Aileen N L Kwan, Barrister & Solicitor

Condo reserved fund (公寓/城市屋儲備基金)

aileenkwan — Sun, 29 May 2011 16:52:22 +0000

Buyers of apartments or town houses need to be very careful of money in condo reserved fund (公寓/城市屋儲備基金). Why? Because if there are not enough money in the reserved fund to complete existing renovation, maintenance, repair, or other projects, then the new owners may be responsible for short fall in these expenses.

Experts can be retained to review the condo’s financial statements and the status of the reserved fund. It is important to consider the sufficiency of the condo reserved fund in order to make an informed decision before purchasing an apartment or town house.

You may contact me for further legal advices.

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Note: All postings in this blog are for information only, please consult a lawyer for proper legal advices.

Filed under: Calgary Residential Real Estate

Vacant Possession

aileenkwan — Sat, 04 Oct 2008 22:09:41 +0000

In most residential real estate purchase contract, the seller has to provide vacant possession to the buyer at 12 noon. The seller should ensure that all his/her moveable belongings are removed from the premise by 12 noon. Otherwise, the buyer has the right to claim reasonable costs against the seller for any out of pocket expenses in removing those items.

If a buyer can’t obtain vacant possession and as a result he/she has to incur further expenses such as extra moving costs, hotel or alternative accommodation expenses, the buyer should keep all the receipts as proof of expenses. All costs have to be reasonable as the buyer has a duty to mitigate his or her damages. For instances, checking into Banff Spring hotel or an expensive hotel may not be an option as the buyer may not be able to claim the full amount.

You may contact me for further legal advices.

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Note: All postings in this blog are for information only, please consult a lawyer for proper legal advices.

Posted in Calgary Residential Real Estate

Surveyor’s Real Property Report

aileenkwan — Sat, 04 Oct 2008 21:52:22 +0000

A Surveyor’s Real Property Report (RPR) is a report prepared by a Certified Land Surveyor. It has to reflect the current status of all the external structures that have been built on the premise. The RPR has to be submitted to the municipal government to apply for a Municipal Stamp of Compliance.

From the Buyer’s prospective, having a RPR will identify any encroachment issues that the property may have with the city and/or the neighbouring properties. Until the encroachment issues have been resolved, there might be an issue with obtaining financing. Surprisingly, reviewing the RPR is something that many buyers often do not think of to include in their buyer’s conditions.
From the Seller’s prospective, an updated RPR will avoid any unnecessary delays, extra costs, and sums of money being held back.

You may contact me for further legal advices.

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Note: All postings in this blog are for information only, please consult a lawyer for proper legal advices.

Posted in Calgary Residential Real Estate

Hold Back

aileenkwan — Sat, 04 Oct 2008 21:40:10 +0000

Sometimes when buyers take possession of their properties, they may find various issues (e.g. non-functioning appliances, leaky toilets, or dirty carpet, etc.) Many buyers have the misconception that if they find any issues on the date of possession, their lawyer can hold back money from the transaction to deal with these problems. The fact is the buyer’s lawyer does not have any authority to hold back money without a prior written agreement. If the buyer and seller cannot come to an agreement about the issues, the buyer may consider taking the matter to the small claims court.

Take “dirty” carpet as an example, there isn’t a standard for “clean” carpet. If the buyer is concerned about a “dirty” carpet on the date of possession, the buyer can add an additional term into the contract to have the carpet professionally cleaned before the date of possession. And require the seller to provide a proof of payment for the professional cleaning service.

You may contact me for further legal advices.

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Note: All postings in this blog are for information only, please consult a lawyer for proper legal advices.

Posted in Calgary Residential Real Estate

Condominium Documents

aileenkwan — Sat, 04 Oct 2008 21:29:03 +0000

Review of condominium documents can minimize potential future surprises and problems.

