TIPS FOR SELLING YOUR HOME QUICKLY

Thu, 05 Apr by The Lore Group

TIPS FOR SELLING YOUR HOME QUICKLY

Want a sold sign on your front lawn sooner? Here are some helpful Tips

  • Ensure your home shows well, inside and outside. Eliminate clutter. Shovel the driveway, sidewalks and steps. Make sure every room has adequate lighting. Imagine that a special guest is visiting your home, and clean up and prepare accordingly.
  • Get things fixed. You probably don’t have time for a major renovation. So just make sure everything in your home is in good working order. Deal with any obvious maintenance issues, such as a leaking faucet or a gate hanging precariously on one hinge. Having a pre-listing home inspection can help you identify items that need attention prior to putting your home on the market and save you from having to negotiate on home inspection items when a buyer brings an offer.
  • Be realistic with price. If you set the listing price higher than the current market value of your home, then you’re not going to get many, if any, viewers. You want the list price to be attractive, which means listing at the current market value. Ask us for a Free Market Evaluation so you can better understand where your home should be positioned in the marketplace.
  • Be flexible with viewing times. You want as many potential buyers as possible to see your home. Do your best not to restrict showings. Make sure your home is as “available” as possible for showings. This may cause you and your family some inconvenience, but the reward will be selling your property sooner.
  • Work with a Lore Group real estate professional who understands the area and the local market. One of our knowledgeable and experienced Team members will be able to recommend a variety of strategies that will help sell your home faster.

There is no certain timeframe that your home with sell in. With these tips and a Comprehensive and Aggressive Lore Group Marketing Program you will certainly increase the chances that you will sooner and for a good price.

MAKE YOUR HOME “PICTURE PERFECT” FOR BUYERS

Fri, 16 Mar by The Lore Group

When you walk into a nice hotel room what do you usually notice first? It may be the large often beautiful picture hanging above the bed. You will probably find a smaller equally attractive picture adorning bathroom and on other walls. That’s no accident. Hotels know that pictures are the simplest, surest way to make a good-looking room look great. The same thing holds true when preparing your house for sale. Ask any great home staging expert, and they will tell you that hanging a few quality pictures can transform the look of just about any room. Chances are, you already have pictures hanging in your home. Do you need more? That depends. If you have a room that seems dull, and there is open and empty wall space, try adding a picture. You don’t have to buy one or hang one – just have someone hold up an existing picture. If the look of the room improves, consider adding a picture in that spot. Pictures don’t have to be expensive; they just need to be of good quality. Many retailers sell good-looking, nicely-framed pictures at affordable prices.

Home Staging is KEY to attaining the highest and best sale price for your home and will help your home sell before other comparable homes on the market. For more home staging tips feel free to contact one of our experienced Lore Group Realtors for advice.

DOWN-SIZE TO SAVE DOLLARS AND SIMPLIFY YOUR LIFESTYLE

Mon, 26 Feb by The Lore Group

DOWN-SIZE TO SAVE DOLLARS AND SIMPLIFY YOUR LIFESTYLE

There are many reasons home owners may decide to downsize; retirement, empty-nesters (the kids have finally flown the coop:), or those joining the ranks of a growing number of hard-working, money-smart homeowners who just want to simplify their lives. For these individuals, downsizing is a savvy strategy that makes a lot of financial sense.

Downsizing is a huge financial and emotional decision, one that should include a lot of thought and careful future planning before you put the for-sale sign on your lawn. It’s a huge decision, but down-sizing doesn’t have to mean giving up your lifestyle. In fact, when done right, you can end up with an even better quality of life, with time to enjoy other pursuits: family vacations, hobbies, grandchildren and new interests (take up that painting or yoga class, or climb that mountain you’ve always dreamt about). It also makes sense that downsizing means reducing expenses, which can now be used for other endeavors.

