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A Step by Step Guide to Buying a Home in Edmonton

Step 1: Learn about Homeownership

There are many benefits to owning your home including personal freedom and financial equity building. Every year you live in your home, you gain a higher return on your investment. In 2005, the benchmark for a single-family home in Edmonton was less than $200,000. By the middle of 2007 at the end of our real estate boom, the average price for a house was over $400,0000. Today, we live in a city where house prices are extremely affordable and is a great time to make areal estate investment.


Pros & Cons of Homeownership

Step 2: Are You Financially Ready

A mortgage calculator will help give you an idea of how much you can afford, but until you have spoken with a mortgage broker and have submitted the proper paperwork, it is only an estimation.


What You Need For A Mortgage Pre-approval

Step 3: Find a Realtor

Take the time to research to interview a few agents who you feel will best represent you. After selecting your agent, you will want to schedule a sit-down or virtual meeting. This is an important step to understand how your agent will be working for you and you must be aware of where you stand.


*Questions to ask when interviewing a Buyers Agent 

Step 4 – Start Your House Hunting

This is the time when the excitement starts to happen and you already know how much you can afford. A licenced Edmonton Realtor can simplify this step by adding you to "autoprosecting" with your desired homebuying criteria, saving you time. Once you have found some potential properties, it's time to physically start house hunting. Call your Realtor and ask them to set up the showings. "


Start Your Edmonton House Hunting Today

Step 5 – Writing the Offer

Once you have found the right home, the next step is to write an offer. Your Edmonton Realtor will explain the Alberta real estate purchase agreement and help you through writing for the best offer a favourable outcome. The main items in an offer to purchase are:


Terms: Items that are agreed to and will be upheld, otherwise, there is a breach of contract. In addition to the standard terms that will be reviewed with you when preparing the offer, you can add in whatever else you need to, however, these are open for negotiation.


Conditions: Items in the contract that must be fulfilled in order for the transaction to even proceed forward. Typical conditions are subject to satisfactory home inspection, satisfactory financing approval, and satisfactory review of condominium documents. The buyer or seller is then given a few days to fulfil the conditions (usually 7 to 10). This is what it is meant by a property status that is listed as pending.


Deposits: In order to write an offer, you will need some available money for a deposit. In Edmonton a $5000 initial deposit is common. In the event a buyer is unable to satisfy all conditions, this initial deposit is fully refunded back to the buyer.


Possession: The possession date is the closing date on when the property title has been transferred into your name. The possession date in Edmonton is usually 30 -45 days, However, once conditions have been removed you can physically be in your new home within a week. If the property is tenant occupied, expect 3 to 6 months for possession. Closing dates for foreclosed properties are normally determined by the bank or a judge. 


Price: The amount offered for a property is determined by several factors including the sellers and buyers motivation, property condition, location and future resale value. The offer should never be based on what the seller is asking. To ensure that you will not be paying higher than market value, ask your Realtor to complete a Buyers CMA for you.


*How to write the right offer


Step 6: Condition Removal

Once the offer is accepted with agreed-upon terms, conditions, deposits, price and possession, it is time to proceed with satisfying your conditions. If you already have your financing in place, this can be completed within 1-3 days. Next is to arrange a home inspection with a certified licenced home inspector prior to your condition removal date. If you are purchasing a condominium, ensure you have received all condominium documents and there is sufficient time allotted for your lawyer to review them. Once conditions have been satisfied, there is a final document to be signed called a "waiver". Once signed, you have officially purchased your home. Congratulations!


Other Things You Need To Know

With large real estate companies in Edmonton like Remax, we have a conveyancing department that forwards all purchase agreements paperwork including addendums to your lawyer prior to your arrival.


In Alberta, your real estate lawyer will contact you about a week prior to your possession to set a date for you to sign the final paperwork. At this time, you will be asked to bring:


  • The remainder of your downpayment. (Your initial deposit will be added to your downpayment.)
  • An insurance binder (a piece of paper from your insurance company confirming you have proper homeowner insurance)
  • The Lawyers fee and disbursement costs
  • Your identification


On your closing date, the buyer's lawyer transfers the mortgage funds to the seller's lawyer. The seller's lawyer contacts the listing agent who contacts your Realtor and arranges key pickup. This usually happens before noon unless there has been some type of delay.


*Issues at closing (possession)


If you have questions about buying a home in Edmonton or the surrounding area, we are here to help. Contact us today!

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How to Hire the Right Real Estate Agent when Buying

Choosing the right realtor is one of the most important decisions that you will make when you’re ready to buy a home in Edmonton. A good agent can help you navigate the buying process with minimal stress, whereas a not-so-good agent might make the process harder on you (and your wallet) than it needs to be and a great agent will provide a great buying experience. There is no magic formula for finding a great agent, though there are certain steps that you can take to improve your chances.



What should you look for when you choose a real estate agent?

Behind every good real estate agent is a set of skills that make them a top choice when you’re looking to buy a home. So what are these skills? They’ll vary depending on your needs and your personality, but at the very minimum, you should choose a real estate agent who has these five key qualities.


Good communication

Communication is a key factor in a real estate transaction and being comfortable with your Realtor is key. If you are analytical, find an agent who is also analytical and system focused. These agents are usually dressed in a suit and will provide you with detailed information. If you are really social, choose an expressive agent. These Edmonton Realtors can be found via Facebook and are usually dressed in bright colours.


Top 12 Questions to ask a Realtor when Buying

1. How long have you been a Realtor in Edmonton?

Agents that have been in the business for a while will be able to anticipate problems before they arise.

2. Do you have a real estate speciality?

Most experienced Edmonton Realtors have a speciality from condominiums to luxury home sales.

3. Can you tell me about the areas we are interested in?

Your Realtor should be knowledgeable about the area you’re looking at. Edmonton communities vary in demographics and amenities from one neighbourhood to the next.

4. Will I be working with you individually, or with a team?

If you enter an agent-buyer relationship with the understanding that the agent will be handling you personally, it can be alarming to be handed off to an assistant. Ask who you will primarily be dealing with.

