Why Are Permits Important in Purchase Contracts and How Do They Affect the Buyer?

Barry and Keith continue their discussion about Alberta real estate, delving into how to deal with permits in purchase contracts. In this video, you’ll hear why just having a permit isn’t enough!

 

In Albert real estate purchase contracts, sellers must disclose whether there are any  permits related to the property. If there are,  buyers should put a term in the contract that says seller will provide building permit(s) and development permit(s). But make sure that the City has inspected and approved the work because having the permit doesn’t guarantee that everything was up to snuff! Buyers need to know that the permitted additions or developments were both inspected and approved by the City.

This series of videos was produced in partnership with Keith Faria, the Tilt Property Group, and LLR Canada.

If you’re buying or selling Alberta real estate, you need a  lawyer. Send Barry a message now using the form below, or head over to the Contact page.