with our phone number to them so that they know that you have hired our firm. Our address is:#400 30 Green Grove Drive
St. Albert, Alberta T8N 5H6
A. Get Property Insurance: You will need to make sure that you arrange for property insurance on the property. The insurance company will need to have your lender’s name and address and they will need to send our firm an Insurance Binder. If you are unsure of your lenders name or address, please call our office and we will provide it to you.
B. Secure your Financing: Make sure you have your down payment funds at least 12 business days before the transaction closes.
C. Bring Picture ID: Please do not change your address on your Drivers Licence as we will need picture ID from you and the provincial government will confiscate your old licence when you change your address.
Title Insurance is a form of insurance that insures your property against potential hidden defects. Title Insurance typically costs anywhere from $150-$225. Please talk to your lawyer if you are interested in using this product.
You will receive it along with a reporting package from our office approximately 90 days after you take possession of the home.
My sale and my purchase close on the same day and my bank wants me to get a bridge loan. I don’t want to spend the money, what should I do?
If you are using the equity from the sale of your old home to complete the purchase of the new home, the only way to guarantee that the purchase will close is to have a bridge loan. The purchase of your old home may be delayed because of processing issues at the bank or because a courier is too busy. If you are relying on these funds and they do not arrive, you may not get possession of your new home as you will be unable to pay for it. Bridge financing prevents the stress of these delays.
A Real Property Report is a survey that the Seller provides to the Purchaser so that the Purchaser can be assured that the home is built within the property lines. This Real Property Report is then submitted to the local municipal government where the Municipality will state that the property complies with local zoning regulations and has building permits. This document is important as it lets you know if there are any hidden issues that may become an issue in the future.
No, you will receive your house keys directly from your realtor. The purchase money is usually paid to the seller’s lawyer before noon on the possession or move in date. Keys are released after the funds have been paid. If you do not have a realtor you will need to make arrangement with the Seller directly.
Selling or buying a home is the biggest purchase that most people will complete in their life. We strongly recommend that you use a realtor. If you are unwilling to hire a realtor and want our office to assist you, please contact our office to obtain or confirm that proper contracts and forms will be used.
Return to Real Estate Law