Timing is everything when you are contemplating downsizing. There are a lot of moving parts to consider in addition to your new lifestyle goals. Current Fort McMurray housing values, the ever-evolving real estate market and interest rates are all important factors that one of our Lore Group Realtors can discuss with you to help you plan. Downsizing out of Fort McMurray?? We have many great connections with experienced professionals in other communities Canada Wide, that can assist you with your home search and help make the move seamless.

There are a few simple steps that will help you move toward your goal of living smaller and living well.

  1. Take stock of what you really need by looking at how you live your daily life.
  2. Declutter your home by focusing on your new life and what you need to take with you. Sell, donate or gift items in your home and closets that you don’t use. Chances are if you haven’t used something in years you just don’t need it (except grandma’s china, and maybe your platform shoes-that will come back in style for sure!) Think of downsizing your things as a process not a race. Enlist support from family and friends.
  3. Think about the activities that are already a part of your daily routine and lifestyle, and those you’d like to add to your life, when consideration what type of home and the location you will move to. Do you enjoy outdoor activities, the foodie scene? Are you attending school?
  4. Transportation: Are you downsizing the number of vehicles you currently own, would living near public transportation be important to you? How many parking stalls or how large of a garage will your new scaled down lifestyle require?
  5. Prepare for selling Your Home:What do you need to do to get the highest possible price (painting, repairs, yard care, staging, other)? What is the right price for your home and why? How long will it take to sell your home, and when it the best time to list it? This is the perfect time to request a complimentary market evaluation from an experienced Lore Group Realtor who can answer all these questions. Don’t be afraid to do this well in advance of your lifestyle change. It is never too early to plan and get the information you need.
  6. Start you search for a new home early: While there are certainly many online options available to you to for your home search, there is no substitution for talking with a knowledgeableLore Group Real Estate Agent and touring houses yourself. This is the fun part!
  7. Crunch the numbers:  Don’t forget to factor in the selling and buying costs. Include items such as mortgage fees, legal fees, commissions, moving costs, title insurance, rpr and the like. Ask your Lore Group Realtor to review closing costs with you to help keep you on the straight and narrow financially. Inquire with us how you can reduce your moving costs by using the Coldwell Banker Fort McMurray moving truck for free.
  8. Maintain a positive outlook: Downsizing your lifestyle and moving can be stressful. Be kind to yourself, take breaks from the packing and planning and enjoy.

There is no one-size fits all lifestyle. Down-sizing (just like up-sizing) is not the right choice for everyone! If you love your home and all the memories it holds, or you need the space that your larger home or yard affords, you may decide to stay- And that’s okay!

Report the Sale of Your Principal Residence

Thu, 22 Feb by The Lore Group

Report the Sale of Your Principal Residence

If you sell your home, it will need to be reported on your personal income tax return.

CRA will charge a penalty of $100 per month
to a maximum of $8,000, if not reported

In the past, you were not required to report anything if you sold a home that was designated as your principal residence and the gain was fully exempt. Although the gain is still exempt from tax, CRA has changed its policy. This means that if you sell your home, it now needs to be reported on Schedule 3 of you 2017 personal income tax return.

The following information must be reported:

• Year of acquisition
• Description of the property
• Original purchase price
• Sale price (proceeds)
• Costs associated with the sale

FIND A FORT MCMURRAY NEIGHBOURHOOD YOU LOVE

Tue, 06 Feb by The Lore Group

When you’re buying a home, choosing the right Fort McMurray neighbourhood is critical. Many buyers focus on shopping for a new home and choosing the best style and features of the home itself. It is important to keep in mind that you’re not just buying a house, you are moving into a community that should be the right fit for you.

Here are a few important things to carefully consider and some tips that may assist you finding the perfect Fort McMurray neighbourhood:

Commuting Time and Proximity to Both Industry and Municipal Bus Routes

How long will it take to get to work or the children to school and extracurricular activities? Carefully consider bus routes and whether school busing is available the area.

Consider Your Lifestyle and What is important to you in a Fort McMurray Neighbourhood.

Proximity to shopping, restaurants and amenities? Walking distance to schools and sports facilities? Nearby parks, playgrounds, outdoor ice rinks and trails?

