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Welcome to our Open House!

When real estate agents host an open house, the ultimate goal is to sell the home. The agent who is hosting the open house is representing the seller, has already spent time and money making the property show its best and anyone who walks through the door needs to understand, the agent will be asking you questions.




If you are only looking for decorating ideas or you are already under a Buyer's Brokerage Agreement, let the hosting real estate agent know as soon as you walk through the door. We have Rules, Regulations and a code of Ethics, whereof, we are not allowed to interfere with other REALTORS® Clients. However, if you are not currently working with a real estate agent, REALTORS® are always looking for new business and will be able to answer questions you may have.


If you are interested in the property under a buyer brokerage agreement with another agent and would like more information on the home, call your current agent. Anything you tell the hosting real estate agent may be disclosed to the sellers and in the event, you write an offer on this property, information can be used against you in negotiations. It is our job to work in the best interest of our clients which would include informing the sellers of all interested parties.


Real Estate Agents are also responsible for ensuring the proper care of the home while showing. If you have children, please hold their hands and don't be offended if the REALTOR® is following you everywhere.


If you are just starting your new home search and would like a list of upcoming open houses in Edmonton or need a real estate buyer representative to help you through the process (for free), contact us. If you are like most home buyers today and want to do more research on buying a home in Edmonton, be sure to check out our blogs on "Buying Houses in Edmonton".


Also, see "HOW TO HOLD A PRODUCTIVE OPEN HOUSE"

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Retired or Retiring Soon?

The truth about a Reverse Mortgage

Financing your home is probably one of the least fun aspects of homeownership. Nevertheless, it is essential. And when it comes to a reverse mortgage, things get a little more interesting. With a reverse mortgage, you can take advantage of the value of your home without selling it. Sounds pretty good, doesn’t it? Before you call your bank, here are all the facts about how reverse mortgages work.



What is a Reverse Mortgage?


A Reverse mortgage refers to an equity release. It allows a homeowner to borrow a percentage of the current value of your property. This percentage is based on certain criteria which include your age, the appraisal of your home, financial institution, and current market trends in your municipality. All of these factors will contribute to the amount of money you will be allowed to access.


Can a Reverse Mortgage Be Paid Off?


The reverse mortgage loan is not usually required to be paid off until the time of death. This is one of the things that appeal to older homeowners, especially if they plan to live for a long time. However, if you are planning to leave your property for your children at your time of death, equity takes out maybe a better option. Reverse mortgages do not have regular monthly payments. Keep in mind, interest will be charged to the original loan amount until your loan is paid in full and will continue to increase the loan amount over time. When you sell your home, or you no longer use your home as your primary residence, you will be expected to pay the entire amount owing.


Who is Eligible for a Reverse Mortgage?


In order to apply for a reverse mortgage, you must:

Own your home, which must be your primary residence
Be at least 55 years old if you are single
Both must be at least 55 years old if you own the home with a partner/spouse
Both must be on the mortgage application if you own the home with a partner/spouse
Pay off your mortgage once you receive a reverse mortgage


How Do I Access My Money Once I Qualify?


Once you qualify for a reverse mortgage, you are required to pay off your mortgage as well as close outstanding loans or lines of credit that are secured by your home, which includes your mortgage as well as a home equity line of credit. That might sound scary, but you use the money from your reverse mortgage to pay everything off. The balance of your reverse mortgage can then be used for whatever you like. There are also other fees which include a high-interest rate, home appraisal fee, setup fee and legal fees.

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Buying a Condominium in Edmonton?

When deciding between purchasing a single-family house or a condominium, one of the largest factors is the price. Currently, in Edmonton, there is a surplus of condominiums for sale and are a great real estate investment whether you are a first-time buyer or are looking for residual income as a rental property.



Purchasing a condominium in Edmonton comes with both perks and downfalls, especially if you are not familiar with the history of the condominium. When you buy a condo, you are buying a share in the complex, similar to other investments, you will own a portion of the common area - both capital gains and loses. If you are familiar with what you need to know before purchasing an Edmonton condominium, you are leaps ahead. The first thing you need to know is your money (condominium fees) will be spent.


Condominium Bylaws


The bylaws may also play a key part in purchasing a condominium. Bylaws overall are pretty standard, but read them anyway or take them to your lawyer to read. There may be items in there which can be important to a buyer which may have been overlooked. A few examples are: No pets allowed, Extra costs occurred as a rental property, or no bar-b-ques allowed on a balcony. If you have any concerns with the bylaws, feel free to contact the management companies and ask questions.


Condominium Fees


Depending on the type of condominium you are purchasing, will depend on what the condo fees cover. Sometimes these fees only cover exterior maintenance. Complexes with more amenities such as exercise rooms and pools will always have higher fees due to the maintenance cost of purchasing a condo with several units is, in the event, there is a special assessment on the building, the cost is shared by a larger number of people.


Reserve Fund Study


A Reserve Fund Study is one of the most important documents. With every condominium complex in Alberta, it is now mandatory to have a new Reserve Fund Study completed every five years (New condos are exempt until they are five years). The reserve fund study is a physical study completed on the building and indicates any foreseen structural issues with the building. It is laid out in the same manner as any business plan with predictions of structural deficiencies and repairs and how they will affect condo fees.


