A foreclosure or foreclosed home is when someone who borrowed money secured by a mortgage on a property stops paying and the lender wants to realize their security. Essentially the lender applies to the court for an order transferring the security (the property) into the name of the lender. The lender may then sell the property to pay back the loan.
People frequently refer to a judicial sale as a foreclosure. There is a key difference. With a judicial sale, the court sells the property. The proceeds of the sale pay off the loan or as much of it as possible. The court also attempts to sell the property as close to fair market value as possible. The title to the property never transfers to the bank or financial lender. In a judicial sale, the borrower, usually the homeowner, retains a right of redemption. This means that they have the opportunity to bring the mortgage current and keep the house.
Foreclosed properties, like the vast majority of Edmonton homes for sale in our province, are listed on the Edmonton MLS board. When the listing comes on the market, we will see it – and so will you, if you have signed up with us to receive new listings. Every foreclosure, estate sale or bank-owned property, will be a little bit different when putting in an offer. Depending on the rules and regulations set forth by the lender, the court or the executor. Some foreclosures in Edmonton mush be cash unconditional offers, while others are treated the same as any other property.
Foreclosure and Judicial sales of Canada homes are more common in the United States. However, if you have been living in Alberta for a while, you will be well aware of our surplus of Edmonton foreclosures from the crash of our economy in 2007. It is now 2020 and Alberta house prices have not changed since. Before you start looking into buying a foreclosed home, it’s important to understand the inherent benefits and risks involved.
The terms of the mortgage contract may absolve the lender from any of these responsibilities, as well as any future liability for the property. If there are a foundation, hydroelectricity, or zoning problems, they are your responsibility. No warranties will be offered. It is a good idea to have a property inspection on a foreclosure prior to making an offer.
Since buying a foreclosed home is more complex, having a professional realtor will be more necessary than ever. Not only can they help you find the right property, but they’ll also facilitate and guide you through the whole process. There are a lot of different steps you’ll need to go through, including inspection and a court date.
If done right, a foreclosed home can be a wise real estate investment that can provide you with an excellent rate of return. Remember that every foreclosure sale is an “as is” sale, meaning: what you see on completion date is what you get. All of this information will be presented to you in a Schedule A form, make sure to go over it and understand it with your Realtor!
Our team of real estate and lawyers help when people buy foreclosures in Edmonton and the surrounding area. We help explain the risks of buying a foreclosure. We also explain how to mitigate that risk. Always seek this information and advice before signing any contract to purchase such property in Alberta. Connect today! Email your questions here directly. Also, feel free to call us at 780-910-5179.
If you were planning on visiting an open house during this pandemic - sorry not allowed. There are however online virtual tours you can take advantage of. We know its not quite the same, so if you really want to view a property, contact us and we will ensure all precautions are in place while viewing.
Timing is everything when it comes to money, this is a perfect time to be purchasing any real estate from single-family homes to rental investments to leasing commercial property. There are some sellers who need to sell their houses and are willing to take a loss. Plus interest rates right now in Canada are unbeatable.
Pricing is everything right now. An experienced Realtor will still need to see your home in person to price it properly in today's market. Although the agent's presentation can be done via skype, on the phone and through email documentation, an accurate selling price can only be provided when the agent physical looks at your property. Once they have viewed your home, then the agent can provide professional advice for maximizing your sold price and tips on preparing your home for sale to ensure you receive a fair market sold price!
Today, more than ever, having the right photography is so important. Our professional photographers respect the COVID- 19 rules and all have masks and gloves while photographing, creating floor plans, 3D tours, i-guides, and accurately measuring your home. Our agents will be there as well at this time to ensure all precautions are taken. Expect to leave your house for about an hour and a half while the photos are being taken.
As a homeowner, you need to decide which viewing requirements you prefer. Do you require the buyers to complete a questionnaire prior to viewing? Are the Buyers qualified to purchase in your price range? Will everyone with a financial investment be there together for the viewing? Will the buyer's children be staying at home?
- Turn on all lights to prevent anyone from touching the light switches.
- Open all window coverings to provide natural light.
- Provide hand sanitizer at the front entry
- Sanitize door handles and surfaces before and after showings
If you have questions about selling your Edmonton home during COVID-19, feel free to get in touch with us.
It does not matter which company you choose to represent you on the purchase of your new home. A brand new inexperienced REALTOR in Edmonton gets paid the same as a veteran REALTOR with twenty years of experience, expertise and knowledge. This is at no cost to a buyer!
Below is helpful information when purchasing your new home. If you have any question, feel free to contact us! We love to help buyers and sellers! Sign up today to save time house hunting online. We can send it to you automatically.
