In clause 6.2 of the standard Alberta Country Residential Purchase Contract (the “Contract”), the buyer makes a promise to the seller that they are eligible to purchase “controlled lands” as defined in the Foreign Ownership of Land Regulations (Alberta) (the “Regulations”). But what does that even mean? To ensure Alberta’s land and resources are primarily …
On September 2, 2019, the First-Time Home Buyer Incentive (“FTHBI”) program came into effect with the goal of making it easier for young adults to purchase their first home. The program is designed to provide first-time home buyers a shared equity loan with the Government of Canada whereby the Government helps put down an additional …
An assumable mortgage is a financing arrangement whereby a buyer takes over (i.e. “assumes”) the current owner’s mortgage without changing any of the terms of the loan. As such, this arrangement allows a homebuyer to take over the principal balance, interest rate, repayment period and any other contractual terms of the current owner’s loan. In …
According to Canadian income tax laws, non-resident sellers of Canadian real property are required to pay income tax on any financial gain on the sale of their home. If the vendor is a non-resident of Canada, for income tax purposes, a sufficient amount of the gross sale proceeds (anywhere from 25%-50%) should be withheld by …
PURCHASER’S OBLIGATIONS WHEN BUYING HOMES FROM NON-RESIDENT SELLERS Read More »
A slew of changes affecting the way developers handle purchase agreements, trust funds and much more took effect due to the passage of the Condominium Property Amendment Act and supporting regulations. These changes were introduced to tackle numerous issues faced by new condominium buyers, one of which was developers going bankrupt without adequate protection of …
