During the process of buying or selling a home, you'll unearth countless questions. We know how difficult it can be to sift through all the details in order to find answers that are relevant & meaningful to you. We have put together the following series of details that may provide you with a more clear & concise vision towards a wide range of situations related to Real Estate. Here you will find tips & tricks tailored towards you & your specific Real Estate goals.
A contract, when dealing in the terms of Real Property, needs to be in the form of writing in order to be enforceable. Before signing the contract & confirming the written offer to purchase, you should review & confirm that all of the details have satisfied your wants & needs. Once the contract has been signed by all parties, no changes can be made without both the buyer's & seller's consent. This is one of the many ways we will support you by protecting your best interest.
Term- Something that has to be completed before the possession date. For example, a tree stump has to be removed. You may request a walkthrough before the possession date to confirm completion. We will also detail an amount of $ to withhold from the sale if the term is not completed for possession day.
Condition- Provides protection to the party who included the condition. The party MUST make a reasonable attempt to complete a condition.
In most written offers to purchase, you will find at least a couple of terms or conditions subject to the offer. What these do is allow us to help protect you by creating stipulations to the contract. These stipulations set boundaries & guidelines in order to help facilitate & protect the party who included the term/condition. Some examples of terms or conditions could be:
The above conditions are a routine approach used in protecting clients during the purchasing process when presenting an offer to purchase. Remember that we will create a customized experience for you & will be available at all times during the buying/selling process.
Title Insurance- This is a unique form of insurance that protects the lender & future homeowner against multiple forms of undetected or unknown risks related to the real property or title. This type of insurance is a great alternative to obtaining an up-to-date Real Property Report with Municipal Compliance. This low premium is paid only once at the time of closing & coverage is valid during your lifetime of ownership. The hidden discrepancies it can protect you from are things like caveats, encumbrances & registered interests on the property's title. This is a good way to go if you are feeling uneasy about the information (or lack of) received from the seller. We will always do our full due diligence & search the property's title before submitting an offer to purchase.
Chattel- Any easily transportable item that is not attached to the property.
Fixture- Any item that is attached to the property that cannot be easily removed.
This is something to consider when drafting a contract when buying or selling. Inclusions outline the chattels that you would like to be included in the transaction. For example, you really like their coffee maker. Exclusions would be movable items that you would not want to include in the sale of the property. Usually, appliances like fridges, ranges, or microwaves are an example of personal property that can be included/excluded in the sale. If nothing is included or excluded, then it is assumed that all chattels are to be removed at some point before possession.
When purchasing a used residential property, GST (Goods & Service Tax) is considered exempt from the purchase due to the sale of the used property. When purchasing a new home build or a property that has been substantially upgraded by a builder, GST is applicable. There is a chance to qualify for a small rebate depending on your situation.
When Listing your home, it is important to realize that when a buyer first walks through the door during a showing, they are subconsciously pinpointing things that they like & don't like about your home. It is imperative that you make a great first impression! Buyers are looking for homes that are clean, organized & well taken care of. By creating an inviting atmosphere, buyers will be able to better envision themselves living in your home. When this happens, the chances of selling your home are tremendously higher. Techniques to consider to accomplish the above:
We understand that everyone is different! Every home is different! Everyone has different goals!
This is why we love to create a customized personable experience that you will enjoy & love when purchasing your desired retreat or when selling your current one.
We are excited & happy to assist you during your real estate adventure. We look forward to working with you & building an infinite amount of relationships!