5. Can you recommend ...?

Mortgage brokers, appraisers, property inspectors and real estate lawyers. A good agent will already have a number of real estate professionals they work with on a regular basis.

6. How does your commission work?

As with any financial transaction, get a good understanding of how your agent is compensated before entering into a relationship with them.

7. Can you explain the home buying process from start to finish?

The process can be long and complicated for first-time homebuyers. Ask your agent to explain the process to you from beginning to end, and take notes, being sure to ask for clarifications you need along the way.

8. What’s the best way to contact you?

Every Realtor in Edmonton prefers different ways of communications. Some agents do not give out their cell phone numbers and others are not tech-savvy. Some agents will reply immediately and others can take hours.

9. Do you work on weekends?

Ensure that the availability to show you properties works for both you and your Edmonton Realtor.

10. How many homes are you willing to show me?

Some agents will only show you 3 properties, while others will show you dozens of homes. If an agent is only willing to show you a few properties, it is probably because they are too busy, however, if a Realtor is willing to show you unlimited properties - they are called a "Wheel Estate Agent"

11. Will you provide a CMA for this house?

A CMA or comparative market analysis can help you determine fair market value and determine if it is priced accurately.

12. Do you work full-time or part-time as an agent?

Edmonton Remax Realtors are full-time agents who are more likely to be able to devote more time to work for you than someone who is pursuing real estate on the side.


Take the time to talk with the agent to find the best fit for you. We recommend interviewing 3 Edmonton Realtors. Our agents can be contacted directly at 780-910-5179 or email us!

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Pros and Cons of Different Property Ownerships

Before buying a home, it’s important to consider what type of lifestyle you live. If you travel a lot, a house may not be the best choice. No matter what type of home you choose, there are advantages and disadvantages of all types and styles. It makes sense to review all the pros and cons of home you're looking for.


Advantages Of Buying Single Family Home:

  • Investing in a tangible asset
  • Building equity as you pay down your mortgage.
  • Greater privacy and an option to renovate it to your personal style
  • Stable monthly payments on a fixed mortgage mean you’ll pay the same monthly amount until the end of your mortgage term

Disadvantages of Single Family Ownership:

  • Upfront closing costs (usually 1-2% of the total purchase price)
  • It will be more difficult to accept an attractive job offer requiring you to pick up and move to another city.
  • Maintenance costs are yours and over time, something will need to be replaced from a leaking faucet to new shingles

Advantages of owning a Condomium:

  • Condo fees usually cover exterior maintanance cost
  • Easier Upkeep
  • Condo fees usually cover the cost of heat & water and sometimes electricity and cable costs
  • Shared common area (Anywhere from shared road ways to a community pool)
  • Communal living (you are part owners of a greater area and may even become part of the managment board)

Disadvantages of Condomium Ownership:

  • Condo fees (In addition to your mogtgage you must pay monthly condo fees)
  • Less Privacy (Depending on the style most Condos Share at least one wall with thier nieghbor)
  • Restrictions (Depending on the Condo there may be restrictions such as noise, odor, pets, ect)

Depending on the type of property you choose to purchase there are also pros and cons:

Detatched Single-Family:

Pros:

  • Freedom to do what you want from demolishing the house to adding additional rooms, gardens, garage or basement suites for residual income.
  • Even if the value of the structure itself depreciates, the land on which it sits can become more valuable
  • Backyard BBQs & entertaining outdoors


Cons:

  • You are responsible for all maintenance

Townhouse Condominiums

Pros:

  • Semi-private yards
  • If there is a major upgrade, the cost is sharded by each unit
  • Your own parking spot/garage
  • You can change anything in the interior of the home from kitchens to fresh paint
  • Your neighbour can keep an eye on your property while you are away

Cons:

  • There will be a monthly condo fee
  • You are responsible for maintaining the interior of the property
  • You are living close to your neighbour
  • Condo fees can increase

Apartment Condominiums

Pros:

  • Condo fees usually cover the cost of heat & water and sometimes electricity and cable costs
  • No exterior yard work
  • Less cost to homeownership


Cons:

  • Less privacy. Your neighbours will know when you come home and when you leave.
  • There may be rules on the type of flooring you are allowed to put in your property
  • Must abide by all bylaws
  • Pet restrictions 
  • Condo fees can increase

New builds

Pros:

  • Alberta new home warranty
  • You will be the first person to live there
  • Everything is fresh
  • New appliances 


Cons:

  • The cost of new builds is higher than resale.
  • Added GST (usually already hidden in the price)
  • If there is an issue, you will need to deal with the builder
  • You will be responsible for adding fences and completing landscaping
  • The cost of finishing a basement
  • Annual HOA Fees
  • New builds are on the rise due to a higher lumber cost


If you have questions about buying a home in Edmonton or the surrounding area, we are here to help. Contact us today!



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Where to get a mortgage preapproval

You can get a mortgage preapproval from mortgage lenders, banks, credit unions and other financial institutions. Different lenders may have different interest rates and conditions for similar products. Talk to several lenders to make sure you’re getting the best mortgage product for your needs. It’s important to be comfortable with the lender and the mortgage options they offer you, right from the start. Payout penalties, delaying mortgage payments (if needed), terms and qualifications, the amount of time for a held interest rate in a mortgage agreement will vary with the financial institution.


A mortgage preapproval checklist

Purchasing a home is an exciting process, but gathering all the required documents can be a daunting task. Below is a mortgage document checklist will help you ensure that you have the documentation you need.


  • Employment and Income Verification (Usually last 3 years when self-employed)
  • Confirmation of your down payment or a gift letter
  • Current employment and amount of other monthly income
  • Savings or investments statements within the last 90 days
  • Copy of recent payslips
  • Evidence of recent pay deposited
  • T1 General and associated Notice of Assessment (NOA)
  • Withdrawals from RRSP through the Home Buyer’s Plan, if applicable
  • Previous employment (if required)
  • Additional income sources (if any)
  • Basic financials property details
  • A list of current assets and liabilities 
  • Bank account and transit number for payments
  • A copy of the accepted purchase and sale agreement including the property’s full address, legal description and postal code along with estimated property tax estimates, condo fees and/or heating costs
  • For rural properties, well and septic certificates

Our RE/MAX Realtors have several in-house mortgage brokers to help our clients. Contact us today for a list of recommended associates.

