When buyers in Alberta are interested in purchasing property, they may not realize the different ways in which they can protect their interests. The first step in buying real estate is to write an Offer to Purchase. That offer can include several conditions to be met before it becomes a firm offer.
A conditional Offer to Purchase allows the prospective buyer the opportunity to view and confirm information. Conditions could include obtaining financing and a home inspection if the offer is for a single-family home. If the offer is for a condominium, a review of the condominium documents might be included in the conditions. For a conditional offer for a residential property in the country, the buyer may want water and soil tests before confirming the offer.
The buyer must include an expiry date for the conditions, making sure to allow enough time to satisfy all of them. If the buyer is satisfied, he or she must waive the conditions before the expiry date, and such notice must be done in writing. That will change the purchase offer to a purchase contract that is final and binding. If the waiver is not signed before the expiry date for the conditions, the offer will be cancelled.
To ensure that all the necessary procedures are followed, many prospective real estate buyers in Alberta utilize the skills of a lawyer with experience in this field of the law. Legal counsel can provide support and guidance throughout the dealings with the seller. The lawyer can also assist with drafting the conditional Offer to Purchase, the waiver and any other legal proceedings.
