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Stronger protections for new condo buyers

//Stronger protections for new condo buyers

Service Alberta / Alberta.ca /Oct 12, 2017

New rules will help better protect Albertans when buying a condo.

A new home is the largest purchase most Albertans will make, and today the government approved new regulations that will better protect Albertans’ investments.

“Albertans deserve to be protected when making a big purchase like a home or investment property. Today, we have taken the first steps toward reassuring Albertans that their investments are properly looked after, so they can feel confident when investing in the condo market.”

Stephanie McLean, Minister of Service Alberta

The new rules will improve protections for buyers of new and converted condominium units by:

  • Requiring developers to give a final move-in date, and if they cannot deliver on time, buyers have the option to renegotiate or cancel their contract and get their deposit back.
  • Preventing “fee shock” by requiring developers to give a realistic estimate of condo fees a buyer can expect to pay when they move in.
  • Requiring developers to include more information in the contract, such as floor plans and finishes, to help buyers make a confident decision.
  • Creating new rules so developers must hold buyers’ deposits in trust with a lawyer while their condos are being built.
  • Requiring developers to provide more information to the first elected condo board, to create a smoother transition for owners.
  • Allowing the government to investigate breaches of the act, and issue fines to developers where necessary.

Read the full article at https://www.alberta.ca/release.cfm?xID=48750B0ABE17D-9966-6836-51C687E3FCFF9BF0

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