Closing Delays and How to avoid them

Whether you are buying or selling a property, it’s important to understand that there can be delays in a real estate closing. A closing delay is something you want to avoid. There are several reasons possession may not be possible on the date you have on your purchase agreement. Sometimes upexpected or negleted items occur and nobody wants to be left homeless on their possession date.

REALTORS® are aware of these delays (because we don't get paid until after possession day), we help our clients avoid closing delays for a smooth transaction and a happy buying and selling experience. Below is a list of possible closing delays.

You choose the wrong lawyer

Not all lawyers are familiar with real estate transactions and this can cause delays in the transfer of title. At EdmontonHousesAndHomes, we encourage our clients using real estate lawyers.

Unreal closing dates

Unlike other provinces in Canada, Alberta's land title transfer process begins prior to you meeting with your lawyer. In the province of Alberta, it takes time to process a the title of a property to another person. This time frame will vary according to the market and land titles processing time. As a rule of thumb - a good closing date is 1-2 months after you write your offer to purchase.

Your bank revokes your mortgage

Yes. This does happen. The bank has the right to secure their mortgage and in the event that something changed, such as a job loss or the buyer also purchased a vechicle, changing their debt-ratio, the bank can pull your mortgage. REALTORS® will remind their clients not to make any big purchases until they recieve their house keys.

Real Estate Appraisal Issues

Sometimes (usually in a busy market), the bank did not send out the appraiser prior to telling you your mortgage has been approved. If the property does not appraise out at your offer price or higher, the bank can refuse to forward funds, the seller will need to reduce the price of the property or the buyer must come up with the diffence between the offer price and the appraised value.

Terms or contingiencies of the contract

If you have a walk through term written into your agreement and you find out the terms after the contract have not been fullfilled, this can be considered a breach of contract. These items could be as simple as the seller removing the dog feces in the back yard to more substantial issues such as a builder not finishing the completion or repairs. It is always best to have a walk through clause written into the offer prior to the buyer removing their conditions.

Problems with the title

Edmonton REALTORS® are obligated to pull title when they are writing an offer to ensure the persons selling the property is correct as well as ensuring there is enough equity in the property to be sold. Sometimes, prior to closing, after conditions have been removed, the seller has taken out a second or third mortgage and there is not enough equity to close. If this happens, there is major liablity issues that your lawyer will discuss.

The RPR does not have compliance

In the REALTORS® purchase agreements, there is a cluse reguarding the real property report and compliance which the seller has signed and agreed to. In the event the seller does not have compliance, there is an issue. A common one is when the seller has change the deck or a non-movable shed had been added to the property.

Homeowner insurance is not secure

The buyers lawyer will ask the buyer to bring in the insurance binder. This is basically a peice of paper saying the buyer has insurance on the property. If there is no insurance, the bank can not forward the mortgage funds.

Closing costs

If either the buyer or the seller does not have enough cash to close, there's a problem. Read more on closing costs.

Unclear terms

When writing an offer to purchase, the terms, conditiond, amendments and addendums must be crystal clear to avoid misunderstandings. The interpatation of the buyers lawyer may not be the same as the sellers lawyer. If the written phrase is not cytal clear, have your REALTORS® re-write it in lamens terms.

The buyer changes their mind

During the last Edmonton real estate crash, we seen this happen often due to the crashing real estate prices and buyers did not want to pay the agreed amount when the value of the property had substantially decreased. In our REALTORS® contracts, there are items put in place with the consequnces of such action. To avoid this in a soft market, be reasonable with your negotitaions. - The buyer can walk away.

The seller is unable to vacate on time

Alberta REALTOR® purchase contracts state that the property must be vacant by noon on the day of possession. However, sometimes the seller is still in the property due to circumstance beyond their controll. If this happens, it is a breach of contract. The best thing do is take your lawyers advice, there is some conpensation.

Not working with a qualified REALTOR®

The majority of Edmonton Remax REALTORS® have closed hundreds and hundreds (some have closed thousands) of real estate transactions. Using an experienced REALTOR® can be the differnce between being homeless and a seemless closing.

We pride ourselves on helping our clients with a smooth real estate transaction and a great buying and selling experience. If you or thinking about buying or selling and need experienced Edmonton Remax REALTORS®, email us. We are here to help.

Below are the current real estate market for Edmonton in the third quarter of 2022.

For recently sold Edmonton house prices - click here.