Condominium Documents


There are several documents to review prior to purchasing a condo in Edmonton Alberta. Like any investments, it is extremely important to view the financials of the complex. Below is a list which you should add as a "Satisfactory Review" condition to your purchase to offer.


  • a statement setting out the amount of any contributions due and payable in respect of the unit
  • the particulars of:
    • i. any action commenced against the corporation and served on the corporation
    • ii. any unsatisfied judgment or order for which the corporation is liable
    • iii. any written demand made on the corporation for an amount in excess of $5,000 that, if not met, may result in any action being brought against the corporation
  • the particulars of, or a copy of, any subsisting management agreement
  • the particulars of, or a copy of, any subsisting recreational agreement
  • the particulars of any post-tensioned cables located anywhere on or within the property that is included in the condominium plan
  • a copy of the budget of the corporation
  • a copy of the most recent financial statements, if any, of the corporation, including the most recent year-end and month-end statements
  • a copy of the bylaws of the corporation
  • a copy of the most recent approved and most recent draft minutes of the annual general meeting
  • a copy of the minutes and draft minutes of meetings of the board of directors of the corporation for not less than the past 12 months
  • a statement setting out the amount of the capital replacement reserve fund
  • a copy of the reserve fund report
  • a copy of the reserve fund plan
  • a statement setting out the amount of the monthly contribution (commonly referred to as condominium fee) and the basis on which that amount was determined
  • a statement setting out any structural deficiencies that the corporation has knowledge of, at the time of the request, in any of the buildings that are included in the condominium plan
  • a copy of any lease agreement or exclusive use agreement with respect to the possession of a portion of the common property, including a parking stall or storage space
  • a copy of the registered condominium plan
  • a copy of the condominium additional plan sheet certificate (CADS)
  • a copy of the insurance certificate
  • the amount of any homeowner association fee
  • a copy of any proposed special resolution awaiting a vote
  • a copy of any easement, covenants and restrictions (ECR) agreement
  • a copy of any other building or site report such as a building assessment report, building envelope report, geotechnical report, technical audit, performance audit
  • any other relevant information
 

We know that buying a condo in Edmonton is a bit more complicated than purchasing a single-family home, that is why, here at RE/MAX, we want you to feel confident with the ins and outs of buying a condo. Never hesitate to call us at 780-237-7074 if you have any questions or concerns during your buying process we are here to help.


SEARCH EDMONTON TOWNHOUSES & ROW HOMES FOR SALE

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Learn what our Edmonton Remax Realtors can do for you!

Buying or selling a home is likely the largest and most important transaction you will ever make. That is why so many people trust RE/MAX: the most widely recognized real estate brand in the world. For more than 20 years, RE/MAX has been the leading real estate organization in Canada. By providing the best training, administrative and marketing support, brokers and agents are free to focus on what they do best: sell real estate.



Unrivalled Expertise


Our experienced and knowledgeable agents are the reason RE/MAX is consistently ranked number one in several markets across Canada. We provide our agents with exclusive tools and training to ensure they have the skills they need to effectively guide you through the real estate process. In fact, Canadian RE/MAX agents averaged twice as many transactions as their competitors. (based on 2015 closed transactions source: CREA, RE/MAX) and have more specialized designations than any others, making them the most productive agents in Canada.


Tech Savvy


RE/MAX Realtors have always been the leaders in the real estate industry, adopting the latest technology and creating innovative marketing programs. RE/MAX was the first brand to expand its reach to the global market through a revolutionary global listing site. With listings from more than 80 countries, displayed in over 40 languages, RE/MAX agents have the opportunity to search and post listings internationally, making international transactions easier than ever.


Community Consciousness


At the heart of RE/MAX is a deep commitment to the communities we operate in. That is why we developed our exclusive Miracle Home Program, which allows RE/MAX agents to directly donate a portion of their home sales toward quality healthcare for children. RE/MAX agents also contribute millions of dollars to the Children Miracle Network through various cause-marketing programs each year.


Our Market Share

  • Nobody in the world sells more real estate than RE/MAX.
  • RE/MAX agents worldwide sell more real estate than any other brand.
  • RE/MAX is the most productive real estate network in the world.
    (With the market share claims above, always use the footnote “As measured by residential transaction sides.”)


Our Real Estate Brand Recognition


  • When asked to name a real estate brand, RE/MAX is the name people name first.
    (Source: MMR Strategy Group study of unaided awareness)
  • RE/MAX: First on the minds of buyers and sellers.
  • Buyers and sellers think of RE/MAX first.
  • RE/MAX is who home buyers and sellers think of first.
    (Source: MMR Strategy Group study of unaided awareness among buyers, and sellers)

Why Our RE/MAX Agents are Great


  • Every 30 seconds, a RE/MAX agent helps someone find their perfect place.
  • With over 7,000 offices worldwide, RE/MAX serves homebuyers and sellers closer to home.
  • RE/MAX offers support and services not available at other real estate companies.
  • RE/MAX has helped millions of families buy or sell a home.
  • Each year, RE/MAX agents help hundreds of thousands of families buy or sell a home.


RE/MAX Agents are Full-Time Realtors!


Your home is one of the biggest investments in your life. When you are ready to buy or sell, choose wisely and choose RE/MAX. Contact our Edmonton RE/MAX Realtor today.

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Copyright 2022 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.