Homes for Sale in Edmonton
AUDREY ABUAN - RE/MAX Real Estate REALTOR®
A Real Property Report (also known as the RPR) is a legal document that clearly illustrates the location of significant visible improvements relative to property boundaries. It is a plan or illustration of the various physical features of the property, including a written statement detailing the surveyor’s opinions or concerns.
Part of the standard real estate contracts in Alberta will have a term in the document stateing the seller will provide a current real property report with compliance report to the purchaser upon closing. Prior to putting your home on the MLS System and/or Realtor.ca, Sellers should order a new RPR to protect themselves from potential future legal liabilities resulting from problems related to property boundaries and improvements. Your REALTOR® can assist you with this process to ensure your property complies with municipal requirements.
Bareland Condominiums require Real Property Reports. Conventional Condominiums do not require an RPR.
Purchasing a property may be the largest financial investment you ever make. With a Real Property Report, owners are aware of any boundary problems. They know whether their new home is too close to the property line, or part of their garage is on their neighbour’s land, or vice versa. Since legal complications may occur if a sold property fails to meet equirements, a Real Property Report protects the seller.
The legal location description of property and municipal address, dimensions and directions of all property boundaries, any improvements on the property, right-of-way or easements, any visible encroachments, a duly signed certification and opinion by an Alberta Land Surveyor and a permit Stamp where applicable.
The amount of work to prepare a Real Property Report varies between properties. Lot size and shape, number of buildings, natural features, age and availability of the property boundary information all affect the cost. However, if you are planning on selling your home in the near future, the sooner you order your Real Property Report, the more economical it will be plus any problems can be identified and resolved before a sale is finalized.
There has been a long battle between between TREB (Toronto Real Estate Board) and the Canada's Competition Bureau to keep certain sales data under lock and key. John Pasalis with Realosophy Realty in Toronto says he's ready to make public on his website once-protected real estate data.
I found this article to be interesting article and foresee it as a huge invation of privacy for all home sellers. One of the reasons to hire a real estate agent is to protect the sellers information. I strongly feel this information should not be disclosed due to stigmatizing properties and invasion of personal information.
When buyers purchase a home, everthing physical about the property should be disclosed and the real estate agent should provide all relevant FACTS about the property and the prices of recently comparable homes sold. However, providing all of the history of a property is no ones business except the sellers including how long it has been on the market, any price adjustments, the original purchase price or the sellers contact info.
In a slowing economy, homes here in Edmonton tend to stay on the market longer and buyers do not need to take advantage of a seller. Buyers are purchasing a home and should not be in a position of knowledge to take advantage of a seller who needs to sell. Have a little more compasion, there is more to life than getting an uber deal!
read more... http://www.cbc.ca/news/business/real-estate-treb-crea-sales-data-1.3884233
*Note* The Government of Canada's Privacy Act is as follows..
In this Act,
administrative purpose, in relation to the use of personal information about an individual, means the use of that information in a decision making process that directly affects that individual
As licensed REALTORS® in the province of Alberta, we are notified when there is a judgment against another REALTOR® in Alberta who has not followed the proper rules and regulations regarding our industry. This includes real estate agents who have been found guilty of practicing real estate without a real estate licence.
Alberta REALTORS® are governed by code of ethics, rules, regulations and two councils - RECA (The Real Estate Council of Alberta) and CREA (The Canadian Real Estate Association.) Our business is based on working in our clients best interest and providing our expertise, experience and knowledge at a professional level to help sell and buy their homes and businesses.
If someone offers to represent you in a real estate transaction or assist you with securing mortgage financing, ensure that individual holds a licence with RECA. Consumers can search for a licensed industry professional through RECA's Website And remember when encountering difficult financial circumstances, if someone offers you away out that sounds too good to be true, it usually is. Talk to a professional.
Before you offer any seller a price for a property, there are a few facts you should to know. The asking price 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
- What is the latest real estate trend in that neighborhood? Are real estate prices going up or coming down?
- Have there been any recent drug busts, break and enters or other community crimes you should be aware of?
- How much was the banks property appraisal?
- Is the property staged to avoid any defects?
- Was your REALTORS® CMA inline with the asking price?
In the month of July 2016, there were a total of 1143 residential properties sold in Edmonton, which is down by 319 homes compared to last year at 1462 Edmonton homes. 56% of the duplexes and row houses sold in July 2016, 44% of Edmonton's condominiums and 59% of detached houses. We currently have a surplus of homes in the market in Edmonton. Our current absorbtion rate is 20.02 weeks or about 4 1/2 month supply of residential real estate in Edmonton. Spruce Grove Alberta has a real estate absorption rate of 17 weeks, Sherwood Park - 13.5, Morinville - 24.375, Beaumont - 22.53 and Devon 23.59 weeks.