Do you prefer a more rural private setting in areas such as Saprae Creek, Draper, Gregorie Lake and Anzac, or a busier more active area in the center of all the action with the comfort of nearby neighbours like Eagle Ridge or Downtown?

Established or Newer Neighbourhood?

Both have advantages. Newer neighbourhoods such as North Parsons Creek and Stone Creek often feature the most updated features such as skate parks and water features. More established areas often offer larger lots and fantastic features such as the outdoor gym in the Thickwood area. Consider some of the rebuild areas like Beaconhill that offer many brand new homes, larger lots and new amenities being rebuilt.

Schools

If you have children or are planning to have them soon, this is probably one of the most important considerations when looking for a good neighbourhood  How will your child get to school?? Is it safe? Is it walking distance? What are the bus routes and where is the bus stop? What does the local school offer? Do you require certain language, educational or sports options?

Here are some tips to help you decide which Fort McMurray neighbourhood is the right one for you:

Drive, Bike or Walk Around the Area

Take note of the types of homes and services available in the area. It is important assess how your potential neighbours care for their yards. Pride in ownership is important. All great neighbourhoods have this in common. Areas that offer well maintained yards and homes show home ownership pride and impact your lifestyle, the betterment of the area and future resale value.

It is also important to note the demographic in the area. Your Lore Group Realtor can assist you with this information. Is the neighbourhood family friendly? If there are lots of families in the neighbourhood this a real draw for buyers with children. Are there opportunities for children to play, socialize, and make lifelong friends?

Now that you have the perfect home and neighbourhood in mind and a general sense of your requirements and what is important to you it is time to start shopping. Contact your Lore Group Realtor and let’s get out there and find you a home in a neighbourhood that suits your lifestyle, dreams and values.

DO YOU OWN A COMMERCIAL PROPERTY THAT HAS BEEN VACANT IN THE LAST YEAR?? YOU MAY BE ELIGIBLE FOR A TAX REDUCTION

Thu, 11 Jan by The Lore Group
Property Taxes, they are a part of every commercial property. As a Landlord, you pass that expense onto your tenants, as a Tenant, it is an expense you pay as part of your leasing costs. Imagine if there was a way to put some of this money back in your pocket! There just may be, read on for more details:

If you own either an officeindustrial or retail building that has had vacant space for over 90 days, you can apply for a property tax reduction.

  • Filing deadline: last day in February of each year
  • Property must have been available for lease
  • Must be vacant for a consecutive period of 90 days
  • Rebate between 30 – 35% of taxes

OR

If you recently purchased a officeindustrial or retail building, the prior use of the building may be different than your or your tenant’s current use. This could mean a significant change in the property tax rate. The window of opportunity to appeal the tax rate is until March 31, 2018.

 

WHY MOBILE HOME OWNERSHIP MAY BE A GREAT OPTION FOR YOU

Tue, 09 Jan by The Lore Group

WHY MOBILE HOME OWNERSHIP MAY BE A GREAT OPTION FOR YOU

The Lore Group is often asked by purchasers if buying a mobile home is a good investment. Here are a few points we think purchasers should consider:

YOU WON’T BREAK THE BANK WHEN PURCHASING A MOBILE
Many people view home ownership as an unattainable dream. When purchasing a mobile home, you get to enjoy the perks of home ownership without the often higher financial cost of a traditional single family home. In this regard, mobile homes can make homeownership easier to achieve. And since mobile homes usually cost less per square foot than a stick built home, you can get more space and amenities for your money. Mobile homes can be purchased new or used, with used homes often offering even greater savings. The money saved affords a buyer much more freedom to experience all that life has to offer.

LOCATION, LOCATION, LOCATION
The negative stereotype of mobile home parks couldn’t be further from the truth. Most Fort McMurray mobile home communities are gorgeous! Check out areas such as Morgan Heights, Westborough Heights & Cartier Park in Timberlea. Newly rebuild areas in Beaconhill and Waterways offer both resale and brand new homes built with the most up to date energy efficiency packages. These beautiful neighbourhoods feature parks, playgrounds, waterparks and are close to schools and amenities.