The following are some examples,

Are there pending lawsuits against the condominium board?
Is there levy of special assessment? If so, who is responsible to pay? The seller or the buyer? Or both?
Are there sufficient reserved funds setting aside for various types of repairs and maintenances of the condominium?
Are there any issues that can be discovered from a careful review of the condominium board meeting minutes?
Can you have pets on the premises according to condominium bylaw?

You may contact me for further legal advices.

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Note: All postings in this blog are for information only, please consult a lawyer for proper legal advices.

Posted in Calgary Residential Real Estate

Buyer’s Conditions

aileenkwan — Sat, 04 Oct 2008 21:17:36 +0000

It is prudent for the buyer to include several buyer’s conditions to protect him/herself. Here are a few examples,

subject to financing
subject to home inspection
subject to approval by your lawyer
subject to review of condominium documents
subject to buyer successfully selling his/her own home

The above list is not an exhausive list and are just some things to consider.

You may contact me for further legal advices.

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Note: All postings in this blog are for information only, please consult a lawyer for proper legal advices.

Posted in Calgary Residential Real Estate

Transfer of Title Overview

aileenkwan — Sat, 04 Oct 2008 19:14:54 +0000

Transfer of Title Overview (click to zoom in)

In this blog entry I will give you an overview of the process of Title Transfer in a Residential Real Estate Purchase and Sale Transaction in Alberta (e.g. Calgary, Edmonton, etc).

The steps in the following list corresponds to the above diagram. Feel free to print a large copy of the diagram to go along with the following explanations.

Buyer and seller will usually have their own realtors representing them.
A Residential Real Estate Purchase Contract will be prepared by the relators for the buyer and the seller.
Once the contract is signed and all the conditions are waived, the real estate purchase contract will be given to the buyer’s and seller’s respective real estate lawyers.a) Buyer will have to provide mortgage, down payment amount, home insurance (if buying a single family home) information to his/her lawyer.
b) Seller will have to provide Surveyor’s Real Property Report (with Municipal Stamp of Compliance) and/or condominium management company information for his/her lawyer to order an Estoppel Certificate & Certificate of Insurance.
Buyer and seller to attend at their respective lawyers office for the signing of all necessary documents. Buyer to provide down payment to his/her lawyer in trust.
Buyer’s lawyer to submit Transfer of Land and Mortgage documents at the Alberta Land Titles Office for registration.
Depending on the mortgage company that the buyer has selected, the transaction can be closed by way of Title Insurance or Western Conveyancing Protocol.
On Closing Date, buyer’s lawyer is to provide the money to the seller’s lawyer by 12 noon. Upon receipt of money, the seller’s lawyer will contact the seller’s realtor to authorize the release of keys. The buyer’s realtor will then have the keys to take the buyer for a walk through and inspection of the property. The seller’s lawyer can then release the net sale proceeds to the seller.

You may contact me for further legal advices.

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Note: All postings in this blog are for information only, please consult a lawyer for proper legal advices.

Posted in Calgary Residential Real Estate

Sharing my Residential Real Estate insight

aileenkwan — Sat, 27 Sep 2008 16:02:53 +0000

My name is Aileen Kwan, I have been practicing law in Calgary since 1997 and have handled over thousands of residential real estate transactions in Alberta.

I am starting this blog to share with you some insights. You are welcome to contact me for my professional legal services. I am fluent in English, Mandarin, and Cantonese.

tel: (403) 253-8827
fax: (403) 253-8829
email: aileenkwan@shaw.ca
Address:
Suite 400
7015 MacLeod Trail SW
Calgary

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Note: All postings in this blog are for information only, please consult a lawyer for proper legal advices.

Posted in Calgary Residential Real Estate

Aileen N L Kwan, Barrister & Solicitor

Condo reserved fund (公寓/城市屋 儲備基金)

Vacant Possession

Surveyor’s Real Property Report

Hold Back

Condominium Documents

Buyer’s Conditions

Transfer of Title Overview

Sharing my Residential Real Estate insight

Condo reserved fund (公寓/城市屋儲備基金)