You can choose to buy a home without a real estate agent, dealing directly with listing agents, or for sale by owners. There are several reasons to work with a licensed Realtor in the province of Alberta including.
Make your expectations known: If you expect your real estate agent to pick you up at your front door and drive you home after showing homes, tell them. Many will provide this service. If not, they will ask you to meet at the office. Let your agent know how you want to communicate. Do you prefer phone calls, emails, text messages or all of the above? Remember once you are under a buyers agreement, it is our job to provide you with our best service and help you find your best home.
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.
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 about purchasing a home in Edmonton with our simple 5 step process
In real estate, a stigmatized property is a property which buyers may shun for various reasons other than its physical condition or features. These reasons can include the death of someone who was occupying the home to a murder which has taken place inside the property. Some buyers believe the house may now be haunted.
Investing in Edmonton's real estate market is relatively simple. For a small amount of money down, usually, five per cent, (plus closing costs) and can own an asset worth significantly more and build your net worth. Your down payment must be from your own savings or a gift from a family member. You cannot use a loan or line of credit.
The home must be your principal residence - in other words, you will actually live in the home. So if you plan on buying a condominium or other property for residual income, you won’t be eligible for the Canada Mortgage and Housing Corporation’s 5% down payment option.
To calculate your GDS or Gross Debt Service ratio, factor in your monthly mortgage payment, utility costs, property taxes and condo fees, if applicable. This number cannot exceed more than 32% of your gross taxable income. Plus, all your consumer debt, loans, and housing-related payments cannot exceed 40% of your gross taxable income: this is your Total Debt Service ratio or the TDS.
Finally, you must have good credit and a minimum of one year with your current employer.
ALSO SEE: 5 Steps to buying a home
Keep in mind, as of January 1st, 2018, the government has imposed more qualifying restrictions on Canadians and you must now qualify at two-per-cent higher interest than your current rate. Once you have your pre-approval completed. Contact an experienced real estate agent with their ABR designation and start house shopping!
Living in a condominium in Edmonton offers a sense of community living. Whether you are taking out the trash, working out in the exercise room, relaxing in the lobby or picking up your mail, there will be ample opportunities to engage with your neighbours.
No Maintenance. The biggest benefits of condo living are that other people do the maintenance for you. They cut the grass, maintain the common areas including elevators, amenities, windows, doors, and shingles No grass to mow or snow to shovel with the exception of detached condos and townhouse style condominiums.
Cost. Condominiums are less expensive than buying a comparable house in Edmonton. Obviously, the cost of a condo versus the cost of a house depends on the location. Property values in Edmonton vary in each neighbourhood. But typically, you'll spend less on a condo, " Maintaining a single-family house can be expensive. It is your responsibility to keep your home in living standard conditions. When purchasing the first home, going brand new is a smart choice.
Security. Most apartment condos offer gated or locked entries, with special keys or electronic fobs. If you live alone, or security is a concern for you, this can be a major perk. In addition, you’re living in close proximity to other people and in an emergency, this will be helpful.
Amenities. Exercise rooms, Guest suites, swimming pools, underground parking, and courtyards. Many condo communities offer residents amenities that are out of reach for the average homeowner.
Homeowners Association Fees. Of course, there is a few to live in a condominium. It costs money to maintain a large building. When you buy a condo, you essentially become a business partner in that community. You pay a condominium fee each month (on top of your mortgage) which goes towards the upkeep of the property, as well as future investments. This fee can vary from a few hundred dollars upwards. It will depend on the current condition of the complex, how well the monies have been managed and future expenses.
Less Privacy. You will be meeting your neighbours. Some condominium complexes in Edmonton offer in-house managers and know everyone by name. Depending on how well your complex is built, your neighbour may even know what time you get home every day. Expect to have someone looking at you when you are out on your balcony or sitting in the front yard. Socialites love this!
Less Freedom. Depending on your condominium complex, you may or may not be allowed to have pets, have Bar-be-ques on the balcony, change the flooring to hardwood, have guests stay for long periods of time or rent out your unit. Read the by-laws before purchasing.
Levies and Special Assessments: In Edmonton, Condos have been hit hard by the recession, the oversupply and there are plenty of issues with a few Edmonton condominiums, whereas some builders missed adding building materials during construction, such as water vapours. Also as more people struggle to make ends meet, more condo owners are dropping out of paying their condo fees. This can increase the cost of what you will be paying each month.
Today, several banks will request to review these documents prior to releasing your financing. Also, have your lawyer review these documents if you are not comfortable with the lingo.