This pre-approval process does not guarantee your approval for a mortgage. Once you have a written offer, both the offer and your financial assessment will go through another check.


IMPORTANT: Do not make any large purchases until you have physically moved into your new home and the title has been transferred. A financial institution reserves the right to pull the mortgage away from you even on possession day. This is usually done due to a job loss or a double check on your credit.

Free Mortgage Preapprovals

Have one of our RE/MAX in-house mortgage brokers contact you for a free ;pre-approval. Simply contact us and we will put you in touch with a mortgage specilists with great interest rates.at your preferred financial intitution.

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What Happens if Your Home Closing is Delayed?

The majority of closings happen on time or within a few days if issues need to be addressed. If closing is not completed, and buyers can be left homeless. This is a terrifying thought, however, it does happen. Below are five reasons which can lead to a delayed or canceled possession date.


REASON ONE: UNREALISTIC CLOSING DATE

Don't expect to write an offer and be in your home the next day. It takes time for lawyers in Alberta to clear and transfer the title to you. The actual registration process can take a day or two or a few weeks depending on how busy the Land Title Office is and the transfer of land process takes about 3-7 days. An experienced real estate agent will know whether the contract dates are realistic or not.

REASON TWO: REAL ESTATE APPRAISAL ISSUES

When buying or selling real estate you need to understand that a large piece to a successful home sale is the bank appraisal. A bank appraisal is part of a real estate transaction anytime a buyer is obtaining a mortgage. It is normally completed prior to a buyer removing the finance condition. If the property does not appraise out, the bank will not forward the mortgage.

REASON THREE: TITLE PROBLEMS

Your Realtor should be doing their due diligence by pulling the title prior to you writing the offer. However, between the time you have satisfied and removed conditions, it has been known to have items placed on the title. These items can include a second or third mortgage, a lien from a collection agency, or a lis pendens. (A Lis pendens is the Latin term for a Notice of Pendency of Action. It means that a lawsuit is pending against the title of a property. The lis pendens is a public notice letting buyers know there is a dispute over the ownership of the property and is commonly used in divorce situations).

REASON THREE: REAL PROPERTY REPORTS

Another task that a real estate attorney will perform is a review of an instrument survey or real property report (RPR). An RPR can be defined simply as a drawing of the land a home is situated on. Real estate closings can be delayed in the event there is a discrepancy in line encroachments such as a neighbor's fence or there is an addition added to the property such as a deck or storage shed without compliance.


REASON FOUR: YOUR BANK DID A SECOND CHECK

When a buyer receives their mortgage commitment, it means the funds have been approved and the closing can occur, right? In most cases it does mean the funds have been approved, however, there are times when a lender will require additional documents at the last minute or a buyer has made a large purchase and their debt ratio qualifying has changed.

REASON FIVE: TERMS OF SALE

There are many reasons why home buyers have home inspections to ensure the property they are purchasing doesn’t have any major deficiencies that can cost a large amount of money in the future. After a home inspection is completed, the buyer can request repairs be completed at the seller's cost. If a seller agrees to make repairs, it’s important that these repairs are done prior to the buyer moving into the new home. These terms can range from the replacement of shingles to picking up dog feces.


THERE ARE STEPS YOU CAN TAKE TO MINIMIZE THIS RISK BEFORE REMOVING YOUR CONDITIONS

In the province of Alberta, the real estate contracts which Realtors use have several safeguard clauses for both the buyer and the seller. In lament terms  - If a delay is caused due to the fault of a seller, the seller is responsible for compensating the buyer. This can include all costs accrued until the property has been transferred. Some of these costs can include, interest rates, storage, hotel rooms, and meals. The real estate contracts also work in favor of the seller and if for any reason, the buyer has delayed the closing, the buyer will be liable for compensating the seller.


  • Ask for a copy of the real property report. The seller should have this in their possession within 10 days of putting the property on the market.
  • Have your financial institution send you documentation that all financing requirements have been met
  • Don't make any big purchases
  • Ensure you have the dower signed if needed. This is a standard document Edmonton RE/MAX Agents use often.
  • Complete a walk through prior to possession when required
  • Ensure all paperwork including addendums are at your lawyer's office (With Remax Elite, we have a complete conveyancing department to ensure, there are no delays and help make the real estate sale process seem seamless.

  • If you have questions about buying a home in Edmonton or the surrounding area, we are here to help. Contact us today!
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What is a Housing Bubble and How Does it Affect You?

You have heard the term "housing bubble", but what does it actually mean, and is Edmonton experiencing one? Whether you already own a home and waiting for the right time to sell, or are considering buying another property in the near future, it is valuable to know whether to buy and sell in a housing bubble and how it may affect you.


A housing bubble happens when the price of homes rises quickly, at an unsustainable rate. Typically, a price-growth rate that’s in the high single-digits is considered to be healthy and sustainable. Under healthy conditions, homeowners continue to earn equity over time, sellers can make a profit on resale, and buyers can still afford to get into the market. This has been the trend in most Canadian provinces except for Alberta over the last decade where Alberta house prices have plateaued and in some places dropped dramatically.

What Usually Happens When a Housing Bubble Bursts?

During a housing bubble, homes become overvalued. When the bubble bursts, prices fall. Homeowners who have no intention of selling are unlikely to feel the direct impacts of the bursting bubble. However, these market conditions often indirectly impact other aspects of the economy, so to call homeowners who aren’t selling “free and clear” would be misleading. The Homebuyers who purchased a home during a housing bubble likely paid considerably more than it is worth.

Is Canada in a Housing Bubble?

The Canadian housing market took a surprising upward turn during the COVID-19 pandemic, after coming to a grinding halt in mid-March. The slow-down was short-lived, and what followed through the remainder of 2020 was a spike in demand for homes met by a shortage of supply. With 2021 well underway, there appears to be no end in sight. There are a number of factors that indicate we’re not experiencing a bubble caused by market speculators, contrary to some media reports.


