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March – Fraud Prevention Month

March – Fraud Prevention Month

March 1st marks Fraud Prevention Month across Canada. The Real Estate Council of Alberta (RECA) is taking action to raise awareness about common fraud scenarios in the real estate and mortgage sectors. “During Alberta’s economic downturn we’ve seen an increase in certain types of fraud schemes and misleading behaviour,” said Bob Myroniuk, RECA Executive Director. […]

Vigilance Urged When Considering Alternative Financing

Vigilance Urged When Considering Alternative Financing

The Real Estate Council of Alberta urges consumers considering alternative financing options to be vigilant when it comes to seller financing. While “traditional” lending may not always be an option when purchasing a home, there are things to be aware of if you go looking for financing outside of typical lenders. Incidents of fraud or […]

Possession Day

Possession Day

What to Expect on Possession Day Typically, possession occurs – and you’ll get the keys – around noon on possession day. If you included a pre-possession inspection as a term in your Offer to Purchase, your real estate professional will arrange that through the seller’s representative. It may take place the day before possession or […]

Preparing for Possession

Preparing for Possession

Preparing for Possession You will need to find and meet with a real estate lawyer. Your lawyer will go over the legal documents with you, including the RPR and the title. They will also highlight any possible restrictions or caveats registered against the property, discuss closing costs and disbursements, and have you sign the documents […]

Waiving Conditions

Waiving Conditions

Satisfying and Waiving Conditions If your accepted offer was conditional, you need to try to satisfy your conditions. Financing: If you included a financing condition, you need to confirm your financing before waiving this condition. Before you waive your financing condition, your lender (or mortgage broker, if you’re working with one), will need documents related […]

Negotiations to an Offer

Negotiations to an Offer

Negotiations There will likely be some negotiation between you and the seller after you submit an Offer to Purchase. Sellers can outright accept or reject your offer, make a counter offer, or ignore your offer completely. if the seller accepts your offer, congratulations! If your Offer to Purchase contained conditions, your real estate professional will […]

Making an Offer

Making an Offer

Making an Offer You’ve found the perfect home, you have your deposit, and you’re ready to make an offer. There are a few things you can do to prepare: Review the Real Property Report: a Real Property Report (RPR) is a legal document prepared by an Alberta Land Surveyor that shows property boundaries and improvements […]

Finding the Right Place

Finding the Right Place

Finding the Right Place Now the fun part begins. It’s time to find the perfect home. Consider: location home style – condo apartment, condo townhouse, single family home number of bedrooms number of bathrooms features – garage, yard, basement suite inclusions – appliances, price size It’s a good idea to make a list of your […]

Conflicts of Interest

Conflicts of Interest

Conflicts of Interest In rare situations, you may run into a conflict of interest. It arises when there is a real or apparent incompatibility between a real estate professional’s interests and your interests. Some examples of common conflicts that may arise in a real estate transaction: if you find a home to buy and the […]

Working with a Realtor

Working with a Realtor

Working with a Real Estate Professional (this is my favourite part) It’s always a good idea to use a licensed real estate professional in your home search. When you interview real estate professionals you’re considering hiring, these are the kind of questions you should ask them: how long have you been in the business? do […]