5 Surprising Facts about Condominiums in Alberta

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 an alternative legal system of 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 and Business Incorporation 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’tforget about confirming that taxes have been paid AND don’t …

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 …

GREAT JOB BY A REALTOR

I see files on which Realtors have done a great job for their clients. From time to time I will pass these on to you. (I will change the names to protect the innocent!) “June” was recently asked to list a property. She contacted the mortgage company to confirm the balance due on her clients’ mortgage. The mortgage company gave …