Investor FAQ’s
The contract will be sent via DocuSign upon submission of the worksheet. Clients have up to 72 hours to sign the purchase agreement, which will initiate the 10-day cooling-off period. If the contract is not signed within 72 hours of being sent, it will automatically expire.
We provide a 10-day cooling-off period. At any time within the 10-day period, you may cancel your offer, and any funds paid to the developer will be refunded to you.
You can submit your deposit via bank draft at a local branch or through wire transfer. Project-specific detailed wire instructions will be provided upon signing the purchase agreement. Please note: If the initial deposit is not received within one business day of signing, the purchase agreement will automatically expire.
You can find the deposit structure in the project’s online portal under the Pricing & Payments section. The deposit structure is also detailed on the second page of your purchase contract.
Yes – Mortgage Approval can be provided from a mortgage broker or any major Canadian financial institution.
Yes, the lawyer handling your land title registration must be based in Alberta. However, you can sign your closing documents from the comfort of your home. Lawyers in Alberta can facilitate the signing process through an online meeting (such as Zoom) and then have the documents couriered back to your lawyer in Alberta for final processing.
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.
Closing costs will apply for a legal representative to handle your property conveyance in Alberta, and these costs may vary depending on the property’s value. The representative doesn’t need to be physically located in Alberta but must be licensed to practice in the province. For those seeking local expertise, we’ve partnered with Kahane Law to offer exceptional service and competitive rates in Calgary.
You may request an assignment; however, approval will depend on the specific project and the stage of its progress. Reach out to your sales agent to start the process and obtain the necessary consent.
Refer to the highlighted website link noted near the end of your purchase contract that includes a direct link to all condo disclosure documents.
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.
Refer to the property tax calculator for an estimate here:
https://www.calgary.ca/pda/assessment/revenue-neutral-policy-and-calculator.html?redirect=/taxcalculator
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.
There is no escalation clause, the price will not increase on closing.
Yes, you can stay updated on the progress of the project or your unit by visiting the following link:
https://trumanhomes.com/construction-updates/
If your project is not yet listed on the Construction Updates page, it means construction has not started. Please check back again soon for further updates!
As the purchaser, you do not need to enroll in the Alberta New Home Warranty program yourself. Upon possession, you will receive the warranty certificate and builder number. Within two weeks of closing, Alberta New Home Warranty will send you a package via email or mail.
The statement of adjustment is sent to your lawyer and is provided up to 60 days before closing. Please contact your lawyer, as they will have the information you need.
If you haven’t already provided us with your lawyer’s information, please email it to invest@trumanhomes.com and client.truman conveyancing.canada@dentons.com. Be sure to clearly include your project name and unit number when sending this information. Additionally, please reach out to your mortgage broker and closing lawyer to confirm that all information and paperwork are ready and up to date, ensuring there are no delays for closing.
Need help finding utilities or additional information for closing on your Calgary property? Explore our Calgary New Home Guide to ensure a smooth transition for an upcoming closing.
Need help finding utilities or additional information for closing on your Chestermere property? Explore our Chestermere New Home Guide to ensure a smooth transition for an upcoming closing.
Please refer to the project’s estimated timeline in your purchase contract. We will provide a notice of completion and a possession letter 30-90 days before possession, which will be sent to the primary purchaser’s email address on file.
If you wish to be present for your walk-through, please provide us with a minimum of 30 days’ notice before possession. Email possession.info@trumanhomes.com, and they will contact you to coordinate the details.
Empire 81, the property management company, will reach out to you 1-2 weeks after closing to obtain your banking details for your rental guarantee payment and answer any questions regarding your tenant’s lease.
Empire 81 works exclusively with Truman. After the rental guarantee period, you will need to hire your own property manager or manage the unit yourself. As a starting point, Rentfaster provides recommendations for over 60 property management companies, sorted by the number of active listings.
https://www.rentfaster.ca/ab/calgary/property-management/
Please refer to the estimated completion timeline outlined in your purchase contract. To stay updated on the progress of the project or your unit, visit our website or click 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 owner is responsible for setting up and paying for the utilities for their unit. Most utility providers require a lead time of 3-4 weeks to ensure a smooth transition. The most popular service providers are Enmax, ATCO Gas, and Direct Energy. Refer to our Welcome Home Guides below 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/
Empire 81, the property management company, will reach out to you 1-2 weeks after closing to obtain your banking details for your rental guarantee payment and answer any questions regarding your tenant’s lease.
Please forward a copy of your lease to invest@trumanhomes.com for review. If the total rent amount is less than the estimated amount outlined in your contract and all other terms and conditions of the agreement have been met, we will mail you a cheque for the difference to ensure you receive the full rental amount for the duration of your tenant’s lease term. Please note: Additional terms and restrictions specific to your project may apply. Refer to your contract for details.
Upon closing, you will fill out a pre-authorized payment form with your lawyer that is submitted to the condo management company.
Please review your Rental Guarantee Agreement, which includes a clause detailing the steps for canceling the rental guarantee. The developer reserves the right to deny any cancellation requests. If you wish to opt out of the Rental Guarantee program, please email invest@trumanhomes.com to begin the process. Should the developer approve your cancellation, you will receive a termination agreement, which must be completed and returned to invest@trumanhomes.com. Please be aware that a cancellation fee may apply.
The amount noted in your agreement will not change based on market conditions.
What We Provide:
We offer monthly leaseback payments throughout the duration of the Rental Incentive Management Agreement, significantly reducing your investment risk. Our services include expert-level tenant screening and property management. This encompasses effective listing and marketing of your property to attract and secure qualified tenants, as well as screening all applicants to ensure dependable and stable tenancy. We efficiently manage all tenant move-ins and move-outs, and promptly handle all tenant inquiries to maintain excellent communication and ensure tenant satisfaction. Our builder direct services result in long-term tenancies and higher renewal rates, leading to sustained rent collection after the Agreement concludes.
What You Provide:
As the property owner, you are responsible for all costs associated with the property. These costs include taxes, insurance, mortgage payments, utilities, maintenance, condo fees, and closing fees.
