Legal 
There are currently 3 blog entries related to this category.
Same Day Closings
Here is a very usueful article that I recently came across in AREA's newsletter dealing with coinciding possession days:
In assisting buyers with their home closing needs, we often encounter circumstances where the possession day on a buyer’s new home purchase is the same as the closing date on their existing house sale. In some cases, both transactions are scheduled to close on a weekend or a holiday. Unfortunately, many of these buyers are ill prepared by their representatives for the same-day closings and, as a result, are unaware of the potential need for interim (bridge) financing. If the requirement for bridge financing only comes to the buyer’s attention at the last moment, the costs and stress will usually be higher than had the buyer…
What is Title Insurance?
Title insurance did not appear in Canada until the early 1990s. Title insurance may protect the insurer for certain known defects and real estate fraud, and quicken the closing rocess by allowing transactions to close without confirmation of registration of the new ownership and mortgage. It also provides assurance that any improvements on the land comply with applicable zoning bylaws and that there are no encroachments on the lands or on adjoining lands. If there are encroachments, the insurance company may cover the cost of their removal or compliance measures.
Joe Samson, a Calgary REALTOR ® who has been helping clients to achieve their goals in the Calgary real estate market for many years now. Please visit some of his other web pages such as…
Building Location Certificate?
Question: When I moved into my house 25 years ago, I received a Building Location Certificate. How is this different from the survey my neighbour just got?
Reply: A Building Location Certificate was a type of survey performed by land surveyors for mortgage purposes until 1987. It was prepared for different purposes and to different standards than applicable today. Typically, a Building Location Certificate would include a
note stating, “This plan is for the protection of the mortgage only and is not to be used for the location of property lines.”
The real property report (RPR) replaced the Building Location Certificate in 1987. The RPR was created in consultation with many organizations, including REALTORS®, lawyers and government. The RPR has a…
The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The Terms of Use Agreement shall not impose a financial obligation on the Registrant or create any representation agreement between the Registrant and the Participant.
All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
Disclaimer: Information herein deemed reliable but not guaranteed by the CREB and EREB.
Last updated on: 2012-05-17 00:22:34
Blog Menu
Archives
My Account
-
- Your site really helped the process to find our home. We were really happy with your website - which was only to be outdone by your personal service. From showing houses on our inflexible schedule, making sure all the transactions and paperwork were in order, to helpful emails such as setting up services your service was fantastic. We are extremely happy we found you to be our Realtor and will definitely refer anyone we know to you.
- Daryl & Jeanne Sarnat
