Overall, the new AREA 2017 residential sales contract and its sister form for condominiums are an improvement over the 2014 land contracts. The new AREA 2017 sales contract replaces the old 2014 financial details clause, which covered deposits, mortgage acquisition, new financing, seller financing and other securities. The new paragraph 2.1 indicates only the purchase price. Clauses 4.3 and 4.4 deal with the initial payment and additional deposits. Everything related to new financing, mortgages, seller financing and other securities has disappeared. According to AREA, the rationale for this change is that the parties have rarely been used with respect to the acceptance of mortgages, seller financing and other securities. A buyer who receives new financing is common, but this required the buyer to incorporate principal amounts, interest rates, and other mortgage details that they were unsure of or that have changed. It was a confusing clause. 2.
The buyer shall generally be entitled to claim the GST rebate for the construction of new developers in accordance with Article 254 if the criteria laid down in that provision are met. Accordingly, the discount may be transferred from the customer to the developer in accordance with the provisions of paragraphs 254(4) and 254(5). The date of entitlement to the GST new housing rebate is only after the buyer has completed the complex. Special checks: the responsibility for special assessments is addressed in both the AREA 2014 Real Estate Purchase Agreement in paragraph 4.7 and paragraph 10.4 of the new AREA 2016 Residential Purchase Agreement for Condominiums. Both clauses state that the seller is liable if Condominium Corporation has made a decision before 12 noon on the day of completion of a particular assessment. However, there are three differences between the two almost similar clauses: September 2016 (with slight optimizations in July 2017) made many useful changes to the existing residential purchase documentation in 2014, approved by the Alberta Estates Association (AREA). These amendments concerned both the residential purchase agreement for all houses and dwellings and the contract for the sale of residential dwellings, which is used for condominiums. Existing formulations have been modified and new formulations have been added. As we go along, in the long term, we will consider the contracts as the 2014 contract and the 2017 contract. This podcast and accompanying text explain the changes and what they mean for buyers, sellers, brokers and lawyers related to real estate in Alberta. When will the buyer be responsible for paying the GST? In essence, the buyer and seller accept or countercarent the terms in the contract for the sale of real estate until either the contract is cancelled or both parties reach a final consensus.
Acceptance by e-mail: the words „or e-mail“ were added to improve the AREA 2014 contract, which only allowed the personal or faxed distribution of documents. As many documents could and were sent by e-mail, the AREA 2017 sales contract now refers specifically to e-mails.. . . .