Ahlstrom Wright's Guide to Buying and Selling Real Estate in Northwest Territories - Northwest Territories Lawyers

The exchange of property involves a number of legal aspects which often results in both the buyer and seller feeling overwhelmed.

Below are a list of considerations that you should keep in mind when you’re about to purchase real estate:

See your lawyer before signing the Real Estate Purchase Contract to ensure that the right conditions are in place to protect you or make the Contract subject to approval by your lawyer
If you are having a home built, ask your lawyer for advice about Builder’s Liens, deficiency hold-backs, warranty programs, and seasonal hold-backs
If you are buying a condo, your Purchase Contract should include a condition that allows your lawyer to review the condominium bylaws
As a condition of your Contract, have a building inspector examine the property for structural problems or deficiencies
Make sure your financing is in order. Ask your lawyer if you need a financing condition in your Purchase Contract
Know what mortgage insurance is and what the cost to you will be if you arrange for a high ratio mortgage
Know what the additional costs will be over and above the purchase price
Arrange for fire insurance. Mortgage companies will not advance the funds unless you have proof of fire insurance

Here are some things to consider before you decide to list and sell your property:

See your lawyer before signing the Real Estate Purchase Contract
Arrange for a Real Property Report to be prepared and obtain a Municipal Compliance Certificate if you do not have a current one
Discuss with your lawyer other costs that you may not have considered such as a potential prepayment penalty if your mortgage will be paid out prior to its term
Discuss with your lawyer when property insurance can be cancelled and the cancellation of utilities for the property
Discuss with your lawyer when to expect to have to sign the transfer documents so that you are available at that time

Do you require legal assistance with any of the following areas of law?

Call Ahlstrom Wright
toll-free at 1-844-558-8750

Serving the communities of Northwest Territories, Nunavut and Yukon

PO Box 1162
Yellowknife, NT X1A 2N8
Phone: 867-873-2000
Fax: 780-467-6428

Serving Sherwood Park, Edmonton and Alberta's rural communities

Suite 200, 80 Chippewa Road
Sherwood Park, AB T8A 4W6
Phone: 780-464-7477
Fax: 780-467-6428