If your property’s deck does not comply with the applicable building codes or bylaws, it may require rectification before the sale. For example, you may have to apply for a building permit with the City of Edmonton and be responsible for the associated costs.
Sometimes lawyers will negotiate a “holdback”. This is usually negotiated after the purchase contract is signed and there are outstanding items. Using a holdback can allow the real estate closing to “close” as scheduled. For example, the seller gets paid for the property and the buyer receives possession of the property despite outstanding obligations of the seller.
The seller will receive payment for the property less the holdback amount, which acts as an incentive for the seller to complete their obligation and a comfort to the buyer that the work will be completed.
We can help you understand the specific requirements and advise on the best course of action to ensure compliance.