What is an Edmonton Luxury Home

Luxury home prices vary from city to province to state to country. What classifies a home in the luxury market consists of a few variables. Luxury homes are no longer based on price alone. To classify property into the luxury home category, it mush have desired indulgences. A home can be considered "a luxury property" when it offers these features:

• A grand foyer with soaring ceilings to greet your guests.
• Adequate nanny/guest living quarters which are private and away from the main living area.
• Personal conveniences and amenities such as pools, in-home gyms, Imax movie theatres, arcade rooms, wine cellars, decontamination showers, backyard tennis courts, solarium, and game rooms. There are several homes in Edmonton with personal amenities which can be found in Cameron Heights and Glenora.
• State of the art kitchens. With duel ovens, smart refrigerators to keep track of your food items, wine storage, ample counter space, built-in computer screens.
• Technology. Homes controlled with voice activation or the touch of a bottom from anywhere in the world are now one of the must-haves with elite buyers.
• Privacy. Many elite home buyers require privacy, especially media icons who get accosted by paparazzi.
• A prime location. A view is one of the things that make homes fall into the luxury category no matter where you live. It can be an unobstructed view of a mountain, beachfront, or overlooking the sparkling lights of the city. Beachfront properties in Edmonton can be found in Summerside.
• Premier quality, reputable builders and renowned architect. The construction materials, lighting, finishes, appliances, and design all must be a cut above what's considered standard.

Dominate renowned Edmonton communities include Griesbach and Windermere.

A luxury home can mean different things to different people. Bottom line, a luxury home is where you can relax and retreat from the rest of the world, enjoying a dwelling that fits your lifestyle. View our Edmonton luxury homes for sale by the district. Relocating to Edmonton and interested in living in a luxury community, give us a call at 780-910-5179.

What is the difference between a garage suite and a garden suite?

The official city description a garage suite is "a self-contained accessory dwelling above or attached to a rear detached garage, on a single detached lot which usually comes in the form of apartment-sized living space, with its own kitchen, bathroom, and living space, on the second floor of your garage". 

The city description of a garden suite is "an at-grade self-contained, accessory dwelling located in a building that is physically separate from the principal dwelling." Typically, garden suites are single-story structures built in the backyards of single detached homes and must have their own kitchen, bathroom, and living space.

There are several benefits of purchasing a house with a garage or garden suite or building on an existing house in Edmonton. Garage and garden suites are great ways to add some rental income to your property to help pay down your mortgage. It eliminates the shared interior space the way you would with a basement suite. These smaller living spaces are also a great way to add some diversity to your community because they allow different demographic access to housing options on your street.

Garage and garden suites can keep family members nearby, yet allows for more personal space. It can be a great option for keeping your parents or your children close, while still maintaining some privacy by ensuring everyone has their own space. Alternatively, some ageing empty nesters have decided to downsize into their own garden or garage suite, and allow their children’s family to live nearby, in the main house.

As with any good infill project, it is all about creating more flexible living options so every Edmontonian can choose the community that suits them best. For more information on Garage and Garden suites, visit the city of Edmonton's Infill website. Popular communities in Edmonton with garage suites are located in the University Area, Griesbach and the Westmount Area.

Below are the current real estate market for Edmonton in the second quarter of 2022.

For recently sold Edmonton house prices - click here.

Learn How to Attract Buyers

Selling your home in today's real estate market can be a stressful time for many homeowners, especially with the quickly increasing cost of living and the nerveousness of buyers making such a large finacial purchase.

• Consult with your real estate agent to come up with a plan to target those buyers who best fit your home style. Many REALTORS® in Edmonton who sell houses are social butterflies and will run ads for your property targeting those buyers.
• Adjust your price. Even the slightest change of $1 reduction can restimulate buyers who are in a position to buy today on our auto-prospecting system.
• Change your photos. If your grass in the front has an old photo from the previous season, change it. We don't want your home to look like it has been on the market for a while.
• Change the dialogue. Rewrite your property specific details to capture the lifestyle. Make the buyers want to come visit an inviting, welcoming home- not just another generic house. Make it special.

Once you recieve an offer - DON'T DISGUARD IT because it is not the price you wanted! Work with your REALTOR® to negotiate the best possible outcome. After all, the buyers chose to write an offer on your home and not the one down the street. They have an invested interest and have given you the oppurtunity to sell your home.

Find those buyers who are relocating to Edmonton. Many people are now leaving other provinces and coming to Alberta because of the cost of living. Contact an Edmonton relocation REALTOR® and find out how we attract those home buyers.

Below are the current real estate market for Edmonton in the first quarter of 2022.

For recently sold Edmonton house prices - click here.

Terwillegar - Southwest Edmonton Homes

Terwillegar Heights is situated south of Riverbend in southwest Edmonton. It is bordered by Anthony Henday, south of 23 Avenue and west of the Whitemud Creek Ravine There are three main attractions in Terwillegar - The large new family recreation center, the many playgrounds and green spaces for children to play, and thirdly, some of Edmonton's most beautiful and award-winning houses with contemporary design and superior craftsmanship.

Both Terwillegar Towne and South Terwillegar homes are in real estate 14 near Riverbend, west of the MacTaggart luxury neighboghood. Terwillegar Heights is a great place to live for young families and first-time buyers with newer affordable residential real estate constructed after 2005 and offers your children to explore plenty of green space, play parks, and community lakes. Single-family detached houses here range from smaller two-stories to upper-scale properties.

