The real estate contract addresses what happens if payment is late.
The standard real estate contract used by Realtors in Alberta, says that if the buyer is late paying the purchase price, then interest is payable on the cash to close at a rate of prime plus 3% per diem until the payment is received. In some instances, such as where the delays is by reason of the seller, then interest may be reduced or waived. In the event of a delayed payment from the buyer, the buyer may still request possession of the property on a Tenancy at Will basis.
