When it comes to buying or selling a property, transparency is crucial. Courts have found that both sellers and agents have a responsibility to disclose any relevant information about the property's condition.

It is important for listing agents to educate sellers about the risks associated with not disclosing relevant information about the property's condition.

Failure to disclose can lead to lawsuits and financial consequences down the line. By being transparent, sellers and their agents can avoid potential legal issues.

When buyers have a complete understanding of what they are investing in, they are making an informed decision. This protects against a buyer suing their agent when they become aware of an issue they feel should have been disclosed.

Material Latent Defects

Sellers should disclose any material latent defects, which are hidden flaws or issues that may not be easily visible or known to the buyer but give rise to an argument that the property value is impacted by them. Past issues or claims related to the property should be disclosed, regardless of whether they have been resolved or remediated. This includes previous insurance claims, repairs, or renovations.

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Yes, you can! 

What is real estate co-ownership and how does it work?

The most common type of co-ownership of property aside from are tenancy in common and joint tenancy. Tenancy in Common is ownership of title to property by two or more persons. 

With the newest fad of co-ownership, it is easier to make your real estate dreams become a realty. If you ever wondered if there is a stranger out there who wants to purchase a single family house instead of buying into the condo market, you've come to the right place. Instead of buying a townhouse condo for $300,000, you can own a $600,000 house! We bring qualified strangers together and find them the best homes. 

How does it work?

Both you and "the stranger" will view homes together and together, you both choose the best one. This is also a great opportunity to meet the strangers to learn if they will be compatable with you. The stranger MUST have their mortgage pre-approval in place prior to viewing any homes. Once you both have decided on a property, the offer is still contingent to finance approval and property inspection. Once all contingincies are met, you are both proud owners of your dream home.

Can I sell my portion of my home anytime?

Absolutely! You have the legal right to sell your share of ownership anytime. In Edmonton, selling 50% interest/equity is less common than other large cities such as Toronto and Vancouver where prices are extremely high, but as Edmonton REALTORS®, we see this more and more since interest rates have risen. 

If you are interested in a co-ownership in a property within Alberta, simply fill in this form and we get back to you with 2 business days. 

The Government of Alberta announced an unexpected change to the Land Titles Registration Fee during the release of its Budget 2024 on February 29, 2024.

Homeowners will soon see an exponential increase in closing costs. Currently, consumers pay a $50.00 fee and an additional $2.00 for every $5,000 of the property's purchase price for the title transfer and an additional $50.00 fee plus $1.50 for every $5,000 of the mortgage amount.

With this change, homeowners will now pay a $50.00 fee and an additional $5.00 for every $5,000 of the property's purchase price for the title transfer, and an additional $50.00 fee plus $5.00 for every $5,000 of the mortgage amount.

For example, the price of registering a $450,000 home with a 10% down payment, will jump to $955, an increase of $553.50 from the current fees.

The increased costs are intended to provide support for the continued modernization of the registries system. No implementation date has been announced, but we will inform members once we receive more information.

Graphic provided by the Government of Alberta. Please note: there is an error as it should be cited as a 10% down payment for proper calculations.

As an Association, we are disappointed by yesterday's announcement as it came as a surprise to many within the industry. Purchasing a home is one of the biggest financial decisions that consumers will make, and the additional cost could inhibit or impact the dream of homeownership for many.

Although Alberta's land titles registration fee remains lower than other provinces, we know this will have a direct impact on the clients you serve every day. The Alberta real estate association has committed to advocating for the subsequent removal of the increased fee once the land titles modernization project has been completed.

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