Residential Only - Policy on the Holding of Developed Lots for Sale
Hold Acknowledgement Form
- The holding of a lot is only allowed from December 1st to March 31st inclusive.
- A lot can be held upon the receipt of a $500 holding deposit.
- Purchase of the lot must take place on or before April 1st by providing a non-refundable down-payment of 10% of the list price (less the $500 deposit) plus an amount equal to bare land taxes for the current year (prorated) and entering into an Option to Purchase and Development Agreement.
- Should a sale not proceed following the April 1st deadline, the deposit will be retained by the City of Prince Albert, and the individual or company placing the hold will have no further rights to the property.
- The holding of any developed lot will not be allowed from April 1st to November 30th.
- If a bona fide offer is received from a third party for a lot on hold, the holding purchaser must provide the 10% deposit within seven (7) days, otherwise the lot will be available for sale to the third party, in which case, the $500 holding deposit will be refunded to the holding purchaser.