Edmonton has over 40 dog park and off-leash areas where your best friend can run and play without having you on the other end of the leash. You too can get physical and emotional benefits from exercise and by socializing with other dog owners.
My top 3 places to live for Edmonton dog owners are near
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". The 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...
Which 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.
Have a real estate question? We are here to help. Contact us anytime
Appraisals are an important part of buying and selling homes in Edmonton. Real estate appraisals establish a property's sold market value price. Banks and financial Institutions require property appraisals when buyers require a mortgage on their new homes as security and provide financial institutions with a cost-effective assurance of the properties value for lending purposes. Appraisals are detailed reports compiled by licensed real estate appraisers.
Don't confuse a comparative market analysis, or CMA, with a real estate appraisal. A CMA is a sales report based on data entered into the multiple listing service, or MLS. Real estate agents use CMAs to help their clients determine realistic asking and offering prices.
An appraisal is also not the same thing as a property inspection. Home inspectors test appliances and outlets, check the plumbing and electrical, confirm heating and cooling system are in working order, use inspection tools to look for any moisture issues, missing insulation, etc.. Such information is helpful for the buyer to know before moving in.
If your real estate appraisal comes in low, the bank may not lend you the money you need to satisfy your finance condition. You may need to come up with the difference in cash or re-negotiate the sale price of the property.
When a real estate agent in Edmonton is working for either a buyer or a seller, a property title search needs to be pulled prior to listing a home or writing an offer to purchase to ensure the saleability of the property.
If you are not represented by an Edmonton Real Estate Agent, with the legal description and a small fee, the public can pull the title of a property plus details on any registered documents attached to it. Also note, between the time a condition has been removed from an offer to purchase to the time a buyer signs with their lawyer, there may be a change on the land title certificate.
There is no such thing as a perfect house. If you are pre-qualified and have been looking for a home for a long time, there will be one of four reasons you haven't found your dream home
Either stop looking until you save enough money to purchase your dream home or be realistic what you can afford. Your first home does not to be the forever home. Purchasing your first property is the first step to getting your dream home by building equity. However if you have found a few homes, which would only need a few touch-ups like a new kitchen, talk with your mortgage broker to see if it is possible to add a renovation loan into your mortgage.
The majority of Real Estate Agents in Edmonton and the surrounding area have access to the same MLS Data, but if there hasn't been anything which has caught your attention, you can either fire your agent and find one who will work harder for you, which may include knocking on doors in a specific area or making community phone calls to find you a suitable property. Or maybe you are just too picky.
There are many people who prefer to rent. Every month, they pay for someone else's mortgage, helping the homeowner build equity. Or you have signed a long lease and are not in a position to buy. Or you may have a reason for not purchasing yet. If this is the case, stop looking until you are really ready. Every time you view a home, the seller must vacate the premises which means more cleaning and making arrangement to remove children and pets.
What the asking price of a home is, is irrelevant to the purchase price. For example: if two identical homes are listed at $400,000 and the other at $375,000 and you are still "Low Balling" the less expensive one, you will never get a good price. A good real estate agent will complete a buyers CMA for you, which will indicate a fair value market price and if it is below, you've already made money.
BEST REAL ESTATE TIP: No matter what type of market we are in, the longer you postpone your purchase, the more money you will lose. Eventually, house prices will go back up in Edmonton, but so will interest rates!
Are you ready to purchase your new home? Often, buyers find themselves overwhelmed with the cost of purchasing a home and should be aware of these extra home costs to ensure you won't be struggling at the last moment to find more cash to complete your purchase.
When a home is sold, the buyer incurs various closing costs in addition to the property sale price. Although most of the expenses of the house are paid for by the seller, usually including real estate commissions, the buyers pay a variety of fees such as mortgage origination charges, appraisal fees, title insurance, lawyer, home insurance, homeowner association fees (HOA) and property tax adjustments. Depending on the buyer and the home purchased, there may be additional fees including CHMC Fees, which can be added to your mortgage amount and other costs. agreed upon and not covered by the seller costs.
Don't forget your moving and utility hook-up costs. As a rule of thumb, one to two per cent of the cost of your home will cover all closing costs. Learn more about how to buy a home in Edmonton.
If you would like to know more about purchasing a home, contact one of our Edmonton Real Estate experts today for help and free advise.
Open houses are great for the listing real estate agents because it gives us an opportunity to meet the neighbours who may be thinking about selling their home and to pick up new buyers.
When real estate agents host an open house, the ultimate goal is to sell the home. The real estate agent who is hosting the open house is representing the seller, has already spent time and money 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. We have Rules, Regulations and a code of Ethics, whereof, we are not allowed to interfere with another REALTORS® Clients. However, if you are not currently working with a real estate agent, REALTORS® are always looking for new business.
