Real Estate Sales Agreement Lawyer in Calgary – OB Law Office
An agreement of sale of real estate is a foundation of any property purchase- it states the terms of the sale, protects your rights, and much more. The most important thing when buying or selling property in Calgary is to have a lawyer advise or draft your sales agreement; otherwise, you will end up making expensive blunders or disputes.
At the OB Law Office, we offer clear, tailored, and executable agreements that are in your best interest. Whenever you make a real estate sales agreement, you have to sign it secure in the knowledge that it is all correct and in order, and that it covers all aspects of the sales agreement with absolute protection, and it is all in total accordance with Alberta’s movable and immovable statutes.
What is a Real Estate Sales Agreement?
Real estate sales agreement is an agreement between a seller and a buyer that is binding upon the parties concerned and defines the agreements and conditions of sale of a property. It contains all the necessary information, including a description of the property, the price of purchase, a deposit, a date of taking the property, conditions (financing or a home inspection), and legal requirements of the two parties.
Key Components of a Sales Agreement
Legal Identifications and Description of Property
The section gives the specific legal description of property by way of lot numbers, land titles, and township addresses. It clarifies to them who is selling what, so that in the future there are no disputes over who owns what or boundaries.
Deposit structure and Sale Price
Describes the sum of the money to be paid at the time of buying the property, the amount of the down payment and the deadline by which the same shall be paid. It may also have conditions to keep the deposit in trust till closing, which provides security to both parties financially.
Trading Date and Packing Conditions
States the date on which the buyer will get legal possession of the property, and states any conditions that need to be met prior to that date. It also secures proper organization to relocate, fund, and title transfer without hitches or differences.
Financial (Financing, Inspection, Appraisal)
Adds conditions that would have to be satisfied before the actual sale can be transacted, such as the approval of a mortgage, a decent home inspection, or an appraisal of the property. These forms of protection include both sides and provide escape routes in case of non-fulfillment of expectations.
Inclusions and Exclusions (Appliances, Fixtures, etc.)
Clearly declares what shall remain in the property, e.g,. kitchen appliances, window coverings, or light fixtures, and what shall be taken out. This prevents confusion or conflict from taking place of the final walk-through or possession.
Party Obligation and Default Provisions
Specifies what should be done by each party to the transaction before it can take place, most often supplying legal documentation, making payments, or certifying property condition. Default provisions state what ought to happen in case one of the parties does not fulfill their end of the bargain, thus eliminating legal uncertainty.
Why Legal Review of Your Sales Agreement is Important?
Before signing the real estate sales agreement, consulting a lawyer will help you know about wrongs that might cause problems in the future. They ensure that nothing is unclear, unfair, and illegal so that your transaction will be performed with hassle-free performance, including your rights under state and federal laws.
That is why it is important:
- Locate and repair ambiguous or dangerous terms/
- Ensure that the contract adheres to the Alberta laws.
- Keep your money and property safe.
- There is no need to wait, to be lost in some buts and whys, or to face some legal difficulties.
