Should You Accept Title Insurance Instead of a Real Property Report?
Following up on their previous two videos (1 and 2), Barry and Keith compare title insurance and real property reports in Alberta real estate. Which should you choose? For the buyer, it often depends on what you wants to do with the property after purchase. Watch the video to get Barry’s explanation!
Barry and Keith discuss title insurance as a substitute for a real property report when buying and selling real estate in Alberta. Watch the video to get an explanation of what is covered by title insurance.
Here’s the kicker; their rent payments were double their mortgage payments. Of course, if the homeowners could not make the mortgage payment, they could never consistently make a rent payment that was double the mortgage payment! Once they couldn’t make a payment, the realtor would evict them.
What’s a Land Survey and Why Do You Need One to Sell your Property?
Barry continues his conversation with Century 21 realtor Keith Faria. This time they’re talking about Real Property Reports (RPR), which are two-dimensional drawings created by professional surveyors.
In Alberta, the standard real estate purchase contract requires sellers to provide a current RPR and proof of municipal compliance. Watch the video to get an explanation of what these terms mean and why they’re important.
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…
“A Real Property Report
with Municipal Compliance Doesn’t Prove a Suite is Legal.”
Are you looking to buy a property with a secondary suite? Ideally, you want to buy properties with legal secondary suites. But guess what? A Real Property Report doesn’t prove a suite’s legality in Alberta.
Download the audio file HERE. Download the handout HERE. (control click or right click + save as)
The way to become a real estate investor is by getting going. No matter how much you plan, analyze, and prepare, your first real estate investment deal is probably going to be a bit messy. But if you have a good strategy, and you keep using it, your next deals will be easier. Don’t wait for your first investment to be “perfect” or you might never get started!
This is the next instalment of Focus on Real Estate with Barry C. McGuire, a series of videos that provides bite-sized pieces of real estate knowledge.
For all your legal needs with Alberta real estate, contact Barry McGuire using the form below.
I talk a lot about due diligence because it is one of the most important aspects of achieving success with real estate. This is a two-part Tale, showing a couple different examples of problems to look out for when doing one’s due diligence. The first example is about what happened when someone bought a property that was scheduled for renovation, but didn’t look into the plans. The buyer thought everything was taken care of—until things went wrong with the contractor. The second example is about someone who bought a bunch of condo units. The buyer got hit with a special assessment shortly after closing, which was a surprise because there was no deferred reserve study available. In this podcast, I draw important lessons from these examples and make suggestions about how to avoid similar problems.
Download the audio file HERE. (control click or right click + save as)
For an experienced and reliable Alberta real estate lawyer in Edmonton, contact Barry now!