Closing A Pre-Construction Property in Calgary
Hi, my name is Kyle Dovigi and I have helped over 150 people to close on their pre-construction properties in Calgary - including 4 of my own personal properties! Learn from my experience and mistakes! I am here to help, so contact me anytime.
Whether you're a first-time investor or adding to your portfolio, this guide is designed to make the closing process as simple and stress-free, and to protect your investment. I’ll walk you through every step—what to expect, what to prepare, and how to ensure a seamless closing from start to finish.
SECTION 1
Preparing for Closing
SECTION 2
Required for Closing
SECTION 3
30 Days Before Closing
SECTION 4
Closing Week
SECTION 6
Maximizing Your Investment
1) Insider Tips
Closing on a pre-construction property doesn’t need to be stressful and with the right preparation, you can ensure a smooth closing, and protect your investment.
2) Your Expert Team
Work with an all-star team of professionals to assist you with every aspect of your closing - trust experience.
3) Construction Progress
Developers provide periodic updates to keep you informed of construction progress and key milestones so that you can be ready for your closing.
4) Notice of Possession
The Notice of Possession provides your specific closing date and starts the official closing process.
5) Closing Costs
The fees to close a property in Alberta are shockingly low and it is one of the most affordable provinces to close in.
6) Lawyer
You need a strong quarterback behind you, so hire an Alberta-based lawyer to coordinate your property closing remotely.
7) Mortgage
Mortgages are the trickiest part of closing a property and the #1 reason people don’t close on time.
8) Insurance
Insurance is your secret weapon to protect your investment and for peace of mind.
9) Utilities
Before closing, landlords must set up utility accounts which may electricity, gas, and water.
10) Appraisals
The fees to close a property in Alberta are shockingly low and it is one of the most affordable provinces to close in.
11) Property Management
Hiring a local property management company in Calgary ensures your investment runs smoothly by handing operations over to a local professional.
12) Property Taxes
Calgary property taxes are 0.64861% of the assessed value annually and are the responsibility of the landlord.
13) Condo Fees
Each condo building has its own management company that handles maintenance and automatically collects condo fees.
14) Holdco Registration
If you bought under a holding company, it must be registered in Alberta prior to closing.
15) Closing Paperwork
Get ready to print, sign via Zoom, and courier a large package of documents - make sure your printer is working!
16) Funds Transfer
Make sure your closing funds are ready in a major bank account at least a week in advance, as wire transfer is the only accepted payment method.
17) Possession Walkthrough
The inspection is typically done on the closing day in Calgary. and this is your opportunity to inspection the property and identify any deficiencies.
18) Closing Day
The day you have waited for is finally here and this thrilling journey culminates in you becoming the proud owner of a prime real estate investment.
19) Renting Your Unit
In Calgary properties are rented by property management companies, not real estate agents and there are significant differences in landlord-tenant laws.
20) Rental Guarantee
The day you have waited for is finally here and this thrilling journey culminates in you becoming the proud owner of a prime real estate investment.