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Prudent Purchaser Agreement

Generally speaking, it is considered that after the payment of the purchase price, the buyer will obtain ownership of the property, free and free of possible listings or unfavorable charges. The buyer`s lawyer usually makes available to the buyer, after the conclusion of the transaction, a certified copy of the Landesrechtsamt title, indicating that the property is registered in the buyer`s name. If the buyer puts a new mortgage to make the purchase, which is typical, the mortgage is displayed as an inscription on the title. However, there may be other listings on the security and a prudent buyer would be advised to check the security to ensure that these listings are “non-financial obligations that do not affect the sale of the property.” The Standard Residential Real Estate Purchase Contract was developed by the Alberta Real Estate Association and is used by most, if not all, licensed brokers to prove the agreement between seller and buyer. The contract identifies the three ps of each purchase/sale contract – the parties, the property and the price. A savvy owner or buyer should verify the ownership of the property, purchased or acquired, and an appropriate request should be made about the nature and extent of any listings that might appear on the title. The Land Titelgesetz allows anyone who has an interest in the country to file a restriction against the title. The word reserve means “let it be observed” and it is a warning to anyone who searches the title that the person making the reserve, or the reserve, claims some form of interest in the property. The right must relate to an interest in real estate and indicate with sufficient certainty the nature of the claim.

For example, as part of a sale agreement, a buyer may impose a restriction on the purchase of the property to inform everyone that the property is being sold or that it has been sold. Similarly, a person with an option to purchase a property or who has a pre-emption right will generally file a restriction to protect his interests. These types of registrations are financial charges and have an obvious effect on the sale of the property. If the address matches an existing account, you`ll receive an email with instructions to reset your password. Enter your email address below and we`ll send you the reset instructions. Paragraph 1.5 of the standard residential real estate contract states: “Unless otherwise written agreement, the title is free and free of any burden, registration and obligation, except for the following: As with any contract, there are many commercial conditions that should be verified or verified before the contract is concluded. What is the nature of these types of registrations or charges, and are there any circumstances in which they could affect the sale of the property? Financial expenses or bonds are specifically identified as such (i.e. mortgages) and will identify the specific financial institution or mortgage (i.e.

the Royal Bank). It is important to carefully consider whether the financial burden of the security is related to your liability or debt and not to another person. Even if the mortgage or debt is settled, the mortgage will not be automatically discharged. The bank will grant you mortgage relief, but it is your responsibility to register the discharge with the National Securities Office. It is not uncommon to find a mortgage or reserve from a financial institution or mortgage company still deposited on the security, although the debt has been paid for a long time. . In the future, we will consider other non-financial charges that may appear on your security – UROW relief and expenses.