A recent online survey of RE/MAX brokers and agents in Western Canada, Ontario, and Atlantic Canada found that speculators are not a factor in the Canadian real estate market at this time. In fact, more than 96% of RE/MAX brokers and agents supported this finding, confirming that the majority of homebuyers are end-users. Speculators tend to wait out hot markets, buying when prices are down and selling when they’re up again. The short-term investment opportunities they’re generally looking for are hard to find under current market conditions. Bully offers and bidding wars are commonplace, and we continue to see demand outpacing supply with the release of the monthly housing market data. These factors are generally inhospitable to speculators and investors.



For a housing bubble to burst, there needs to be a steep incline in inventory and new listings, and a decline in demand – neither of which is likely to happen any time soon.


The Canadian housing market is still feeling the impacts of the pent-up demand from 2017 when the government introduced the foreign buyer tax and the mortgage stress test as a means to cool the overheating market. These policies prompted many homebuyers to move to the sidelines, opting to wait and save, with plans to re-engage in the housing market in a few years.


Now fast-forward a few years to 2020. COVID-19 had a similar impact on the market, whereby many homebuyers delayed their purchase plans due to pandemic-related uncertainties. That pre-existing pent-up demand for homes continued to swell. With Canadians subject to stay-at-home orders with nowhere to go and spend their hard-earned money, they collectively saved historically high sums, which was injected back into the housing market once consumer confidence returned. The spending came in the form of record-high home sales and for those who were unwilling to face the competitive resale market conditions, renovations to existing dwellings. In fact, Canadian real estate was said to be the driving force behind the Canadian economy in 2020. Savings, low-interest rates and low inventory continue to put pressure on the housing market.

What is Happening to Edmonton's Real Estate Market?

A housing bubble can happen as a result of non-organic growth like it did in January 2006 to June 2007 and the average single-family detached house rose by $200,000. This happened due to our job surplus and supply and demand of real estate. Basically, people were moving to Edmonton and the surrounding area for work and there was a shortage of houses to buy.


Edmonton house prices hit the high point at the crash of economic stability in the summer of 2007 and the real estate market crashed fast when the bubble burst and the ripple effect of a bursting housing bubble flooded Alberta. Several homeowners were holding more than one property which resulted in lower asking prices and foreclosures. There were fewer buyers to due to the loss of jobs, economic instability, and uncertainty, a surplus of housing choices, and anticipation of a more housing prices drop.

Is Edmonton in a Housing Bubble?

The answer is "no". Edmonton is one of the few places in Canada, where house prices have not changed for the last decade, making it a great place to a home. Although in the last few months, Edmonton's real estate market has picked up a bit and there have been a few more multiple offers, we are not anywhere close to our last real estate bubble. Edmonton's increase in real estate activity has been due to the low-interest rates and not the economic factors. We currently have some of Canada's best-priced real estate making Edmonton a great choice for investment.

Is now a good time to buy in Edmonton?

The answer is yes. With low house prices, low-interest rates, and an inviting international real estate market, Edmonton is a fantastic place to buy a home.

Is now a good time to sell in Edmonton?

It depends. If you are a condominium owner, expect to take a loss on your property if you have purchased it in the last ten years. If you are selling a luxury home, the demand is beginning to increase especially near Canmore and country residential. For those who are selling detached houses in Edmonton, prices are stable, and asking prices need to be at "fair market value" to receive an offer within a reasonable time period.


If you would like to know more about Edmonton's real estate market, feel free to contact our experienced, professional Edmonton Remax Realtors who can guide you through the buying and selling process.

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"Home Sweet Home" & Covid 19

During the pandemic, Canadians' homes became offices, movie theatres, classrooms, gyms, and "staycation" destinations. As Canadians spent more time at home out of necessity, renovations, additions, moves, and upgrades soared.


According to a recent survey conducted by the Royal Bank of Canada, 40 percent of respondents renovated their property or intended to during the pandemic. And 30 percent intended to purchase significant items for their home


Here is how we have reinvented our houses in Edmonton indoors & outdoors:


Home offices became essential workspaces and online schools. Backyard sheds, spare bedrooms, and attics were remodeled into home offices and schoolrooms. Garages and basements were converted to home gyms. Gardening became a new trending hobby for many Edmontonians and RV became a hot item for nearby camping.



The demand for new homes with potential basement suites and side entrances skyrocketed. Houses with triple garages and acreages within a half-hour of our city also became hot items with the trend still continuing. Another increase in Edmonton home sales is near our river valleys in the Riverbend, Terwillegar, and Riverview districts. 


Condominium owners fell short to make a profit in this pandemic in Edmonton and unless your condo was priced to sell, it sat on the market for a long period of time. Many Edmonton condo owners chose to rent out their units and take advantage of the low-interest rates to purchase a single-family detached house with still acquiring some residual income.

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Top Benefits of New Home Buying

From lower upfront maintenance costs to design flexibility, new construction can provide opportunities for homebuyers navigating a low inventory market. While some homebuyers are holding out for the right house to become available – one with historic charm, outdoor space, square footage, or whatever they’re seeking – others are skipping the search and going straight to new construction. Not only can buyers customize the home to meet most or all of their needs as well as their wants, negotiating the contract can be less complicated. For Edmonton new home buyers struggling to find their dream home in a current low inventory market, Our RE/MAX real estate agents share the top benefits of new construction home.

Less bidding wars when purchasing an Edmonton new build

One of the biggest advantages of new construction is that homes are sold on a first-come, first-served basis. That means no bidding wars – and no need to waive an inspection, appraisal, or other contingencies to make an offer stand out. Appraisers often look at what similar homes in the area have sold for in recent months to help determine a home’s value. That means if it’s been a while since another home has sold in a particular neighborhood, an appraiser may be using outdated information to price a listing in the resale market. Because multiple units are often sold in a new build development section at once, appraisers typically have several recent comparable properties to consider when setting a price for a new construction home.

New constructions homes are more energy-efficient and require less maintenance

An important consideration in any real estate purchase is how much maintenance the buyer is interested in taking on. DIY-enthusiasts may enjoy making an older home their own, while some buyers would prefer something more turnkey. Although all homes in Edmonton will require maintenance at some point, new construction usually requires less upfront work when it comes to upkeep. A new built should come with an Alberta home warranty.
New construction can also offer the advantage of new technology and energy efficiency. Some enhancements can be added to older houses, but it may take more time for the homeowner to recoup the cost of the updates.

