While purchasing a property is an exciting event and a major milestone in life, it can also be a stressful experience. You may need the assistance of an experienced lawyer who can walk you through the possible pitfalls that need to be avoided.
Our office will be there to help you prepare due diligence on the property and ensure that you get into your home in a timely fashion.
Can an offer to purchase be conditional?
Yes. When you are purchasing a home, you can make your offer to purchase conditional on many different things. Some common conditions are as follows:
- Obtaining a favorable building inspection report;
- Obtaining suitable financing;
- Obtaining your lawyer’s approval of the terms; or
- Selling the current home that you live in.
There is no limit to the number of conditions that can be included in a real estate purchase agreement; however, it is important to discuss these conditions with your realtor and/or an experienced real estate lawyer to ensure that no issues will arise.
How should ownership be registered?
Most couples in Alberta will be listed on title as joint tenants; the reason for this is the right of survivorship.
JOINT TENANCY vs TENANTS IN COMMON
In joint tenancy relationships:
- if one tenant passes away, the other will automatically inherit the property.
- the tenant cannot gift the property to anybody else under their Will.
Tenants in common:
- In this relationship, title is owned separately, although each tenant has a right to occupy and live in the entire property.
- Each tenant in common has the right to sell their interest in the property and/or bequeath the property in their Will.
- Tenants in common are frequently used on investment properties or when several family members are on title to a home.
To understand what is best for you and your situation, please contact our office for a consultation meeting with our of our experienced lawyers; we are here to help.