QUALITY, SAFETY & ENERGY EFFICIENCY
Modern mobile homes are built in controlled environments by professional tradesmen. This means they can be consistently built to a high standard.
Many of the well-known mobile home builders are well-regarded throughout the industry for creating excellent homes, solidly built to exacting standards that address every aspect of the home; heating, plumbing, air conditioning, thermal and electrical systems, structural design, construction, fire safety & energy efficiency. Inspectors ensure that all standards are met, along every step of the way, from design, to construction to assembly. Recent technology has driven design forward and further improved the quality of Mobile Homes in a streamlined, proficient way that makes this type of housing affordable, safe, custom and environmentally sustainable.

ENJOY YOUR OWN PRIVATE YARD
For those with a love of gardening or family gatherings around the fire pit, mobile home ownership may be a perfect fit. Mobile homes in Fort McMurray have the added benefit of their own private and spacious yards. Safe and fun space for your children and pets to play, in many cases without restrictions often imposed by conventional condominium life, many lots feature generous privately owned parking and room to store all those toys.Fort McMurray offers both bareland condominium, and non condominium neighbourhoods. It’s important in any neighbourhood to become familiar with any rules and restrictions when determining if it’s the right place for you to set roots.

EMBRACE YOUR FREEDOM
There are so many different types and configurations of mobile homes, you can embrace this freedom and choose a home layout and décor that suits your lifestyle and personal taste. With mobile home lots now available to purchase at a reasonable cost, you can choose and customize your own brand new home! The most desired features of site built homes including bathrooms with whirlpools, walk-in closets, bay windows, fireplaces and fully-equipped kitchens with top of the line appliances. On the outside, you can choose your siding material and even build features like patios, decks, awnings, out buildings and fire pits, and in some cases yards are large enough for a garage. You can personalize…upgrade, paint, or completely remodel anytime you want. An added benefit to mobile home ownership is no overly close neighbor’s. While it is nice to get to know your neighbors, it’s also nice to have your own privacy. Unlike apartments, when you live in a mobile home you don’t share walls or a yard with your neighbors.

RESALE VALUE
The Real Estate market in Fort McMurray has not been without its changes in the past few years. It may interest a purchaser to know that on a percentage basis mobile homes have retained the strongest values year over year in 2017.
Research, Research, Research
All things considered, when buying a new home is there any reason not to go the Mobile Home route? Whether you are a first-time home buyer, looking for a change from apartment life or making the transition from a traditional single family home the process can be daunting. With so many mobile home sizes, designs and locations to choose from, the options are seemingly endless. A Lore Group Realtor would be pleased to assist you with the research required to find you the perfect home in a location you will love.

THINKING OF SELLING YOUR MOBILE HOME??

If you are considering selling your Fort McMurray home and would like a FREE MARKET EVALUATION feel free to contact Micheal Cammock, Jamie Hewat, Tristan Parker or Susan Lore to find out how much your home is worth in today’s market and how The Lore Group, Coldwell Banker Fort McMurray, can help you.

DECK NEW HALLS THIS WINTER

Tue, 14 Nov by The Lore Group

WHY BUYING A HOME DURING THE WINTER MONTHS CAN BE A SMART MOVE.

Winter is usually when people are looking to deck their own halls—not buy new ones. But buying a Fort McMurray home in November, December and January can have some big advantages.

While the cold, snow and short days may tempt you to hunker down and stay inside, winter could be a perfect time to find the home of your dreams for a great deal. Here are a few reasons why:

 REAL ESTATE SALES COOL DOWN

Traditionally during the winter there are fewer homes on the Fort McMurray market. As the weather cools, so does the Fort McMurray Real Estate market and many people wait to buy or sell until warmer weather hits. This means there are fewer buyers to compete with. It is simple economics-less buyers means lower demand, this can work in your favour and increase the odds that you find a house that ends up being a perfect fit. As things slow down, sellers and their properties get less action and this may make them more eager to work with you.