If you are interested in the property and would like more information on the home, call your current agent - DO NOT tell the listing agent. Anything you tell the hosting real estate agent will 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 have questions or would like a real estate buyer representative to help you through the process (for free), contact us.
Edmonton real estate agents can provide a comparative market analysis, also known as a CMA, for any property including properties subject to divorce, civil enforcement, foreclosures, estate sales, city tax purposes, etc. It takes time for real estate agents to complete an accurate home evaluation. Unless you have plenty of experience in buying and selling real estate, online home evaluations may be completely misleading and should never be used as a realistic asking price.
When working with sellers, a comparative market analysis is used to determine a realistic and accurate asking price. A Seller CMA is based on comparable properties which are currently active (homes for sale), recently sold homes (usually within the last six months), expired (homes which did not sell for various reasons) and the history of these homes. Other factors will include the current Edmonton real estate market, supply and demand, the condition of the property, the location, community absorption rate and many other factors. An experienced, professional Edmonton Realtor will take the time to go through all of this data with you, together determining a true asking price for your Edmonton Home.
When working with buyers, a comparative market analysis is similar to a bank appraisal and is used to write a reasonable offer to purchase. A buyers CMA is based on both current homes for sale and recently sold home price in Edmonton taking into consideration all relevant factors including the condition, size and location. For new builds, this process is a bit different and is based more on the cost to build, economic factors, building quality, and the reputation of the builder.
Free Comparative Market Analysis
If you are thinking about selling your home or if your home did not sell due to other factors, feel free to contact us for a professional no-obligation Edmonton home evaluation. We also service Morinville, Bon Accord, Gibbons, St. Albert, Spruce Grove, Beaumont and Devon. Our Homes & Gardens Real Estate Agents will take the time to help, educate and inform you on all real estate aspects of your community to determine the right value for your home, ensuring you receive the highest possible price. Simply CLICK HERE to fill in the form and we will get in touch with you shortly.
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:
For more information on working under a Buyers Brokerage Agreement, feel free to contact us.
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:
Depending on your chosen property inspector, there may be some things that will not be inspected such as things which can not be seen visually and appliances. You may want to check that these chattels are in working order.
If a home inspection is not allowed on a bank foreclosure, it is still a good idea to have one done, prior to putting in an offer.
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.
During listing appointment and the CMA process, sellers often ask "How long will it take to sell my house?" Although there is no magic way of knowing the answer, know what is currently happening economically and using a real estate absorption rate here in Edmonton will give us a good indication of how long a property will be on the market. An absorption rate will also tell us if it is a buyers market or a seller's market and is often used by real estate investors. It can also give a prediction on the demand of an Edmonton community.
Knowing how to use and calculate absorption rates using this real estate tool has several benefits. It's the best thing next to a crystal ball. An absorption rate It is a rate at which homes sell in a given area during a given time period. Absorption rate is calculated by dividing the number of sales in a given month by the number of available homes for sale. It is the inverse of months of supply.
For example, if there are 100 houses listed for sale in a certain area, and 10 houses sold over the last month, the absorption rate is 10/100=10%. Which means, assuming no other house listing are put on the market, it would take 10 months for buyers to purchase enough properties to absorb the real estate demand.
As a rule of thumb, an absorption rate of 20-25% or higher means that homes are selling quickly and the market favors sellers. Lower absorption rates mean that homes are not selling quickly and supply is much greater than demand, favoring buyers.
If you are thinking about selling in Edmonton or the surrounding area and would like to know the absorption rate in your community, contact us.
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.
Feel free to contact us if you have any questions or need help with purchasing your dream home.
The first step to buying a home is deciding if you are ready to become a homeowner and start building equity for your future. There is a lot to know when it comes to buying a home in Edmonton. Whether you are buying your first condo, moving to a bigger house or downsizing, our in-depth 5 step home buyers Guide will take you through all the steps.
Not all financial institutions are the same. If you choose to use a who works at your personal branch, keep in mind, most persons who work in a bank get paid by the hour, unlike a mobile mortgage specialist who only gets paid when they have completed, processed and get your mortgage application approved. For a list of mortgage brokers, contact us.
The first step to buying a house or condo in Edmonton is finding out how much your bank is willing to lend you based on the lenders' rules. Keep in mind with the change of Canada's new mortgage qualifying rules. You must qualify at two per cent higher than what your current interest rate will be.
