Buying a brand new condo brings new challenges and Calgary Urban Living is here to help you along every step of the way in buying your new Calgary condo
Calgary Urban living will now include new condo construction as part of its high-quality real estate services.
According to the award winning publication created by the Alberta New Home Warranty Program, The Way Home, there are eight phases involved in the purchase of a new condo. These are aspects to know before you buy, purchase process, building process, approaching possession, closing purchase, after you move in, Alberta New Home Warranty program, and home-coming.
The condominium plan is one of the important documents provided during the disclosure and it contains information pertaining to location of the buildings and location of the space of each of the units. It is important to clarify the quality and standards of the materials that the developer will be using during the construction.
The bylaws govern the rights and restrictions of the unit owners. The developers are required to disclose the condo fees that are based on reasonable and realistic criteria. Fees for new condos in Calgary can vary depending on the amenities and level of property maintenance.
During the purchase process, a deposit called reservation is collected by the developer. This gives the buyer the option to confirm the purchase within a specific period of time. If the buyer decides to proceed with the purchase, then a purchase agreement is drawn up and a deposit is usually required.
The purchase process is followed by the building phase. The building phase can be broken down into three stages, when the unit is completed, when the common area is completed and when the owner receives the title.
Once the condominium plan is approved by the municipality, the developer submits the plan to the land titles office for registration. The land titles office then creates titles for each unit. Once the municipality determines it is safe to move into the units, an occupancy permit is issued.
The closing process involves the transfer of funds from the lender to the developer. The amount paid, the GST, property taxes and other expenses are given in the closing statement of expenses. The statement of adjustments will show if there are any taxes owed by either the developer or the purchaser.
Once the move in has taken place, an annual general meeting is called either ninety days after the fifty percent of the unit sales are closed or a hundred and eighty days from the day that the first unit sale was closed. Important questions for any new Calgary condo owner to ask is what the state of completion is for the common property the effective date of the Alberta New Home Warranty Program.
The Alberta New Home Warranty program only comes into effect when the developer and unit owners are unable to reach an agreement. Deposits are protected by the program and are held in trust until the developer starts construction.
For more information about the purchasing a new condo, or if you are looking to buy or sell your Calgary condo, please contact Calgary Urban Living at firstname.lastname@example.org or at 403-689-9594.