In most cases, the beneficial and legal owners of a property are one and the same, but they can be separate individuals through a “trust agreement”. Simply put, a trust agreement is a legal tool to separate the legal and beneficial owners of the property. What are “legal owners”? The legal owners are the persons… Continue reading What is a trust agreement in Real Estate?
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Tag: real estate closing Toronto
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Can you close your Alberta property from out-of-province?
When purchasing an Alberta property, you can close your transaction virtually and save time and money.
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Does Alberta have a land transfer tax?
Alberta does not have a land transfer tax like other provinces, however, some other fees may apply towards your closing costs.
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Conditions On An Offer: Why They Matter
Purchasing a home has a great deal of inherent risk, that is why sometimes buyers and sellers look to mitigate that risk by using certain protections when making an offer. That is where conditions on an offer to purchase come in. When a buyer’s offer is accepted by a seller, both parties are entered into… Continue reading Conditions On An Offer: Why They Matter
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Land Transfer Tax. What Is It and How To Budget For It.
You’ve signed on the dotted line and your offer was accepted. Congratulations on your new home! As you start readying your finances for closing, one of the top items that first-time home buyers forget to budget for is the land transfer tax (LTT for short). What is The LTT? Buyers of houses and condos in… Continue reading Land Transfer Tax. What Is It and How To Budget For It.
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Status Certificate. What is it and Why Should You Care.
If you are buying a condo, you will probably encounter the term “status certificate”. What exactly is a status certificate and why are status certificates important? Think of a status certificate as a comprehensive document that provides information about the current state of a condominium property. The purpose of it is to give potential buyers… Continue reading Status Certificate. What is it and Why Should You Care.