Your new Edmonton home will check all the boxes

What I love about new construction is that for the most part, clients get exactly what they want and don’t have to settle for the resale dwelling that didn’t have that extra room or the countertop the way they wanted. Many builders offer a base model with several options for customizations and enhancements. Sometimes buyers may be able to change a layout of a room by moving a wall or adding windows for more daylight.


Although most Alberta builders don’t negotiate the price of design elements, a Realtor can advise which features are worth paying for upfront, and which ones can be upgraded at a later date. Builders will rarely allow buyers to bring in their own contractors during the construction process, but it still may be less expensive to update features – such as flooring – after closing.


You can still leverage the guidance and expertise of our Remax Realtors

A new construction project can differ from purchasing a home on the resale market in several ways – but the value our experienced Realtors can bring to the transaction remains the same. The benefit of having an experienced Edmonton Realtor in new construction is having someone to fight on your side when construction isn’t going like it should and knowing your real estate agent is working on your behalf and NOT the builders. A new build purchase has many of the same milestones as an existing home purchase – such as the appraisal, inspection, and, of course, closing date.


The most important thing to keep in mind when purchasing new construction is patience. Although some builders have completed properties ready for move-in, buyers looking for a custom new build home should plan on at least 8 months to a full year for construction completion. But while a buyer is waiting, their current home could be already growing in value. Once a new development sells out one section of homes, they often sell the next group for a higher price.


See all MLS listed new builds in Edmonton

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Zero lot line homes mean zero compromise on square footage, design and location

Edmonton homebuyers are moving up to larger, single-family homes for less by building zero lot line homes.



Happy Planet Zero Lot Line, Rear Attached Garage Home in Arbours of Keswick. PHOTO BY ROHIT LAND DEVELOPMENT


Edmonton homebuyers are moving up to larger, single-family homes for less by building zero lot line homes.


A zero lot line option means zero compromises on the square footage and style of the home and significant benefits in price and lifestyle. It can also put living in a popular Southwest Edmonton Community, like Arbours of Keswick and Ridgecrest at Glenridding Ravine, within reach for most buyers.


“The difference between a zero lot line and a standard lot is how the house is positioned. It’s the same house when compared to other front-attached or rear-detached homes in the area,” says Doug VandenBrink, senior project manager for Rohit Land Development.


A typical home has a four-foot yard on each side. A zero lot line home is right on the property line on one side, with a five-foot side yard on the other. That three-foot net difference means the home takes up less land, saving the buyer thousands of dollars on the price of the lot.


This article is Sponsored by Rohit Land Development


source: https://edmontonjournal.com/sponsored/homes-sponsored/zero-lot-line-homes-mean-zero-compromise-on-square-footage-design-and-location


Currently, we have several zero lot line new homes for sale in our city and they are selling fast! To view these great properties - start your online Edmonton house hunting in Keswick and Glenridding.

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How Realtors help Edmonton home buyers

There are several reasons why buyers prefer to work with real estate agents when buying a home, even when a buyer has sold their existing home via "For Sale by Owner". A few of these reasons include knowledge of the ever-changing markets, expertise in both negotiations and communities, experience and exclusive real estate tools.



A large portion of Canadian Real Estate Agents has earned their ABR (Accredited Buyers Representation) designation, which means, these REALTORS® have completed the education needed to service buyers with a higher standard. REALTORS® who are representing buyers expect to get paid for their services at some point in time. It is usually within a few weeks of the buyer taking possession of their new home. In the province of Alberta and to ensure real estate agents are compensated for their services, a mandated agreement by RECA (Real Estate Council of Alberta) will need to be signed. It explains how much, the term of the agreement, what services will be provided and other relevant information.


If you have questions - ASK. Never sign anything you do not fully understand. Real Estate Agents deal with forms on a daily basis, and most of us can explain listing and purchase agreements without even looking at them. A good REALTOR® should have gone through each agreement and address questions or concerns you may have had. Near the bottom of both the Buyers Agreement and Sellers Agreement, there is an acknowledgement clause prior to signature placement. In an Exclusive Buyer Representative Agreement, it states...


  • 14.1 You acknowledge that:
  • (a) you have read this agreement.
  • (b) you have received and read the Guide.
  • (c) this agreement creates a sole agency relationship with us, as the Guide describes.
  • (d) you had the opportunity to get independent advice from a lawyer before signing this agreement.
  • (e) this agreement accurately sets out what we and you agree to.

This means you can obtain legal prior to signing or you may want to take the agreement home to read over more thoroughly. These agreements are not rocket science, but knowing what you are signing is important.


  • REAL ESTATE TIP#1: "The Guide" is referring to the Consumer Relation Guide which explains how the professional relationship including fiduciary duties and the real estate agency will interact with each other.
  • REAL ESTATE TIP#2: Buyers Real Estate Agents, normally do not charge an extra fee above what is offered by a seller, unless otherwise agreed in writing.

Have a real estate question? We are here to help. Contact us anytime

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How to Write a Real Estate Offer the Right Way!

As a buyer, when writing an offer on a property, you want to be able to pay the least possible amount for your

home. Sometimes buyers will offer 5-10% off of an asking price for no reason other than they were told to by a "friend" This is so silly! You may want to offer more, you may want to offer less. The only way to make a reasonable offer is to do your homework.


REAL ESTATE TIP #1 - What the seller paid for their home is irrelevant.

REAL ESTATE TIP #2 - What the seller is asking for their home is also irrelevant.



Knowing why a seller is selling is always helpful when you make an offer, but this information is protected by the sellers real estate unless it is allowed in writing to be disclosed. However knowing the reason for selling is still irrelevant on the true market value of the home, as is the asking price. There are several things to take into consideration, prior to making an offer on any home.


Market Conditions:


Is it a buyers market or a seller's market? Knowing what type of real estate market you are in will help you choose an initial offer price. Completing a community Absorption Rate is the easiest way to know.


