Typical new home purchasers will spend a considerable amount of time researching the community profiles of the areas of interest as well as researching the benefits of new home purchases vs. re-sale homes. Few, however, take the time to research the details of the purchase or what is involved in a real estate purchase agreement. You should be aware that all purchases of real estate in Alberta are done in writing and contracts for the purchase of newly constructed homes contain significant terms and clauses that benefit the purchasers.

For instance, the deposit protection afforded under a new home warranty program in Alberta is the most comprehensive in Canada and ensures that your initial deposits are protected to limits defined in the agreement should the builder default. What is often overlooked is that deposits differ from down payments and they are not the same thing. Deposits are monies placed with the builder or lawyer as an indication of sincerity and good faith by a purchaser and all contracts must include deposits of some amount. Down payments are monies paid to bridge the difference in purchase price and total price. In the event of default by the purchaser the builder may be entitled to retain the deposits as damages towards costs. Down payments however are not retained by the builder.

To illustrate the point, suppose a purchase agreement of $400,000 contains an initial deposit of $5,000 and an additional deposit of $35,000 with further payments of $50,000 upon closing. In the event of a default, the deposits totaling $40,000 are defined as “initial” and “additional” meaning they are designated as deposits and treated as such. The down payment amount of $50,000 would not be in jeopardy as the amount is described as a “cash to close” or balance of down payment. Deposits may make up part of the down payment but are treated separately.

Certainly, reputable builders will always carefully explain the contract to their customers and provide the opportunity for review by a lawyer. Ensure your contract is well written and be sure to understand the terms prior to approving the agreement by signature. Consult a lawyer for full explanations of your obligations and rights under the agreement.

Tagged:Buying A House Selling A House

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Condominium buyers with a keen eye for detail and who are in the market for a home and a lifestyle that combines the best of luxury condominium living in the heart of one of Calgary’s most desired and diverse lake communities need only cast their gaze “west” to The Stonecroft Group of Properties’ latest high-end endeavor.

Already flush with the success and positive customer response from its initial foray into the northwest community of Arbour Lake, Sandra Williams, the company’s sales manager for “west” by Stonecroft - a new 92 suite condo development that amazes with its substantial offerings - is excited about the potential of the project.

“We are honored to be offering our second condominium project in Arbour Lake,” she said. “This exclusive area has everything you need within walking distance and set in the heart of the community is a 10-acre lake offering activities such as fishing, swimming, boating, ice skating, along with many seasonal events.”

Stonecroft and Arbour Lake are a perfect fit, as nestled within one of the city’s most desirable areas is the perfect development, as “west” by Stonecroft embellishes upon the abundant natural surroundings to create a community that residents will be proud to call home.

The majority of the suites boast picturesque city and mountain views and there are a variety of two bedroom or two bedroom plus den floor plans to choose from which range in size from 925 to 1,150 sq. ft. All homes come with two full bathrooms.

Starting in the $330,000s, the homes are crafted as only Stonecroft can, as attention to detailing, a sleek and contemporary design both inside and out and an appliance package that is second to none are just but a few of the many perks residents will enjoy.

“Appliances include a stainless steel fridge, self-cleaning oven and dishwasher, microwave with hood fan, front load white washer and dryer and a garburator,” Williams explains.

“As well, all the suites include nine-foot ceilings, in-floor radiant heating, granite countertops in the kitchen, maple cabinets in medium or dark stain and a gas fireplace.”

In addition, homes feature a complete blinds package, three designer created color schemes, ceramic tile flooring in the kitchen, entry and bathrooms, stylish and rugged 42-ounce carpet with seven-pound underlay.

“Our customers expect high quality and we strive to deliver that,” Williams said. “We try to go the extra mile and I think that really shows with “west” by Stonecroft.”

The unique and eclectic design of “west” by Stonecroft’s exterior is also noteworthy, Utilizing the natural folds and curves of the local terrain, the building’s most distinct feature may well be the five-storey centerpiece of the complex that is balanced on either side by four-storey wings, with one of the wings starting at a higher elevation of the other, creating a creative, one of a kind unfolding of the complex.

Residents will surely make good use of the rounded centerpiece component of the project, as it features a stylish two-storey lobby and 1,500 sq. ft. amenity rooms on the third and fourth floors.

The exterior of “west” by Stonecroft is perfectly finished with stucco, brick and metal, which again gives the condominiums a distinct and attractive look that sets it apart from many cookie-cutter developments.

“The uniqueness of our modern design, our functional use of space and our ability to offer two heated underground parking stalls for most residences sets us apart,” Williams said.

No need to worry about taking care of the lawn or shoveling snow, as residents will also enjoy taking advantage of the maintenance free lifestyle offered at “west” by Stonecroft.

<>The community of Arbour Lake is ideally situated and allows for easy and convenient access to all points Calgary. Already well served by Calgary Transit, the area will also be in close proximity to an extended LRT line, which is expected to be completed by the end of this year.

Residents of “west” by Stonecroft will also enjoy ample nearby amenities as it is only a stone’s throw away from the many and varied shops, services and restaurants of Crowfoot commercial area, not to mention a nearby movie theatre, the city’s finest YMCA complex and a library.

“It really is a great community - it’s got everything that you need close at hand,” Williams says.

Showhome hours are Monday to Thursday 1 to 6 p.m., and Saturday and Sunday from noon until 5 p.m.

Tagged:arbour lake Buying A House Calgary Condo condominium buyers condominium living condominium project luxury condominium luxury living northwest community real estate in alberta stonecroft

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