the list: • A required repair that is of great expense to remedy • Anything potentially dangerous to occupants • Property unfit for the buyer's purpose
• Lack of appropriate permits • Flood damage not remediated
• Environmental contamination not remediated • Former grow ops or drug labs not remediated
Patent defects are defects that you can determine with a reasonable inspection of the property. For example: leaking windows, shingles, or cracking in the concrete. Many buyers are surprised to learn that in Alberta deaths in homes are not a required disclosure nor are any negative issues related to the title.
PROPERTY HISTORY
It’s a good practice to know all that you can about the sales history of the property you have under consideration. Don’t simply settle for the information contained in the feature sheet. Ask your agent for more detailed information. In Alberta the MLS tracks how many times a home has been listed and sold plus how many price reductions its had. We can also see the property tax history.
PULLING TITLE
You should never make an offer without pulling title first. Land titles in Alberta uses the Torrens system which means ownership of land is transferred by registration of a transfer to title, we do not use "deeds". Land titles in Alberta are 100% accurate so what you see is what you get, and they are backed by the Alberta government. This means that no non-financial registrations will
51
Powered by FlippingBook