Real Estate Law FAQs
If you’ve ever leased a property, purchased a house or condo, or subletted an apartment unit, then you may understand how complex real estate transactions can be. There are many legal implications that accompany the purchase, sale, and leasing of a property. At Schnell Hardy Jones LLP, our team of real estate lawyers in Sylvan Lake and Red Deer want to help bring some clarity to your real estate legal needs. Below are answers to a few questions we get asked the most about real estate law and the legal terminology that real estate transactions involve.
Question #3: What is typically included in an agreement of purchase and sale?
A typical contract for the purchase and sale of a property will typically include, at a bare minimum, the following:
- The identities of the buyer and seller;
- Identification of the property being sold, often by a land parcel identification code (which typically appears on land title), and by the property’s commonly known municipal address, if available;
- The purchase price of the property, and information about any existing mortgages, and whose responsibility it will be to satisfy and discharge the mortgage(s);
- Conditions to the agreement, such as making acceptance of the agreement contingent upon a satisfactory environmental evaluation, the ability to obtain financing, property inspection, etc.;
- Any items that are to be included in the purchase price, aside from the land and dwelling house or physical building (e.g., certain pieces of furniture);
- Information about the state of repair of the property, or alternatively, an “as is where is”-type clause indicating that no warranties or guarantees will be made about the state of the property;
- Deadlines with respect to acceptance of the agreement, when the property must be vacated, etc.; and
- Places for the signatures of the vendor and purchaser, witnesses, and agents.
Contact Sylvan Lake’s Schnell Hardy Jones LLP for a Real Estate Lawyer
Our real estate lawyers have the experience to provide you with guidance and assistance with your real estate law needs. We can help to ensure that you are confident and content with your purchase, sale, or lease. Contact us for your real estate law consultation in Sylvan Lake, Stettler or Red Deer.