Find the latest Calgary Foreclosure and Court of Queens Bench Sale's listings here from Northeast Calgary, Northwest Calgary, Southeast Calgary and Southwest Calgary.
What is a Foreclosure? There are 2 most common type of foreclosure in Calgary Real Estate. First is the traditional Bank Foreclosure, which the lender attempt to recover the balance of loan from the borrower who has stopped making the mortgage payment and the second one is a Court of Queens Bench Sale's which involves the sale of the mortgaged property under the supervision of a court. Each of them has different rules.
One important thing to remember when purchasing a foreclosure homes is, your buying it.. "AS IS- WHERE IS"... (Read More About It)
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1. The Buyer acknowledges and agrees to purchase the Property, all buildings and improvements located on the Property, and any and all fixtures (“Attached Goods”) and chattels (“Unattached Goods”) included in the Real Estate Purchase Contract or included in the sale of the Property “as is” and “where is” as of the date of Possession, and agrees with the Seller that neither the Seller, nor its agents or representatives have made any representations or warranties with respect to the Property, any buildings or improvements located on the Property, or any Attached Goods or Unattached Goods included in the sale of the Property. Without limiting the generality of the foregoing, the Buyer agrees that neither the Seller nor its agents have made any representation or warranties with respect to:
(a) the condition of any buildings or improvements located on the Property;
(b) the existence or condition of any Attached Goods or Unattached Goods included in the Real Estate Purchase Contract or otherwise sold with the Property;
(c) whether the Property complies with any existing land use of zoning bylaws or regulations, or municipal development agreements or plans;
(d) the location of any buildings and other improvements on the Property and whether such location complies with any applicable municipal bylaws or regulations;
(e) whether or not any buildings or improvements located on the property encroach onto any neighboring lands or any easements or rights of way;
(f) whether or not any buildings or improvements located on any neighboring lands encroach onto the Property;
(g) the size and dimensions of the Property or any buildings or improvements located thereon;
(h) whether or not the Property is contaminated with any hazardous substance within the meaning of the Environmental Protection and Enhancement Act; and
(i) whether or not any of the buildings or other improvements located on the Property have been insulated with urea formaldehyde insulation.
(j) whether or not the property contains any mold or bacteria or contaminates or structural problems as a result of any marijuana grow operations.
OWNERSHIP OF UNATTACHED GOODS
2. The Buyer agrees that the Seller is selling only such interest as it may have in any Attached Goods or Unattached Goods referred to in the Real Estate Purchase Contract, or which may be located on the Property as at the date of Possession, and the Seller does not warrant that it has title to such Attached Good or Unattached Goods. Further, the Buyer agrees that the Seller will not be liable for the removal of any chattels found on the Property prior to or on the date of closing. On closing, the Buyer may have possession of the Attached Goods and Unattached Goods which are them on or about the Property on an “as is” basis, subject to the rights claimed by the prior registered owner, and the Seller will not provide a Bill of Sale, Warranty, or other
title documents to the Buyer. Further, there will be no adjustments or abatement of any kind to the Purchase Price with respect to any Attached Goods or Unattached Goods.
Real Property Report & Compliance
3. The Seller is not required to provide the Buyer with a real property report or compliance certificate. Should the Seller provide the Buyer with a copy of a survey or real property report that it has in its possession, the Buyer agrees that any use of or reliance upon such document shall be at the Buyer’s own risk. The Buyer must satisfy himself that the survey or real property report which the Seller might provide accurately reflects the Property and the buildings and improvements located thereon as they currently exist and the Seller shall not be responsible for any errors or omissions which might exist on such document. The Seller does not represent or warrant the accuracy or validity of the said survey or real property report or compliance certificate.
4. If the Property is a condominium:
(a) the Seller is not required to provide any condominium documentation to the Buyer, and the Buyer shall be solely responsible to obtain any condominium documentations he may require. Without limiting the generality of the foregoing, the Buyer must obtain on his own and at his sole cost and expense any estoppel certificate, copy of the condominium bylaws, and financial statements for the Condominium Corporation that he may require;
(b) the Buyer must satisfy himself with the condition of the condominium unit, the common property, and the financial condition of the condominium corporation and agrees that neither the Seller, nor its agents, have made any representations or warranties pertaining to same including, without limiting the generality of the foregoing, the adequacy of any reserve fund the condominium corporation might have, any potential special assessments which might be levied by the condominium corporation, or the existence of any legal actions pending against the condominium corporation;
(c) the Seller shall be responsible for amounts payable up to the closing date on account of any condominium fees and special assessments levied by the condominium corporation.
GOODS AND SERVICES TAX (G.S.T.)
5. In addition to the purchase price payable hereunder, the Buyer shall pay to the Seller and indemnify the Seller against all Goods and Services Tax (“G.S.T.”) payable on the purchase price as required by the Excise Tax Act. The Seller will not provide to the Buyer a Certificate of Exempt Supply, or any other certificate certifying that this purchase and sale transaction is not subject to the Goods and Services Tax. Should the Seller fail to collect G.S.T. from the Buyer, it shall not be construed by the Buyer as a certification by the Seller that no G.S.T. is payable by the Buyer hereunder, and the Buyer shall remain liable for any G.S.T. which might be payable with respect to this transaction.
Disclaimer: Information herein deemed reliable but not guaranteed by CREB®.
Listing information last updated on May 23rd, 2015 at 8:15am CDT.