SKIP THE FORT MCMURRAY PEAK REAL ESTATE SEASON

Prices are normally at their highest during the spring and early summer months. Inventory rises, but there are a lot more buyers competing for properties and sometimes multiple offers. The laws of supply and demand are always a factor in Real Estate. This year due to the Fort McMurray wildfire rebuild, there are many awesome new homes coming to market for you to choose from.

SELLERS ARE MOTIVATED

Winter may not the ideal time for some to sell so sellers with properties in the market can sometimes be highly motivated by something urgent or time sensitive such as a new job, growing family or pending retirement. A winter sell can be a good indication of a seller’s motivation. For many people, it’s emotional. The end of the year brings closure and they want to tie up loose ends. Many sellers will want to get the deal closed.

NOTICE HOW A HOME WORKS IN HARSH WEATHER

Fort McMurray is known for long cold winters and brisk warming trends offering respite and fluctuations that will test the ability of a home to insulate and protect its residents. Serious problems are more likely to be detected such as drafty or frosted windows and doors, heating, plumbing, ice damning, roof and gutters issues. Winter is the ultimate litmus test of a home and most of its systems. This information is vitally important and can be useful when establishing price.

TAX MOTIVATIONS FOR WINTER BUYERS AND SELLERS

Year end is coming and many investors and corporations can take advantage of buying or selling properties to improve their tax situation. This could work to your advantage as timing is everything.

 MORTGAGE RATES MAY RISE IN 2018

This is no small matter. Scotiabank’s out with a new prediction. The nation’s #3 mortgage lender says rising rates will cause average mortgage carrying costs for new buyers to jump 8% in 2018 and another 4% in 2019 (assuming stable home prices). Now is a great time to prequalify for a mortgage and lock in to get the best mortgage rate you can. Buying during winter, before rates have a chance to increase, is a clear winning strategy if you want to save extra money.

THE HOLIDAYS MAY MAKE EVERYONE A LITTLE BIT MERRIER

As friends and family gather, many are in good spirits you may just get a better price based on holiday cheer.

THE LORE GROUP REALTORS LOVE THIS TIME OF YEAR

Don’t let winter put the chill on your house hunting efforts. If you are interested in viewing property a Lore Group Real Estate professional would love to tour with you , and walk you through the home buying process. Put on those cozy winter boots, bundle up, pack a warm cup of cocoa to go and let’s get out there.

FOR A LIST OF AVAILABLE FORT MCMURRAY PROPERTIES CALL OR TEXT SUSAN LORE, MICHEAL CAMMOCK, JAMIE HEWAT, TRISTAN PARKER OR SHERYL SCOTT AT 780 370 3325

 

 

 

 

How To Avoid Costly Mistakes When Leasing Commercial Property

Mon, 06 Nov by The Lore Group

Don’t put off searching for a new office space until the last minute

Tenants seeking Commercial space in Fort McMurray under 5,000 square feet should start a search at least 6 months ahead of time. Allow ample time for your Real Estate professional to search for a space that fits your requirements. You will need time to perform due diligence, negotiate and draft the lease. In cases where the space requires build out or remodelling plan for additional time to work with planners, architects and construction crews, this can take up to a year.

For large spaces businesses, should begin the planning process at least a year prior to expiry of their current lease. The larger the tenant the more complex their business needs may be. Big corporations need to start earlier to allow time to find the best possible fit.

Put together a team of professionals

Don’t go it alone. Putting together a team of qualified professionals may be your most important task. Choose a local experienced, full time Fort McMurray commercial agent who can share market trends, demographics, provide research on comparable rents and knowledge about the various areas for consideration. Many businesses make the mistake of not engaging the services of a local leasing agent. A Fort McMurray Real Estate agent can find you the optimal location assist you with finding the perfect commercial or industrial property, negotiate favourable terms and craft an offer to lease that will help you save time and money. Engage the services of a commercial Real Estate lawyer to review the finer details of the lease. You may need to enlist the services of professionals such as an architect, inspectors, accountant, various trades and in the case of larger businesses a project manager to serve as a single point of contact. Your Fort McMurray Real Estate professional can assist you with assembling a team.