Possession Date:


Edmonton Real Estate Agents have access to this information and as a rule of thumb, the quicker, the possession date, the more motivated the seller is. Most homeowners in Edmonton have a 30-day negotiable possession date. If a longer possession date or a set date is asked for, this is an indication which the seller needs a specific date and can be more important than price. Keep in mind, if the property is tenant occupied, tenants do have a 90-day tenant-right. Normally, homeowners with tenant occupied properties or vacant property are more motivated.


History:


Your REALTOR® will know the history of this home. How long the sellers have owned the property, how long they have been trying to sell it and if there have been any price adjustments. Your real estate agent is also required to pull the title of the property which will indicate any recent financial debts including the current mortgage to ensure there will be enough funds to close on the possession date.


Condition and Size:


Size is a factor of price more in places like China than Edmonton. The value of a home is in the condition. You may want to go back into the home to take a better look at the overall condition. Is the flooring laminate or hardwood? Are the faucets Walmart or Moen? Has the yard been meticulously maintained properly or neglected? Will you be replacing any fixtures, chattels, windows, shingles in the near future? Look at the property through the eyes of your experienced real estate agent. They will notice things you don't.


Complete a Buyers CMA:


Examine all recent comparable sales. Only use recent properties that are similar in configuration, age, and location to the home you want to buy. Your REALTOR® can complete a buyer's comparative market analysis (CMA) for you.


REAL ESTATE TIP #3 -If the property has been staged, don't be fooled by how pretty it looks. Staging a home does not increase property values.


Read more on writing a real estate offer in Alberta

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Questions to Ask a Buyers Real Estate Agent

Below is a great question list for all Edmonton new home buyers. Purchasing a home is one of the largest investments you will make in your lifetime. Choose your REALTOR carefully. Don't be afraid to ask questions.




What type of properties do you mostly sell?


Purchasing a single-family detached house is different from buying a condominium, new builds or luxury properties. It is important that the Edmonton Real Estate Agent you choose has in-depth knowledge of the type of property you are planning on purchasing.


What is your negotiation style and experience in multiple offer situations?


Even in a buyers market, you may be in a multiple offer situation and great negotiating agents have personalized techniques for winning bidding wars. Some agents can be too aggressive and will lose due to their unlikeability, other agents can be too passive. Choose a real estate agent who is creative and on your side.


How many homes did you sell last year?


This is a very important question. The average real estate agent in Edmonton sells about 8 properties a year. Some agents will sell over 100 properties per year. If you want a REALTOR® who will spend time with you, is knowledgeable and experience, choosing a real estate agent who sells 25-50 homes a year is your best bet.


Do you have other professionals you work with on a regular basis?


Again, another very important question. Agents have relationships with other real estate providers and depending on how this question is answered, it will give you an insight on how long they have been in real estate, but more importantly on how they conduct their business.


Are you a full-time real estate agent?


Not all Real Estate Agents are full-time REALTORS®. You don’t want someone doing this part-time or as a hobby. Looking at properties for fun is not the same as having fun when looking at homes. When viewing homes, great Edmonton real estate agents will point out the flaws of each home and they all have them, not commenting on how pretty the bedroom is set up. All REMAX Realtors® are full-time agents.


Do you normally work in my price range?


Most Edmonton real estate agents work a wide range of prices, but if they usually help home buyers purchase million-dollar homes, you might not be a top priority. Similarly, if you want to purchase new build homes and they normally work on older properties, the agent may not have the right connections for Edmonton home builders.


Will I be required to sign a buyers brokerage agreement?


If any Edmonton Real Estate Agents answers "No", find another REALTOR®. The Canadian Real Estate of Alberta has mandated to work with all residential buyers under an agreement. There are 2 types of agreements - Exclusive & Non-Exclusive.


Do I have to work with your recommended service providers?


If the agents say “yes”, it’s illegal. Find another REALTOR®. Good real estate agents in Edmonton should have solid recommendations for other service providers, but you should never feel pressured to use their recommendation. A good agent doesn’t do everything on their own. They have a team of other professionals including mortgage brokers, home inspector, contractors, Conveyancers, real estate lawyers, etc.


Can I review all documents before I sign them?


A good real estate agent will take the time to explain the documents and provide you with ample time to review important documents. Never feel pressured into signing. Real Estate Contracts are a binding agreement and it is important you understand them thoroughly prior to signing.


Do you use e-signature or DocuSign?


An e-signature is an electronic signature and gives you an indication of how internet-savvy the real estate agent is. the electronic signature also eliminates the need to print, fax, scan, and ship documents and are time documented. During this conversation, your agent will also mention auto-prospecting, which is a system to keep you updated the moment a new home that meets your criteria arrives on the Edmonton or surrounding area market.


How long have you been a licensed real estate agent?


This question is one that cannot be missed. Experience in the real estate industry is important. The longer a real estate agent has been selling real estate, the more transactions they have likely completed.


Do you attend the inspections?


Again - a very important question. (especially with new homes). When a concern arises during your home inspection, your agent will be there, as a professional working in your best interest, to ask the inspector the right questions to help you make an informed decision about the property.


LEARN MORE ON HOW TO BUY A HOUSE IN EDMONTON

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Do you really need a property inspection when purchasing a home in Edmonton?

A real estate property home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation. It is for the sole benefit of the purchaser and is usually subcontracted to a certified licensed residential real estate inspector, paid for by the buyer, and can take one to four hours depending on the size and condition of the property. At the end of your inspection, a standard home inspector’s report will be supplied covering the condition of the home.



A home inspection can identify the need for major repairs or builder oversights which can lead to unpleasant surprises and unexpected difficulties in the future. Buying a home can be the largest single investment you will make and spending a few hundred dollars for peace of mind is money well spent.


Home inspection components covered include:

  • heating system including furnace and hot water tank
  • the central air conditioning system
  • carbon monoxide and fire alarm detectors
  • interior plumbing using both visual and water residue tools
  • mold issues and water damage
  • electrical systems
  • the roof & attic
  • visible insulation of walls, ceilings, floors, windows, and doors using a thermal ray tool
  • foundation & basement
  • other structural components which may need major repair or replacement.

