A client of mine found a four-plex in Alberta with a motivated seller, but soon discovered that he would have to deal with problems caused by the seller’s inexperience. The location was good, with a tenant profile that fit the type of people that my client liked to rent to. And, the price was very good. Listen to the podcast or read on to learn about documents you can use to protect your interests when buying from sellers like this who haven’t been very good landlords.
Download the audio file HERE. Download the handout HERE. (control click or right click + save as)
Podcast Episode 98: “Don’t Wait, It Only Gets Worse;
Discharge That Caveat.“
The first part of this Tale is about an Alberta landlord with tenant problems. The renter usually paid on-time, but then the rent started coming late. The tenant’s girlfriend left him, and when our landlord went to check on the property it appeared to have been taken over by a biker gang! Eventually the property appeared to be abandoned, but the landlord was afraid to go back. Moral of the story, nip problems in the bud before they grow to become out of control.
In the second part of this Tale, we have a problem with a buyer who disappeared, but whose caveat comes back to haunt the seller. If you would like to sell a property by way of agreement for sale, the buyer will register a caveat on the title. That is the buyer’s protection in the transaction. But what happens if the buyer then changes their mind and walks away from the deal? Their caveat might still be on title, which you as the owner/seller need to address before you can sell the property to someone else.
Download the audio file HERE. (control click or right click + save as)
If you’re buying or selling real estate in Alberta, you need a lawyer.
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