Know your budget

Budget is important. Research all the costs to operate a space and your business. Many businesses wind up over budget because they didn’t review all the costs. Consult with your financial institution, accountant and review your business plan. While budget is important be open minded in your property search. Don’t let the rate be your only consideration. Bear in mind corporate image, visibility, parking, and the utility of the space and other complimentary businesses in the area that might create great synergy. Taking into consideration items such as this can help boost your corporate image, retain employees and attract new business.

Do your homework

Evaluate the buildings mechanical infrastructure to determine if it meets your business needs. Inspect the space or building inclusive of mechanical, electrical, plumbing and HVAC to ensure it is in good working order before you commence the lease. Be certain all building safety codes are met and the proper permits are up to date for any development in the space. Double check with the RMWB on zoning and ensure that your use will be permitted so that you can obtain a business license. Many businesses have made the huge mistake of assuming zoning alone is enough to ensure a business license. If your business requires a heath inspection check ahead to ensure you can meet applicable standards. Carefully review hours of operation, parking regulations, elevator access, security details, property tax and operating expenses. Did you know that many Landlords charge additional operating costs for running HVAC after normal operating hours?? Be in the know and avoid unplanned for costs that can affect your businesses bottom line.

Measure, Measure, Measure

When leasing commercial space, as a tenant, you must be 100% sure of the amount of space you are paying for. Do not rely on the landlords plans alone. Don’t be afraid to require the Landlord to prove it with a BOMA certified drawing. It could be a costly mistake if you do not have the space properly measured by a space expert.

Negotiate 

No term is too small to negotiate. Ask for favourable clauses that will benefit you. Explore Landlord incentives such as tenant improvement allowances, rent free periods and moving allowances. Carefully review options such as the option to sublease, terminate, extend and expand. Negotiate items such as designated parking and after- hours operation. Plan ahead for the future growth of your business. Address caps and terms for operating costs, pass through charges and negotiate the right to independently audit any charges.

If you would like to learn more about leasing or are considering leasing a commercial space for your business and contact Susan Lore, The Lore Group, Coldwell Banker Fort McMurray or visit our website theloregroup.com to view a list of available properties.

Documents Involved In Selling a Home in Fort McMurray

Wed, 06 Sep by The Lore Group

Working with a Real Estate Agent brochure

It is mandated in law that both buyers and sellers are given the working with a real estate agent brochure that spells out the relationship with the realtor or agency. You will sign on the brochure to acknowledge having the discussion with the agent. The signed disclosure statement can be torn off and safely kept.

The signed statement doesn’t place you under any obligation to the realtor. It is only a confirmation that you discussed the representation options with your agent.

MLS Listing Contract

Sellers sign a Multiple Listing Service (MLS) Listing Contract with their realtor outlining the terms of their listing. The contract will include the length of time for the listing, all the parties to the listing, the price, the commission to be paid, the address and the legal description of the property to be sold, how the seller is to be paid, the financial obligations, the preferred possession date, and other information regarding the property.

The contract is between the seller and the listing agency and not the salesperson. If the salesperson leaves the company, the seller and listing company make the decision to carry on with the listing or get it assigned to another salesperson.

Data Input Form

The Data Input Form is filled out by the realtor and will provide information required to list your property. The information includes the lot size, number and size of rooms, construction type, style of the house and more. The information is entered into the MLS database for matching the house with buyers.

Exclusive Listing Contract

The Exclusive Listing Contract is used to limit listing the property to only one Multiple Listing Service. The exclusive listing is only publicized by way of advertising and not through the catalog/computer.

Sellers are mistaken when they think that an exclusive listing will get more buyers and fewer “lookers.” In reality, Realtors working with buyers start by searching the MLS catalog/computer and overlooking the exclusive listing. Simply put, the greater the number of people who know about a property the greater the chance of landing many serious buyers who meet your terms and asking price.

