Holding Money Back to Get a Seller to Fix Problems with a Property
Barry recently had a chat with Century 21 realtor Keith Faria about holdback clauses for buying and selling real estate in Alberta. They recorded this video to share their thoughts and advice with you.
In a real estate purchase contract, there are ways of getting a seller to do things to the property before the sale. A ‘holdback’ is a clause that reserves part of the purchase money to fix problems—just in case the seller doesn’t do things when or how they were supposed to…
7 Aspects of Holdbacks when Buying Real Estate
1. What is the issue that needs to be resolved before purchase?
2. What are the things that need to be done?
3. To what standard ?
4. By when?
5. How much money to hold back?
6. How will the holdback money be used?
7. Who is the judge of whether the issue has been resolved?
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