Thankfully for the buyers the contract was reviewed carefully by lawyers on both sides, and it was deemed an enforceable contract. In the end we were able to exercise specific performance (meaning we can legally foreclose on the property and take ownership) but it also could have easily gone the other way if there were any errors on the contract. In Alberta there are 5 essential elements that must be met in contract law, if one had been missing the buyers would have lost the home. It was a stressful process to enforce the contract but in the end the buyers moved into the home. An experienced real estate agent deals regularly with these contracts, conditions, and unexpected situations and is familiar with which conditions and/or terms should be used & when they can safely be removed. The contract is designed to protect you but also obligates you once conditions are removed.
YOU WON'T NECESSARIL N'T NECESSARILY SAVE MONEY
The point of not using a real estate agent would be to save money, right? Otherwise, why would someone turn down professional assistance in finding a home? However, it’s unlikely that both the buyer and the seller will reap the benefits of not paying real estate agent commissions. It works like this: If a property owner is selling on their own, they are trying to accomplish two things: 1. Sell at market value. 2. Save money on commissions. It would make sense that the seller will price the house at the same price they would if they were hiring an agent. If they priced it lower, it would defeat the purpose. Now you have a situation where the seller is expecting the buyer to pay the same price they would if an agent were helping them but without any help or advice.
Buyers looking to purchase a home sold by an owner without
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