Yes, it is required to have a real estate lawyer in Alberta for any real estate transaction in Alberta. It is also recommended to work with a real estate lawyer who specializes in pre-construction real estate. Many savvy investors already have a lawyer lined up before they even start looking for their next pre-construction investment. Your lawyer will help you review the Agreement of Purchase and Sale (APS) and other necessary documents throughout the purchase process. Their main aim is to explain legal terms, protect you from risks associated with pre-construction condo purchases, and offer advice when needed. Understanding your APS terms will give you confidence to proceed (or not) and could save you time and money in the long run.

In most cases, developers will need you to have a mortgage pre-approval within 10 days of signing your Agreement. However, you won't actually need the mortgage itself until the title is being transferred to you on the final closing date. This final closing usually occurs 2 years after you sign your agreement, but the timeline can vary depending on the size and type of the project. We also recommend that you with a mortgage broker who is present in Alberta.

The contract will be sent through DocuSign. Clients usually have up to 12 hours to sign the purchase agreement, starting the 10-day cool-off period. If the agreement isn't signed within this timeframe, it will expire automatically.

Many developers offer a 10-day cooling off period. During this time, you can cancel your offer and receive a refund of any money paid to the developer.

Each developer will provide specific instructions for submitting the deposit. Typically, you can either deliver the deposit via bank draft at a local branch or transfer the funds electronically through a wire transfer. These wire transfer instructions will be given to you upon signing the purchase agreement.

Please note: If the deposit is not received within one business day of signing the purchase agreement, it will expire automatically.

Yes, and can be provided from a mortgage broker or any major Canadian financial institution.

On the day of closing, a representative from the Developer's service team will typically join you for a walk-through of the property. They will note any issues and provide you with a warranty letter of possession via email. This step completes the enrollment of your property in the Alberta New Home Warranty Program.

Your approximate total closing costs in Alberta will be around $2000. If you require a list of real estate lawyers based in Alberta, we can provide one for you.

Always consult your Agreement for clarity. Typically, in most projects, there are no hidden costs like levies or transfer taxes. One significant advantage in Alberta is the absence of land transfer tax or sales tax. Unless stated otherwise, your purchase price does not include GST.

The owner sets up & pays for the utilities for their unit. Most utility providers require lead times of 3-4 weeks to have the transition

be smooth. The most popular services are Enmax, ATCO Gas, and Direct Energy.

Property tax calculator for an estimate here:

https://www.calgary.ca/pda/assessment/revenue-neutral-policy-and-calculator.html?redirect=/taxcalculator

You and your real estate lawyer will need to confirm this in the Agreement. Look for an escalation clause. Typically, if there is no escalation clause, the price will not increase on closing. You must verify this with your real estate lawyer.

Most developers provide notice of completion 30-90 days prior to possession, via email.