It is advisable to retain a real estate lawyer practicing in Alberta who specializes in preconstruction real estate. Savvy investors have their lawyer in place and ready to assist them even before they find their next preconstruction investment.  A lawyer will assist you in reviewing the Agreement of Purchase and Sale (APS), as well as other documents that you will need to review and sign throughout the purchase process. A lawyer’s main goal will be to help you understand legal terms and nature of your APS, protect you from the risks that can be associated with a preconstruction condo purchase and advise you as requested or needed. Understanding the terms of your APS will allow you to proceed (or not proceed) confidently and ultimately will save you a lot of time and potentially money down the line.

Most developers will require a mortgage pre-approval within 10-days of signing your Agreement. A mortgage itself is not required until title is being transferred to you on final closing. Final closing is typically 2-4 years after you sign your agreement, but will vary based on the size and type of project. 

If you are interested, please fill out a worksheet.

The contract will be sent via DocuSign. Clients typically have a maximum of 12 hours to sign the purchase agreement to begin the 10-day cool off period. If the agreement is not signed within 12 hours from when the contract is sent, it will automatically expire at that time.

Most developers provide a 10-day cooling off period. Anytime within and up to the 10th day, if you wish to cancel your offer you can, with any monies received by the developer being refundable back to you.

Each Developer will have their own deposit instructions. You can usually deliver the deposit by bank draft to a local bank branch or wire transfer the deposit funds. The wire instructions to do this will be provided when a purchase agreement is signed.
NOTE: If a deposit is NOT received within one business day of signing the purchase agreement, it will automatically expire at that time.

There are varied deposit options depending on the Developer and the project. Please refer to the Pricing & Deposit structure emailed to you when you Registered.

Condo fees vary per project, check the details in the marketing materials emailed to you when you Registered for a specific project. 

Estimated closing date will vary depending on the project, refer to the marketing materials emailed to you when you Registered. Typically, closing dates range between 2-4 years after construction begins, but every project is unique.

Yes, and can be provided from a mortgage broker or any major Canadian financial institution.

Yes, assignments are usually permitted, double check your Agreement. However, the purchaser is often responsible for any legal cost associated with the assignment estimated to be $1,000 + GST.

Yes, to do land title registration, the lawyer who processes the closing documents needs to be in Alberta. You can sign your closing documents from the comfort of your own home. Since the start of Covid-19, lawyers in Alberta can sign closing documents via zoom, and then you can courier them back to your lawyer in Alberta.

On closing day, a member from the Developer’s service team will usually attend the closing day walk through, identify any deficiencies and email a copy of the warranty letter of possession for the customer to sign, to complete your enrollment of your property in the Alberta New Home Warranty Program.

Your total closing cost will be around $1,350.00 dollars for a legal representative to convey your purchase in Alberta. They do not need to be physically located in Alberta but must be licensed to practice in Alberta. If you need a list of Alberta based real estate lawyers we can send you one.

You must always refer to your Agreement. However, most projects there are no hidden costs such as levies or transfer taxes. One big advantage in Alberta is that there is no land transfer tax or sales tax. Your purchase price does not include GST, unless otherwise noted.

Refer to the Purchase Agreement and disclosure documents provided by the Developer once you have signed you Agreement.  

The owner sets up & pays for the utilities for their unit. Most utility providers require lead times of 3-4 weeks to have the transition
be smooth. The most popular services are Enmax, ATCO Gas, and Direct Energy.

If you purchased a condo, or townhome, you require condo owner content insurance.
If you purchased a single family home, street town or duplex, you require full property coverage insurance.

Property tax calculator for an estimate here:
https://www.calgary.ca/pda/assessment/revenue-neutral-policy-and-calculator.html?redirect=/taxcalculator

You and your real estate lawyer will need to confirm this in the Agreement. Look for an escalation clause. Typically, if there is no escalation clause, the price will not increase on closing. You must verify this with your real estate lawyer. 

You can stay up to date with the progress of the project or your unit by visiting the developer’s website.

Please email the developer to arrange an appraisal.

Most developers provide notice of completion 30-90 days prior to possession, via email.

Please provide us a minimum of 30 days notice prior to possession.

The property management company,  will take both sets of keys – one for the tenant, one for themselves. Upon
completion of the rental guarantee term, your new property manager, yourself or a representative on your behalf, will be
responsible for picking up your keys from the property management company.

If they’re looking to confirm that we have registered your unit, they can confirm and look up the builder number via the link here:
https://residentialprotection.alberta.ca/public-registry/Property

As the purchaser, you do not need to enroll for Alberta New Home Warranty. Upon possession, you will receive the warranty
certificate and builder number. Within 2 weeks from closing, Alberta New Home Warranty will send the owner a package via
email or mail.

The property management company, will reach out to you 1-2 weeks after closing to obtain your banking details and
answer any questions regarding your tenant’s lease.

Statement of adjustment is sent to your lawyer, and is provided up to 60 days prior to closing. Please check with your lawyer.

If you haven‘t already provided your Lawyer’s information, please email it to the developer.
Please reach out to your mortgage broker and lawyer to confirm all information and paperwork is ready and up to date, to ensure
there are no delays for closing.

You may be able to continue with the current management company that is in place. Alternatively, we have a number of highly accomplished property management companies you can speak with. Many of these companies are currently working with our clients or have worked with our Clients in the past.  You will be responsible for hiring your own property manager or managing your unit yourself. If you’re looking for a place to start your search, Rentfaster has 60+ property management companies they recommend, sorted by the number of active listings. View that list here: https://www.rentfaster.ca/ab/calgary/property-management/