The specific conditions included in a purchase contract can vary depending on the parties involved and the specific property being purchased. However, there are several common conditions that are often included in purchase contracts in Alberta. Here are a few examples:
Financing condition: This condition allows the buyer to back out of the deal if they are unable to secure financing for the purchase.
Home inspection condition: This condition allows the buyer to conduct a home inspection and, if any issues are discovered, negotiate repairs or a reduction in the purchase price.
Condominium document review condition, if required: This condition allows the buyer to review the condominium corporation's financial statements, bylaws, and other documents before finalizing the purchase.
Sale of buyer's property condition, if required: This condition allows the buyer to back out of the deal if they are unable to sell their current property before the purchase of the new property.
Title condition: This condition allows the buyer to back out of the deal if any issues with the title to the property are discovered during the title search. In Alberta, a realtor is easily able to pull the title prior to an offer. If this can be done prior to, then you may or may not use this as a condition.
Property insurance condition: This condition requires the buyer to obtain property insurance before the closing date. Although this is not so common a condition in Alberta, it should be considered if you are purchasing a property that may be outside of a typical purchase.
Septic system condition, if required: If the property has a septic system, this condition allows the buyer to conduct a septic system inspection and, if any issues are discovered, negotiate repairs or a reduction in the purchase price.
It's important to carefully review and consider any conditions included in a purchase contract before signing. Your real estate agent or lawyer can provide further guidance and advice to help you understand the implications of each condition and determine whether they are appropriate for your specific situation.