Condo Special Assessments (Again) December 12, 2012

Dec 12, 2012 Condo Special Assessments (again) I had several follow up questions from Realtors regarding my last email to you. Basically the concern was this: “How do we protect the Buyer from the situation you described in your last email?” In my last email I described a file in which the condo board had borrowed funds to pay for …

Condominium Special Assessments February 2, 2017

Condominium Special Assessments February 2, 2017 Clause 10.4 of the current Residential Resale Condominium Property Purchase Contract reads as follows: “Regardless of when a resolution for a special assessment contribution states that a levied payment is due and payable: (a) the seller is responsible for special assessment payments passed by a resolution on or before 12 noon on Completion Day …

Realtor E-mail – March 21, 2012

Realtor E-mail – March 21, 2012 Condominiums: I have been asked a number of questions by Realtors about condominium purchases lately. Usually the answers require a realtor to reconsider some of the basics of Alberta Condominium Law. I will review some of the basics you should always keep in mind when dealing with a condominium. Remember: 1. A condominium is …

“Caveat Realtor?”

“Caveat Realtor?” Do vendors and real estate agents have a duty to alert potential buyers to the pedophile next door?” This is the heading of a lead article in this month’s Canadian Bar Association NATIONAL magazine. It is this type of article that lawyers across the country read, think about, and then use for their next lawsuit on a real …

RE: Buyers’ Agent Commission

I had an interesting issue arise this month. The Realtor had a Buyers Agent Agreement and the property was being sold as a “For Sale by Owner”. In order to increase the price for mortgage purposes, there was an additional term of sale written in the Purchase Contract that stated as follows: “The seller agrees to pay the buyer 1.75% …

When a parent helps a child buy a home:

1. There are tax implications. For example, will capital gains on the house become taxable? 2. There are estate planning implications. For example, if the parent dies and the title is joint, does the child get it? Are other kids being unfairly deprived? Should the parents revise their Wills? 3. How do parents protect the property from the child’s creditors …

Land Titles Fee Increases

Effective April 1, 2011, Land Titles fees will increase. The cost for a copy of title will go from $5.00 to $10.00. Base fees for registering a transfer will go from $35.00 to $50.00. The base fee for registering a mortgage will go from $15.00 to $50.00. (Remember that in addition to the base fee LTO also charges an additional …

CHECKING SELLERS’ EQUITY

Of course, when a realtor takes a listing it is imperative that the listing realtor does a title search. The listing realtor must know what financial claims are registered against the title, and ensure that there will be sufficient equity to pay those claims and commissions. If it is close, don’t forget about confirming that taxes have been paid AND …

SHORT SALE

If you do a title search and find that your customer owes more money against the property than he will net from the sale, you can still take a listing in some circumstances only. You must then look to see what the debt is for in order to determine whether you can still list the property. 1. If it is …

ADJUSTING TAXES

Now is the time of year to be particularly aware of the tax adjustments on your real estate deals. As you know, unless a homeowner is enrolled on TIPP, in Calgary taxes must be paid in full for the year by June 30‘“. If they are not, the City immediately assess a 7% penalty. If they continue unpaid past September …