Depending on your chosen property inspector, there may be some things that will not be inspected such as things that can not be seen visually and appliances. You may want to check that these chattels are in working order.


Foreclosures:

If a home inspection is not allowed on a bank foreclosure offer to purchase, it is still a good idea to have one done, prior to putting in an offer.


New Homes:

In Alberta, builders must supply a new home warranty at closing, however, new homes should ALWAYS have a home inspection done. Building a house takes time and there are always things that get missed. It is easier to address these concerns before you remove your inspection condition.


What if the report reveals problems? No house is perfect. If the inspector identifies problems, it doesn’t mean you should or shouldn’t buy the house. Talk it over with your real estate agent. There are a few options to address any concerns you have.

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Understanding Buyers Brokerage Agreements in Alberta

Buyer Brokerage Agreements have been around for several years, and only recently has been mandated for real estate agents to have buyers under the agreement when working in a "client status". This legal change created security for both consumers and real estates in Edmonton and throughout Alberta. This form states the responsibilities of both the buyer and their real estate agent including:




  • The mandated Fiduciary Duties, to protect the interests of the buyer
  • The buyer cannot hire more than one broker or real estate agent to represent them
  • The term of the agreement. Depending on the real estate market and how long the real estate agent chooses to work with a buyer, this agreement is normally 30 Days to 1 year and allows enough time for the buyer to purchase a home. If the buyer has not purchased a home during the time frame, they may extend the agreement or sign with another agent.
  • The retainer fee (normally $1000 - $2500) is held in trust by the real estate agent/broker and forms part of the buyers down payment.
  • Remuneration is stated in the agreement and can not be changed without written consent from all parties. This protects the agents' commissions and allows the buyer to know how much the REALTOR receives for their services. (usually paid for by the sellers real estate agent)
  • While under the agreement, If the buyer elects to purchase a property without the help of their real estate agent, they will owe the agency the commission set out as per their Buyers Brokerage Agreement.
  • This agreement also lays out the obligations and duties of the real estate agent ensuring the agency is working in the buyers best interest. Some of these obligations may include
  • Showing you all properties you may be interested in as soon as possible
  • The duration of the agreement
  • Advertising for properties that meet your search criteria
  • Pulling land titles to ensure closing capacity
  • Setting you up on Auto-prospecting.
  • Fiduciary Duties of the real estate agent
  • Explaining and helping to prepare the offers to purchase
  • Negotiate favourable terms for the buyer
  • Provide a Buyers CMA to ensure you are not overpaying
  • Inform you of all aspects of your offers including any counters
  • Assist you with a chose of mortgage brokers, inspectors, lawyers, etc
  • Any other relevant services you may require 

For more information on working under a Buyers Brokerage Agreement, feel free to contact us.

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How Realtor Commissions are Divided

Let's pretend for a moment, your Edmonton home sells for $400,000 and you are paying 7% on the first $100,000 and 3% on the balance of the purchase price. The total commissions payable would be $16,000 plus GST. To understand, how much money real estate agents actually make, we need to look at how agents real estate commissions really work.



First - Half of the commission is given to the buyer's agent. Out of the buying side, the buyer's agent does not receive the total $8000. Depending on how the agent splits their commissions between a team or office split, many buyers agents in Edmonton will receive half of the remuneration of $4000. Out of this sum, the buyers' agent will have to pay their monthly desk fee, vehicle maintenance, gas, and insurance. There are also annual licencing fees for Edmonton Realtors, buyer closing gifts, title searches, other fees associated with selling a property and of course Revenue Canadas share.


The other half of the commission goes to the listing agent. Out of the listing side, the Realtor usually has more expenses than a buyers agent including the cost of marketing the property, (which is not cheap!), the cost of hiring a professional photographer, the cost of accurately measuring the property, cost of a third company putting up and removing real estate signs, key boxes, promotional items, website maintenance, property-specific webpages, etc. Same as the buyers' agents, the listing agent also pays for annual licencing fees for Realtors, seller closing gifts, title searches, other fees associated with selling a property and Revenue Canadas portion of the commission.


There are real estate companies in Edmonton who will charge a flat fee or a lesser commission to put your home on MLS, and other Realtors will charge a higher fee. Understanding how much money Edmonton Realtors make will depend on how many homes they sell and how much commission they receive on each property sold.


The net commissions left for the real estate agent is what they get to take home to feed, shelter and clothe their families. Today, in Edmonton's soft real estate market, many agents are now changing companies to a "lesser fee structure" company due to the cost of doing business. Many of these agents can no longer afford to be Realtor, simply because they are not doing enough business, don't want to work as hard to earn a higher commission, are licenced only to buy and sell real estate for themselves or are on their way out of the business.


Now that you have a better understanding of how commissions work and how much Realtors actually net, let's pretend again for a moment, you are a real estate agent. Although it is against the Realtors Code of Conduct not to show properties based on commissions, it can be a buyers discretion not to view them (read more about buyer brokerage agreements). If you were a Realtor in Edmonton, would you show a property with a lesser commission?


In Alberta, all real estate commissions are negotiable, up or down and when hiring a real estate agent to sell your Edmonton home, a few thousand dollars in real estate commissions can make the difference between selling and not selling your home - Choose your Realtor based on the value they offer and interview more than one. Do they have the tools to market your home? Are they giving you a discount based on services that will be eliminated? Are they asking for money upfront, prior to doing anything? How is their internet presence?


Always interview a few real estate agents, ask lots of questions especially about their marketing plan and how they attract buyers. Find out what they have to offer. Not all Realtors are the same, each agent is different. If you use a Realtor or a real estate company to sell your home, there will be a fee. The big question you need to ask yourself is - "HOW MUCH MONEY WILL YOU NET AT THE END OF THE DAY?"


Most REMAX Realtors in Edmonton have the highest monthly real estate fees and are working hard to help you sell or buy your home, staying on top of their game, a doing what it takes to get your home sold including paying for the costs of marketing your property. Keep in mind, Realtors do not get paid by the hour, their real estate companies DO NOT pay them for working there. Realtors work very hard to earn their commissions and only get paid once your property is SOLD (usually on possession date) and not on the day it is sold!


