When an individual in Alberta considers buying a home, gaining all relevant information can prepare the purchaser for the responsibilities that will come with the decision. Real estate transactions can be complicated, and having the support of a professional person to navigate the legalities can be a great help. While this is an exciting time, both the pros and the cons must be considered.
First-time homebuyers may not be aware that they could be eligible for tax benefits; however, understanding their obligations with relation to property taxes is vital. These typically vary, depending on property value and location. Furthermore, insurance will also be a sizeable monthly expense. While homeowners' insurance is a familiar product to protect property owners from damage, theft and personal injury liability as well as title insurance must be explored. Title insurance typically covers the lender and the homebuyer from losses with regard to defects in the title to the property.
Unanticipated laws and regulations can make the lives of new homeowners miserable. In particular, buying property that is subject to the regulations of a homeowners association can be limiting. HOAs may have to approve landscaping choices, pet ownership, the color of a backyard playhouse and more; being prepared may help.
Before signing any documents related to real estate transactions -- including an offer to purchase -- it may be appropriate to seek the support of an experienced Alberta real estate lawyer. A skilled professional can provide answers to all related questions. Along with scrutinising real estate documents for irregularities, he or she can also assess any applicable HOA agreements and explain any city or province ordinances that might be in place.
Source: FindLaw, "5 Things to Know Before Buying a House", Christopher Coble, Accessed on Nov. 25, 2016