Investor FAQ’s
How is the contract sent?
The contract will be sent via DocuSign upon worksheet submission. Clients have a maximum of 72 hours to sign the purchase agreement to begin the 10-day cool off period. If the client does not sign within 72 hours from when the contract is sent, it will automatically expire at that time.
How long do I have to decide after signing the contract?
We provide a 10-day cooling off period. Anytime within and up to the 10th day, if you wish to cancel your offer you can, with any monies received by the developer being refundable back to you.
How is the deposit paid?
You can deliver the deposit by bank draft to a local branch and wire transfer the deposit funds. Detailed wire instructions will be provided when a purchase agreement is signed.
NOTE: If the initial deposit is NOT received within one business day of signing the purchase agreement, it will automatically expire at that time.
What is my deposit structure?
Refer to the project’s online portal and see the Pricing & Payments download page.
Additionally, it can be found on the second page of your purchase contract.
Do I have to provide a mortgage approval?
Yes – Mortgage Approval can be provided from a mortgage broker or any major Canadian financial institution.
Do I need a lawyer in Alberta to buy a property in Alberta?
Yes, to do land title registration the lawyer who processes the closing documents needs to be in Alberta. You can sign your closing documents from the comfort of your own home – lawyers in Alberta can sign closing documents via online virtual meeting (i.e Zoom) and then courier them back to you.
How does closing work when I am not there?
On closing day a member from our service team will attend the walk-through, identify any deficiencies and email a copy of the warranty letter of possession for the customer to sign to complete your enrolment of your property in the Alberta New Home Warranty Program.
What are the closing costs in Alberta on a new condo?
Closing costs will apply for a legal representative to convey your purchase in Alberta based on property value. They do not need to be physically located in Alberta but must be licensed to practice in Alberta. We have also partnered with Kahane Law to provide you unmatched service and unbeatable rates in Calgary should you want to use a local representative.
Am I allowed to assign my purchase?
Assignments are permitted however the purchaser is responsible for any legal cost associated with the assignment, estimated to be $700 – $1,000.
My mortgage broker is inquiring about schedules, where can I find them?
Refer to the highlighted website link noted near the end of your purchase contract that includes a direct link to all condo disclosure documents.
What type of insurance do I need?
If you purchased a condo or townhome, you require condo owner content insurance. If you purchased a single-family home, street town or duplex, you require full property coverage insurance.
What is the estimated property tax for my unit?
Refer to the property tax calculator for an estimate here:
https://www.calgary.ca/pda/assessment/revenue-neutral-policy-and-calculator.html?redirect=/taxcalculator
Are there any hidden fees on closing?
No. There are no hidden costs such as levies or transfer taxes. One big advantage in Alberta is that there is no land transfer tax or sales tax. Your purchase price does not include GST, unless otherwise noted.
Can the price increase at closing?
There is no escalation clause, the price will not increase on closing.
Can I get an update on the construction progress of my unit?
You can stay up to date with the progress of the project or your unit on our website or by clicking the link below:
My mortgage broker is looking for confirmation that the unit is registered with Alberta New Home Warranty?
If they’re looking to confirm that we have registered your unit, they can confirm and look up the builder number via the link here:
https://residentialprotection.alberta.ca/public-registry/Property
When do we need to fill out and sign New Home Warranty Insurance?
As the purchaser, you do not need to enroll for Alberta New Home Warranty. Upon possession, you will receive the warranty certificate and builder number. Within 2 weeks from closing, Alberta New Home Warranty will send the owner a package via email or mail.
Can you send me the statement of adjustment for this project?
Statement of adjustment is sent to your lawyer and is provided up to 60 days prior to closing.
I’m closing soon, what should I do?
If you haven‘t already provided your Lawyer’s information, please email it to invest@trumanhomes.com Please reach out to your mortgage broker and lawyer to confirm all information and paperwork is ready and up to date, to ensure there are no delays for closing.
When is possession?
Refer to the project’s estimated timeline which can be found in your purchase contract. We provide notice of completion 30-90 days prior to possession, via email.
What if I want to be present for my possession walk-through?
Please provide us a minimum of 30 days notice prior to possession.
When & how do I start receiving my rental guarantee payments?
The property management company will reach out to you 1-2 weeks after closing to obtain your banking details and answer any questions regarding your tenant’s lease.
Can Empire 81 manage my unit after the rental guarantee is up?
Empire 81 works exclusively with Truman. Upon expiration of the guaranteed period, you will be responsible for the managing of the unit. If you’re looking for a place to start your search, Rentfaster has 60+ property management companies they recommend, sorted by the number of active listings. View that list here: https://www.rentfaster.ca/ab/calgary/property-management/
When will my project be completed?
Refer to the estimated completion timeline noted in your purchase contract.
You can stay up to date with the progress of the project or your unit on our website or by clicking the link below:
https://trumanhomes.com/construction-updates/
The Appraisal Institute of Canada (AIC) is Canada’s leading real property valuation association with over 5,600 members across the country and around the world.
Click here to use the online portal to Find an Appraiser
The most popular services are Enmax, ATCO Gas, Direct Energy. Refer to our Welcome Home Download Guide for more information.
Keys will be presented upon possession at the closing day walkthrough.
or, if you are participating in the Rental Guarantee Program:
The property management company will take both sets of keys – one for the tenant, one for themselves. Upon completion of the rental guarantee term, your new property manager, yourself or a representative on your behalf, will be responsible for picking up your keys from the property management company office.
Rentfaster has 60+ recommended property management companies sorted by the number of active listings. View that list here: https://www.rentfaster.ca/ab/calgary/property-management/
Provide us with your property management & lease agreements within 30 days of your closing date and a cheque will then be mailed to you within 14 business days.
Forward a copy of your lease to invest@trumanhomes.com for review. If the total rent amount falls below the estimated amount outlined in your contract, we will issue a cheque by mail for the shortfall to ensure you reach your full rental amount for the duration of your tenant’s lease term. PLEASE NOTE: Additional terms and/or restrictions may apply specific to your project, please refer to your contract.
Upon closing, you will fill out a preauthorized payment form with your lawyer that is submitted to the condo management company.
The amount noted in your agreement will not change based on market conditions.