If you have any questions on real estate commissions in Edmonton or what like an in-home real estate interview with myself, feel free to contact us at 780-237-7074.

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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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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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How to get Mortgage Pre-Approvals

Depending on who you have chosen, for your Edmonton Realtor, the brokerage may have several in-house mortgage brokers or you can make an appointment with your current financial institution with a mortgage specialist.



A mortgage pre-approval is the mortgage underwriting approval process, which consists of gathering all necessary paperwork, prior to house shopping. This paperwork will consist of the last two years of your T4's or last 3 years if you are self-employed, most recent paystub, confirmation of downpayment and closing costs, all debts including support payments, charge card debts and vehicle payments, other income, and any other relevant documentation.


Once all of the paperwork is gathered, it is sent to the underwriter who will review it, check your credit and take into consideration any other factors which will affect your debt ratios.

STEP BY STEP PROCESS IN HOME BUYING


REAL ESTATE TIP: When you have completed your pre-approval process, this does not guarantee you will be approved for your home. If anything changes or if a "surprises" arrives prior to possession of your new home, your financial institution can still pull your mortgage pre-approval.


If you are putting less than 20% down you will need to pay a CHMC Fee. This is an insurance fee for your financial institution and can be rolled into your mortgage. Rule of thumb. The higher your down payment, the lower the CHMC Fee.


If your credit is border-line, it is great to have a mortgage broker who has personally met you and is willing to vouch for you to the underwriter if needed. All mortgage lenders have, at least internally, a turn time." That is simply the time from submission to underwriter review and their decision. The turn time can be affected by a number of factors big and small. However, if you go to a big bank you can expect a more lengthy approval process and may not make your condition deadline. It is what they do. Let your agent know whether you are using a mortgage broker or someone at your financial institution.


Once the underwriter has had time to review the documents, they will typically issue one of three dispositions - approved, denied or suspended - to your application. If approved underwriting will typically assign a set of conditions you will need to clear to obtain full approval. Clarification on a late payment, a large deposit, past life transgression or simply a missed signature here or there is normal requests. If suspended, which is not completely unusual, underwriting is confused and needs clarification on something.

RECEIVE A FREE MORTGAGE PREAPPROVAL TODAY

REAL ESTATE TIP: Once you have approval from your bank, ask them to send you and your real estate agent something in writing and remove your finance condition. Congratulations, you are now a real homeowner.

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Edmonton Realtor Fiduciary Duties

Real Estate Agents in Edmonton and the province of Alberta who is in an agency capacity for buyer or seller clients have duties mandated by the legal system called fiduciary duties. The position of the REALTOR® is a fiduciary capacity, acting in the best interests of the client.


  • Obedience: Your real estate agent must obey your instructions as long as it is legal and in accordance with your brokerage agreement.
  • Loyalty: Your real estate agent must be loyal and keep your best interests ahead of those of any other party, including themselves.
  • Disclosure: In the province of Alberta, the law requires real estate agents, whether in an "agency" capacity or not, to disclose material facts to their client. Material facts are those that, if known by the buyer or seller, might have caused them to change their purchase or sale actions. In a signed agency agreement, your real estate agent must disclose more than the material facts. They must disclose all known or suspected information regarding the purchase of the property.
  • Confidentiality: A real estate agents fiduciary duty of confidentiality means that nothing learned about you can be disclosed including your business, financial, personal affairs or motivations. This confidentiality fiduciary duty must be maintained for eternity.
  • Accounting: Your real estate agent is accountable for all documents and funds in the transaction. Accurate reporting of the whereabouts of all monies pertaining to the transaction and the ultimate disposition. All documents are to be kept for at least six years.
  • Reasonable Care: The words "reasonable care" are only finally fully defined in many cases by a judge or jury when it's too late to change your actions. Most Edmonton Real Estate Agents, as a rule of thumb, go by the ethics code "What we know, you know" when acting in an agency relationship.

Whether you work with a real estate agent in Edmonton under a "customer status" or a "client status", before signing any other paperwork, in Edmonton and the surrounding areas have a regulatory requirement to present and discuss our Consumer Relationship Guide with you which includes the real estate agency relationship you have chosen to work under. A copy of this form can be found at the Real Estate Council of Alberta.


Have a question about Edmonton Realtor fiduciary duties? Contact us.

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Are You Paying too Much for Your Edmonton Home?

Before you offer any seller a price for a property, there are a few facts you should know. The asking price or the city assessment of a property does not necessarily reflect the "market value" of the home. Below are a few questions you should check into prior to making an offer.



Is the property tax assessment accurate? If not, find out why


For the city of Edmonton, you can find out the tax assessment value of any residential property at https://maps.edmonton.ca/map.aspx. Although the amount the city thinks the property is worth does not necessarily reflect the true value. It is only used as a starting point.


Are real estate prices going up or coming down?


What is the latest real estate trend in that community? To determine if Edmonton community property values are going down or to tell if it is becoming one of Edmonton's hot spots, use the absorption rate tool.


How much was the bank property appraisal?


Financial institutions base their appraisals on the "Emily System", which is an accumulation of recently sold comparable properties. If there are no relevant sold Edmonton properties or if your home is more unique, independent appraisers can do a "cost to replace" appraisal. A good Edmonton real estate agent will complete a "Sold Comparative Market Analysis" (CMA) for you, prior to submitting an offer to purchase.


Is the property staged to avoid any defects?


Don't be fooled by the staging in a property. This is one of the biggest mistakes a buyer can make. When viewing a home, overlooking the nice furniture and freshly painted walls. Take a close look at the overall condition of the property. An easy way to know if a dwelling is shifting is to open and close the windows and doors.


Do you know what a realistic offer should look like?


No matter if you are buying a home in Edmonton in a buyers market or a seller's market. Submitting a realistic offer is important. When a home is priced accordingly to the real estate market, don't try to "low ball" the seller, you will end up paying more because you have insulted them. Do your research.


For more information on submitting real estate offers in Edmonton and find an experienced buyer's agent, contact an Edmonton Remax Agent.

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Beds (Min)
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Priced between $ & $
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.