Your lender will look at your income, your debts, your down payment and your credit rating. Having a verbal or online pre-approval is a waste of time and is not a real pre-approval. Your lender/Mortgage Broker will ask for a list of items to be provided including a recent bank statement, pay stubs, job letter, last 2 years of T4's for a true pre-approval.
A mortgage pre-approval will be in writing which is normally valid for 90 or 120 days. Pre-approvals will also include an interest rate guarantee - get this in writing from your lender to ensure you have documentation in the event interest rates rise prior to purchasing your new Edmonton home.
LEARN MORE ABOUT MORTGAGES
If you are like most people, you want to find a Realtor who is a good fit. Both real estate agents and Realtors have had to undergo a certain amount of training in order to qualify to help you buy or sell real estate. However, in Canada, in order to be considered a Realtor, a real estate professional must be a member of the Canadian Real Estate Association (CREA). There are several Realtors in Edmonton who choose not to work with buyers, while others choose to work solely with buyers. These Realtors are known as Buyer Agents.
There are several ways to find a buyers agent who will be a good fit. Most Realtors in Edmonton have their own websites. Some of these websites are very generic, while others provide personalized extensive real estate information. Some Realtors will also specialize in a specific part of Edmonton or have a real estates speciality such as condominiums, luxury homes, relocation moves or acreages. Another great way to find a buyer's agent is to visit open houses. However, if you fall in love with the house, it is in your best interest to seek out a different agent.
Interview a few different Realtors before signing a commitment called a "Buyer Brokerage Agreement". Remember this agent will be helping you make the biggest investment of your life and you should make sure they have your best interests in mind. Below is a list of questions which may help in the interview process when buying.
To book an appointment for your personalized Edmonton home buying consultation, contact us.
Let's face it. You have been house shopping for your home online and have seen a few "bad real estate photos", or a property with no photos or wonder why a particular house has been on the market so long. The reality is, there may be great homes, but the sellers chose the wrong agent to market their home.
When you come across those bad real estate photos, try to look beyond the photographer, the horrific lighting and the messy house with clothes on the floor, pets or worse yet, the seller's children in those photos. If the selling agent has not taken the time to properly market a home, the sellers are not happy and want their home to be sold.
When there is only one exterior photo on a property, read the comment section. Odds are, this home is tenant occupied, or not in show-able condition (Very messy) or the sellers have chosen really ugly paint colors for the walls. These homes are usually fantastically priced properties that need a little TLC and some cleaning. If you are looking for a home in a particular area, learn to calculate the absorption rate to make the best financial purchase and make a great real estate deal.
Don't be fooled by pretty homes. Both a Seller and the Sellers Realtor want as many potential buyers into their home, but don't be fooled by how lovely it looks inside with that sparkling granite counter-top, cutest little girls rooms or awesome man cave. Take a deep look at the finishing. This is the best indicator for how well the home has been built and taken care of. A great buyers agent will point out imperfections they notice.
Don't overlook homes which have been on the market for a while. These properties may have had several price adjustments, especially in Edmonton's real estate market and may now be below or at the proper market value. Take a second look. There may also be other reasons which factor in a long time on the market which can include the property was "tied up" a few times with other offers which have fallen apart on financing or an inspection. Remember, when a pending offer is on a home, it can be conditional for a few weeks at a time. Another reason, a property may be longer on the market could be due to a "lis pendens", probate, civil enforcement or other government enforcement contingencies.
Normally there are two basic (three when purchasing a condominium or more with rural properties and acreages) conditions or "subject to's" when purchasing a home in Edmonton.
Calculating the cost to purchase a home in Edmonton is pretty simple. Calculate your total down payment plus add one and a half per cent of the total purchase price of your home. For example on a $300,000 home, with a five per cent down payment, you will need a total of $19,500. Your financial institution will ask to see this additional amount to ensure you have enough money for closing costs such as lawyer fees, title transfers, mortgage application, and appraisal fees. Additional mortgage fees like CHMC can be added into your mortgage or can be paid upfront.
If you have added certain terms into your purchase agreement, such as "Seller to repair a broken window, steam clean carpets, remove dog faeces from the backyard, etc, you may also want to add an additional clause
"Seller will allow the purchasers to complete a satisfactory walk-through regarding the terms of the property prior to possession"
In Alberta, the transfer of real estate titles is processed a bit different than other provinces and keys do not get released until monies have been received by the Sellers lawyer. In the event and terms were not completed, it is more difficult for remediation this after.
Note* If you are purchasing a foreclosure, keep in mind, that this property is sold "As Is, Where Is".
If you have any other real estate question about purchasing a home in Edmonton or the surrounding area, contact us by email.