Magrath Heights houses are west of Twin Brooks, south of 23 Avenue, and bounded by Rabbit Hill Road. Similar to MacTaggart, Magrath Heights property owners enjoy easy access to the Whitemud Creek ravine with ample walking trails, open green space, and natural woodland habitats connecting to Kaskitayo. Residential real estate in Magrath Heights is newer dwellings constructed over the last few decades consisting of upper-scale condominiums, executive style duplexes, and luxury houses along May Common.

MacTaggart, west of the Kaskitayo district and south of the luxurious Magrath Heights community. Living in a highly sought-after MacTaggart home allows homeowners the enjoyment of easy access to nearby ravines with ample walking trails and natural woodland habitats. Houses for sale in MacTaggart are newer executive-style properties and upper-class apartment condominiums and a few townhouses. There are also a few luxury homes that run along McLuhan Bluff, Mullen & MacTaggart Crest, and recently built homes along May Common.

Leger is a small residential community best known for the Terwillegar Recreation Centre. Residents of Leger enjoy the close proximity to Lillian Osbourne, Mother Mary Catholic High School, and the newer Recreation Center. These southwest Edmonton homes are more affordable with several duplexes featuring attached garages.

Hodgson is a relatively new, smaller community, west of the Whitemud Creek Ravine, south of Ogilvie Ridge, and bounded by 23 Avenue and Rabbit Hill. Living in Hodgson Edmonton offers homeowners and residents access to river valley walking trails, natural woodland habitats, and nearby amenities.

Haddow is between Terwillegar Heights and Riverbend. The majority of these Terwillegar homes for sale were built after 2000, with some of the first real estate development occurring in the mid-1990s. The predominant property type is an executive style, move-up, and luxury houses. There are a few duplexes, townhouses, and bungalow-style condominiums in Haddow which are popular with retired couples.

View Our Current Terwillegar Edmonton Homes For Sale

Kaskitayo - South Edmonton

The best part about living in Kaskitayo is the proximity to several ravine trails which connect to Riverbend and Terwillegar. It is a few minutes to South Edmonton Common and Big Bear Park. Kaskitayo homes are built from the mid-1960s to the mid-1990s with an average asking price for a house at $475,000. They are a mix of upper-scale bungalows/ bilevels and two-story houses.

Twin Brooks is the newest community in Kaskitayo. It is nestled away from the busy streets between two ravines. House prices in Twin Brooks are based largely on the proximity to the Whitemud and the Blackmud Creek ravines. There are a few duplexes and condominiums here and a great place to purchase kaskitayo homes for sale when begining your real estate journey.

Sweet Grass is located south of the Derrick Golf and Winter Club. It is named for Cree Chief Sweet Grass, "who was one of the early west's first conservationists and instrumental in the protection of the Plains Bison.

Steinhauer is near the Southgate LRT and shopping center. Like most nearby Kaskitayo neighborhoods, Steinhauer dwellings are constructed in the seventies and offer a mix of townhouses and stand-alone properties with almost a quarter of townhouses and row houses.

Skyrattler is near the Kaskitayo ravine bounded by 111 Street, 23 Avenue, and the prominent Blackmud Creek Ravine. One of the most popular condo styles is the coach home for main floor living with a private entrance. Townhouses and low-rise apartments make the majority of residential housing in this portion of southwest Edmonton.

Keheewin is sometimes called "Yellowbird" with the majority of houses built in the 1980s. Single-detached houses are the predominant type of dwelling.

Also referred to as Petrolia, Ermineskin properties feature good-sized bungalows and luxury houses situated on larger than average lots. It is named for Chief Ermineskin of Hobbema, some of the first residential houses in the area were built in the 1960s with more development to follow in 1970.

Blue Quill Estates is a luxury community surrounded by the Kaskitayo Ravine, nestled between Whitemud Creek Ravine South off of 119 Street and 23 Avenue, across from the luxury community of Magrath Heights. Blue Quill Estates properties were originally constructed for an elite buyer and still attract the same demographics today.

Bearspaw is a highly sought neighborhood with houses overlooking the Blackmud Creek ravine making this an ideal place to purchase a beautiful property. Bearspaw house prices are a bit higher price per square foot than the average Kaskitayo house due to the proximity of its amenities.

Properties in Edmonton are now showing "Pending"

What does pending mean?

There are recent changes to Realtor.ca when a seller accept an offer. A pending property means that the seller has accepted a conditional offer. This does not mean it is sold. It is subject to conditions, usually financing and inspection.

Can I still see a pending property?

Yes and no. This depends on the seller. The seller makes the desicion whether or not they still want thier property shown. Personally, if I was selling my house, I would encourage showings during the pending time frame due to the fact, that a large number of pending properties fall apart due to varies reasons.

Can I still to write an offer on the pending property?

Yes. You can still write offers on pending properties in the provonce of Alberta. If the seller chooses to accept your offer, it will go into second place position and await the time frame pending status of the first offer. Your accepted offer to purchase is known as a "back-up" offer. If offer number one is unable to remove thier contingencies within the alotted time frame, your offer automatically goes into first place.

Contact us if you would like to write a back-up or have questions on pending offers.