Hi! I'm Erin Crocker. I'm a real estate lawyer with over 10 years of experience in Alberta and British Columbia real estate law. I love technology and efficiency. I'm on a mission to create a modern, digital closing experience for buyers and sellers through technology, transparency and sharing knowledge.
For many people, owning a home is a lifelong dream. However, for some, the road to homeownership can be difficult due to financial constraints, credit issues, or other factors. That’s where Rent to Own comes in. Rent to Own in Alberta is a popular option for those who want to own a home but are… Continue reading How Does Rent to Own Work in Alberta? A Complete Guide
Canada has recently imposed a foreign buyer ban aimed at curbing the influx of foreign investors. This policy has a significant impact on those interested in buying a house as a non-resident. On January 1, 2023, the Canadian government introduced a ban on foreign homebuyers. The legislation, known as Canada’s Prohibition on the Purchase of… Continue reading Buying a House as a Non-Resident: What You Need to Know
As a first-time home buyer in Canada, you might be wondering how you can save up enough money for a down payment. One option to consider is Canada’s First Home Savings Account (FHSA). This registered plan allows you to save for your first home tax-free, up to certain limits. In this blog post, we will… Continue reading What is a first time home buyer savings account?
A holdback clause in a real estate transaction is a provision in the contract that allows the buyer to withhold a portion of the purchase price until certain conditions are met by the seller. The purpose of a holdback clause is to ensure that certain obligations are completed by the Seller. These obligations may include… Continue reading Holdback Clause in a Real Estate Transaction: 3 Examples
Are you a non-resident selling property in Canada? We understand it can be a stressful and complicated experience. That’s why it’s important to know the ins and outs of the regulations before putting your house on the market. When selling your property as a non-resident in Canada you’ll need a certificate of compliance and a… Continue reading Non-Resident Selling Property in Canada: What You Need to Know
Buying or selling a home comes with paperwork, including the important statement of adjustment. The statement of adjustment outlines all financial adjustments to the purchase or sale price. These adjustments include any credits or debits including deposits, property taxes, and condo fees. Understanding what these costs are and who pays them is essential to ensure… Continue reading What is a Statement of Adjustments?
Are you ready to put your house on the market? Congratulations! As you start the process of selling your home, a common question sellers and buyers ask is why do I need a real property report (RPR)? An RPR is an important document that helps protect both the seller and the buyer. It provides evidence of the condition of the property and its boundaries. Here’s what you need to know about why an RPR is important for any residential sale.
Simply put, an RPR is a legal survey that outlines the boundaries of a property and details any encroachments. The survey includes fences, decks, or other structures that are located within the boundaries of your property. A surveyor prepares the RPR by visiting your property to measure your property’s boundaries and the structures located on it. The surveyor will then prepare a report detailing what they have found. This report includes any encroachments of structures onto or from neighboring properties.
Having an RPR helps protect both buyers and sellers in a home sale. For buyers, an RPR gives them peace of mind knowing that they are purchasing exactly what they have agreed upon with no surprises down the line. For sellers, an RPR helps ensure that any existing encroachments on their property won’t come back to haunt them after the sale has been completed. Additionally, having an RPR can help prevent potential legal action between the buyer and the seller should there be any disputes over boundary lines after closing day has come and gone.
The seller is generally responsible for paying for the RPP. The Alberta real estate contract requires that the seller provide the RPR. Unless the Seller specifically negotiates with the seller not to provide the RPR, the seller is required to provide it. Sometimes a buyer may be willing to accept title insurance in lieu of a real property report.
An RPR can be valid so long as no changes or alterations have been made to the property. Such changes could include installing new decks, patios, fences, driveways, and garages.
In summary, as a seller, providing a buyer with an up-to-date real property report during the home-selling process is essential to ensuring both parties are fully informed and protected during this big transaction. An RPR can help provide peace of mind for everyone involved in the sale and smooth out any potential issues down the line concerning boundary lines or encroachments on either side of the transaction. If you’re looking to sell your home soon, make sure you get an updated real property report before making it official!
Hi! I’m Erin Crocker. I’m a real estate lawyer with over 10 years of experience in Alberta and British Columbia real estate law. I love technology and efficiency. I’m on a mission to create a modern, digital closing experience for buyers and sellers through technology, transparency and sharing knowledge.
Real estate title fraud is a growing concern for homeowners, and it’s important to know how to protect yourself. Title fraud occurs when someone steals your identity and then uses that information to register a mortgage or transfer ownership of real estate without your knowledge or consent. This type of scam is becoming increasingly common,… Continue reading 3 Ways to Protect Yourself From Real Estate Title Fraud
Title insurance is an important step in protecting yourself financially when you own a home Without title insurance, you could be vulnerable to title fraud, which can have serious financial ramifications. Let’s take a look at what title insurance is and how to buy it so that you can protect yourself from title fraud. What… Continue reading How to Purchase Title Insurance to Protect Yourself from Title Fraud
Are you a foreigner looking to purchase property in Alberta? On January 1, 2023, the Canadian federal government introduced a two-year ban on the purchase of residential property in Canada by non-Canadians. As a result, there are additional steps and considerations that must be taken into account when buying a home in Alberta as a… Continue reading Buying Property in Alberta as a Foreigner
