How to Avoid Bad Real Estate Deals

Podcast Episode 119: “A Deal That Went Bad and the Lessons Learned.”

This edition of the Tales from the Trenches podcast features special guest Arden Dalik, a senior advisor in the Calgary office of Global Governance Advisors. Her Tale concerns a real estate investment project in Alberta presented to the REIN Group by a REIN member. Quite a number of REIN members invested in the project, including Arden. Unfortunately, the deal went bad, but I was able to come to Arden’s rescue as her real estate lawyer (aka Legal Eagle).

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FAQ: Do I Really Need an Alberta Real Estate Lawyer When Buying or Selling My Home?

If You’re Getting a Mortgage or Have an Existing Mortgage, Then You Need a Lawyer to Buy or Sell a Home in Alberta.

The legal requirements surrounding mortgages in Alberta demand a lawyer, but an attorney protects your interests and manages many important details in a real estate transaction. Once you have a Purchase Contract, it’s time to get a lawyer, however it can help to have one much earlier in the process to make sure things go smoothly. Below is a list of all the things that my Edmonton law firm, RMLO Law LLP, takes care of so that our clients can focus on getting ready to change homes. As you’ll see, there’s a lot to do, which is why the process takes time. Buying and selling are bit different, but they both take time. The end of this blog post also has a bunch of frequently asked questions.

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Quick Guide for Sellers to the New Alberta Real Estate Purchase Contract.

Changes to the AREA Contract:
Selling Your Home in Alberta.

 

The July 2017 Alberta Real Estate Association (AREA) purchase contract has 10 major changes. I posted a long blog and podcast about these changes recently, but sometimes a quick guide is helpful. Below are the three most important changes from your perspective as a seller: Permits, Dower Rights, and Vacant Possession.

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Selling Homes in Alberta and Real Property Reports

What the Heck Is a Real Property Report and Why Should I Care?

In the Province of Alberta, a Real Property Report (RPR) is a required part of the standard Multiple Listing Service (MLS) real estate purchase sales contract. It is a document that was formerly called a Land Survey because a professional group known as the Alberta Land Surveyors’ Association produces it. Continue reading

Get to Know the Real Estate Purchase Contract in Alberta

Podcast Episode 118: “Big Changes To The Standard AREA Contract.”

September 2016 (with mild tweaks in July of 2017) brought numerous and meaningful changes to the existing 2014 residential purchase documentation approved by the Alberta Real Estate Association (AREA). These changes affected both the Residential Purchase Contract used for all homes and houses and the Residential Resale Condominium Property Purchase Contract, used for condominiums. Existing wording has been modified and new wording added. As we go through our commentary, we will refer to the contracts as the 2014 contract and the 2017 contract. This podcast and the accompanying text explain the changes and what they mean for buyers, sellers, realtors, and lawyers dealing with real estate in Alberta.

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Walk Away From a Real Estate Deal at Your Own Peril!

Podcast Episode 116:

“Failure To Close? More Than Your Deposit Is At Risk!”

A real estate purchase contract is a legally binding agreement. If the buyer doesn’t meet their obligations by closing the purchase, there can be financial repercussions. At a minimum, the buyer will lose their deposit. But it can be far, far worse. In this Tale, a BC real estate buyer didn’t close and ended up paying for it after the courts ruled in favour of the seller.

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Avoid Jail-time and Make Money: Assigning Offers to Purchase Real Estate in Canada

Podcast Episode 115:

“Flipping / Assigning Properties? Don’t Go To Jail!”

Not too long ago, I wrote a blog post about the legalities of flipping properties using a Creative Investing Strategy called “assignment.” Now I’m making that topic available as a podcast because I want Canadian investors to have every opportunity to make money without getting on the wrong side of the law. In a hot real estate market, flipping properties by assigning your interest in the purchase can be lucrative. Just make sure to do it legally because the CRA is cracking down on so-called “shadow flipping” and undeclared income!

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Flipping Properties is Risky. Here’s Why!

Podcast Episode 113:

“So, You Want To Be A ‘Flipper.’”

There is a whole section of the real estate investment world known as ‘flipping.’ Basically, flipping is when an investor gets control of a property by signing a purchase contract, but rapidly sells it to someone else for a profit. Don R. Campbell of Real Estate Investment Network (REIN) fame has long cautioned against the most common form of flipping, which is to invest in condominium pre-sales. This is a Tale about a client of mine who got caught trying to flip a bunch of properties

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