Owning a property is the goal of many people. As we aspire to progress in life we want a home of our own in a place that we would like to live. Increasingly more and more people are considering buying a house in Alberta Province. As a homeowner in Alberta you will gain in many ways. But read this blog to consider the 7 important things you need to know before embarking on your purchase.
7 Important things you should know when buying a house in Alberta Province
Most of Canada’s provinces, mainly Toronto and Ontario, have seen a huge uprise in property prices. They’ve skyrocketed in the last couple of years. Experts predict Alberta will be the next to have an increase in property prices. It is a province of many landscapes, and it consists of forests, swamps, desert badlands and even mountains. However, buying property in Alberta isn’t simple; although it’s a good investment, the process can prove to be a bit complex. You need to consider a lot of factors before making your move. Here are the top 7 important things you should know when buying a house in the Alberta province.
At whatever point you conclude that it’s an ideal chance to buy a property in Alberta, you should look for the property that suits your choice and your budget the most. After this, you can consult with a real estate agent who’s trying to sell property in Alberta and can provide all the information you need.
1. Certificate Of Compliance
When you’re content with the subtleties, you ought to request a Certificate of Compliance from the real estate agent. It is a document which is certified by the government that the land to be sold complies with nearby laws, and this also guarantees that the property meets the difficulty guidelines of the Land Use Bylaw Act.
2. Inspection Of Property
After getting the certificate of compliance, it is highly recommended to carry out a proper inspection of the property. It is suggested that you employ an outsider home inspection team to do the assessment for you. This inspection would help you decide if the property is worth buying or not.
3. Knowing The Cost
Before buying your first property in Alberta you should be aware of all the expenses beforehand. In the beginning, you have to give a down payment of the home, which will be around 5-10% of the total price of the property. Then there are payments like Home insurance, which is around $ 2,500/Year, and Mortgage insurance, which is approximately $11,500/Year. In addition to these, you will also need to consider the fees of the real estate lawyer and the third party inspection team. Annual taxes like property tax which is around $1,500/Year, is also a requirement. By knowing these expenses you’ll be able to determine if the property is worth buying. Once you’re satisfied with the pricing you can then finalize the purchase.
4. Purchasing The Property
In case you’re purchasing your first home in Alberta, you should know about each of the costs of claiming a house. It is recommended that you employ the best real estate lawyer, sit with the realtor and check every one of the reports. Whether you’re looking at Edmonton homes for sale or properties in Calgary, verify that every one of the property laws are being followed. Going through these records will guarantee that you’re buying a property that is legitimate so that you don’t have to face any problems in the future.
5. Hiring A Real Estate Lawyer
Prior to signing any agreements with the real estate agent it is advised that you consult a real estate lawyer.The attorney is a vital part; you ought to never avoid legal advisors during your purchase of the property. The lawyers can go through all the documents and verify whether the property complies with the land law of Alberta.
6. Discussing Terms With The Real Estate Agent
When you’re happy with the property you’ve picked, you ought to examine every one of the terms with the real estate agent. This includes all the legal documents such as Sale Purchase agreement, lawful commitments and a warranty from the seller. If there are any loopholes in the deal the real estate lawyers would find them for you and help you make a better deal.
7. Transferring Titles
After negotiating with every one of the conditions of the property, you can go ahead in transferring the ownership from the Local Land Titles Office. Three documents are known as Transfer Titles and registered in the Local Land Title office. In this document the possession is given to the buyer of the property from the seller.
Prepare before buying a house in Alberta Province
Alberta is going to be the next best thing in Canada. After Toronto and Ontario, prices in Alberta will also be sky high in a couple of years. Mentioned above are the top 7 things you should know when buying a house there. It’s imperative that you consider these important things before finalizing your property. It’s not just a matter of budget but also a matter of a lot of documentation.