Dreaming of buying a new home?
Whether you are ready to buy now or are just starting to pay attention to the Market, I can help you get started and will be with you all the way. Contact me to get you started on the search and taking steps to fulfilling your dreams.
You may be filled with questions about what goes into buying a home or understanding terminology you may have heard from friends and family that have gone through the process. Below are some of the more common questions I hear.
The standard practice is for the commission to be paid by the seller for both the buyers and the sellers agents.
I strongly recommend you get preapproved by a professional before you start looking at properties. If you need a referral, I am happy to point you to some great professionals! There are many factors that affect your approval amount; Your income; Your Credit history; your debt; the amount of cash you have available for your down payment and closing costs.
Yes. Do not make any new financial commitments without discussing them with your lender. They can have a big impact on your ability to be approved for a mortgage.
You may need to hire the services of the following professionals. If you require, I can provide you with some contact info. Home inspector, Lawyer, Mortgage Specialists
A Real Property Report (RPR) is a Surveyors report that shows the current state of improvements on the land. As per the standard purchase contract for Alberta it is required for the seller to provide an RPR to the buyer. If you have added a structure or fence to your property since you bought you may require an update to your Real Property Report.
If you are a first time home buyer you may utilize the RRSP Home Buyers Plan to withdraw up to $20,000 per person, tax-free. The funds must be in the RRSP for 90 days or more before being withdrawn. The funds need to be repaid to the RRSP Beginning 60 days after the end of the second full calendar year following the withdrawal by means of equal annual payments over a 15 year period or sooner. If 1/15th is not repaid each year, the unpaid amount is added to that years income and subject to tax.
Restrictions put in place by the developer of land that restrict how the owner uses the land, size of house, landscaping, etc.
An Easement gives an individual or corporation the right to the limited use of another’s land. An example is the limited right of way to utilities that are necessary for utility services such as water lines.
An encumbrance is a liability or claim against or limitation on real property. Encumbrances include liens, deed restrictions, easements, encroachments and licenses.
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