Deposits and Alberta Real Estate
I often work with clients relocating to Calgary from other provinces, particularly Quebec, and it has given me some unique insights into how real estate is practiced in other jurisdictions, given we are all governed by our own Real Estate Acts.
For example, in Alberta it is standard to provide a deposit, and sometimes an additional deposit, with your offer to purchase. This is because our Act requires “consideration”. Consideration is defined as mostly commonly money “but other consideration of value, such as other property in exchange is also satisfactory.” It is a financial proof of good faith, which is also law in Alberta.
In Quebec, however, a deposit is not required so it can be a huge surprise for people relocating when I ask them to have between $5,000 to $30,000 available for their purchase in Alberta. If you are a BC buyer having issues finding a strata property in Alberta? What is referred to as strata in BC, we call a condominium here.
These are just a few, simple examples of the many differences when buying real estate across Canada and one of the many reasons having a real estate professional on your side will help protect you and make sure there are no surprises. Call me anytime to discuss your relocation needs, I am a relocation specialist and here to help you find your new home sweet home. Visit me on Facebook and Google!
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