Listing Amendment

The listing amendment form helps to make changes to the original MLS or Exclusive Listing Contract. The changes may include changing the price, extending the listing date, altering the wording on the print- out, correcting measurements, and correcting tax or financial information. The form is to be signed by both the seller and manager of the listing agency.

Listing Cancellation

The Listing Cancellation Form is filled out by the seller and the realtor to cancel a listing. The form carries a preprinted clause that states that if the property sells within 60 days of cancellation, or before the natural expiry of the listing (whichever comes first), the seller is liable for a commission. It makes sure that the realtor is compensated for the advertising dollars and hours spent showing a home prior to a listing cancellation.

The seller should talk to the manager of the listing agency about their concerns if they think they are dissatisfied with the service of a realtor. The listing agency will work to achieve satisfactory results.

Hold Action Form

Your realtor will help you fill out a Hold Action Form to temporarily stop marketing a home. The form is used to instruct other realtors who have access to your listing via the MLS system that you wish to delay the sale of your home.

Property Disclosure Statement (PDS)

The seller is legally bound to provide accurate information concerning the property put on sale. The information will include knowledge about the property, any upcoming expenses, defects that the owner is aware of and other assessments in strata-titles properties.

All this information is filled out by the seller on the Property Disclosure Statement form. All answers should be complete and correct to avoid liability on the seller. The buyer must make other inquiries to ensure that every aspect of the property is covered. The realtor is prohibited from filling out the PDS on behalf of the seller.

Limited Dual Agency Agreement

The limited dual agency agreement is completed where the agent represents both the buyer and the seller in a single transaction. The agreement will provide authorization to the agent to present the two parties in a limited capacity, while maintaining the confidences of the parties with regard to negotiating positions and personal information. The form is particularly used where two salespersons from the same company are handling a transaction.

Contract of Purchase and Sale

It is the standard contract that is signed by the sellers and the buyers. The contract of purchase and sale outlines all aspects of the transaction such as price, handling of existing tenants, terms and conditions, dates, the deposit and increases, inclusions and exclusions, and other legal matters such as matters added to the preprinted contract and added clauses.

Addendum

A special preprinted addendum is added to the basic sales contract if there is financing to be cleared from the title before the seller is able to provide clear title or where financing is required after the title is registered in the buyer’s name.

Addendum (without printed clause)

The basic blank addendum is used to include additional clauses to the contract where there is insufficient space on the contract. The buyer signs the form to indicate removal of the clause.

Amendment to Contract of Purchase and Sale

The document serves to remove conditions (subject removal) when they have been satisfied such as where the buyer must find financing by a specific date.

Leases

The lease is commonly used in commercial transactions as opposed to residential transactions. Some tenants and landlords will prefer to use the lease to guarantee the stability of tenure.

The commercial lease is a complex document that must be drawn by experts in the field and should be reviewed by lawyers of each party.

The residential lease is not entirely complex since it is simply an outline of rules and regulations in the building, the expectations of the owner and the tenant not captured in the Residential Tenancy Act.

Consult a Fort McMurray Realtor or lawyer if you encounter challenges in drawing up and in the interpretation of specific clauses.

Mortgages

Mortgages come in different formats depending on the lending institution. A simplified form is used whereas the larger form is used where deviations occur. Buyers are advised to check if document reflects the contents or terms agreed to when signing the commitment letter. Check and confirm the interest rate, the amortization period, the assumability of the mortgage if the property is sold, the prepayment privilege, the options (if any) for increasing the number of payments or making lump sum payments, and the portability of the mortgage if the seller wishes to use it on another property.

If you are a seller who is carrying financing for a buyer of your property, ensure that your lawyer reviews the documents before signing them. If you are a buyer who is asking a seller to carry financing, ensure that your own lawyer reviews the documents as well. It will help to avoid serious issues that may arise where the parties are unfamiliar with mortgage financing laws.

If you have any question regarding selling your Fort McMurray home, then consult with our experienced team of realtors at The Lore Group.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Ft. McMurray Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.