Buying a home has never been easier!
There are so many wonderful communities in Calgary and the surrounding areas
to choose from. Whether you are buying a new or resale home I can assist you
in so many ways to ensure you receive the highest level of service and expertise.
By providing access to accurate market information, current statistics and important
trends you will become an informed purchaser!
Below is a list of
commonly asked questions. |
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What
are the costs above and beyond the price of the house?
There are additional costs when purchasing a home in Alberta. These costs can
include:
• Legal
Fees ($800-$900)
• Property
Inspection fees ($250 – $400 approximately)
• Moving
Costs
• House
Insurance
• Mortgage
application fee
• CMHC
insurance premium
Should
I have an inspection done before I agree to buy a property?
Yes. An inspection allows for an unbiased third party to assess the condition
of the home. This is the time to learn about the current state of the exterior,
roofing, electrical system, plumbing, heating on so on! The average cost of a
home inspection will range from $275.00 - $400.00 depending on the size of the
home.
Do
I have to pay a deposit when I buy a property?
Yes and No! Although you do not legally have to give a deposit, most if not all
vendors will not be satisfied with an offer if it is not accompanied with a deposit
cheque in good faith of completing the transaction. Would you sell your home
without a financial commitment from the buyer to try to complete the sale?
Are
there any advantages for first time buyers?
First time buyers can use their
RRSPs (up to $20,000.00 per
individual) to assist in the
purchase. Karen Blomquist of
Mortgage Intelleigence states "Buying
a home has never been easier! If you are self employed, or have nothing saved
to put down, you CAN get a mortgage. Low interest rates and mortgage lenders
who believe in making it easy to get a home, have changed the landscape." Call
Karen to make sure you have
the best mortgage @ 781-6665.
Do
I have to pay GST when I buy a property?
If the original developer
or builder is not selling
the property, you are not
required to pay GST. If
it is a new property being
sold by the original developer
or builder, GST will be
applicable. When purchasing
a new home, the price usually
includes net GST and the
rebate is assigned to the
builder. GST also applies
to the purchase of raw
land, an empty lot and
property that has been "substantially
renovated". Contact
Canada Customs and Revenue
Agency. www.ccra-adrc.gc.com
or 1-800-9595525
If
GST applies, can I apply for a GST rebate?
Yes. You will need to obtain the form GST 190 E(01). See the guide called GST/HST
New Housing Rebate available from Revenue Canada. Contact Canada Customs and
Revenue Agency at 1-800-959-5525 (web address: www.ccra-adrc.gc.ca). Ask the
lawyer or Notary handling the conveyancing for you to assist you in applying
for the rebate. Please note that most new homes listed for sale with a Realtor
and the Multiple Listing Service already include the net GST in the price of
the home and the rebate is assigned to the builder unless otherwise agreed to
in writing.
I
already own a property. Should I buy or sell first?
This is a situation many home purchaser face. It depends on your personal circumstances
and financial situation. Consult with Susanne to discuss a strategy that best
meets your needs.
What
is Buyer's Agency?
Buyer's agency is when a
buyer appoints an agent to represent them in an agency relationship.
The principal (in this case the buyer) appoints an agent
(the company which the sales associate is licensed with)
to represent them as their agent in the purchase of a property.
The agent (the company and their sales associates) is legally
obligated to protect and promote the interests of their principal.
A principal (buyer) may appoint their agent through a written
agreement called an Exclusive Buyer's Agent Contract. This
is similar to the listing contract that a seller would sign
with an agent when appointing an agent to sell their property.
An appointment of a buyer's agent can also be made verbally.
This process requires that a realtor describes the various
forms of agency representation to a buyer and then receives
verbal confirmation of their appointment as the buyer's agent.
Should
I list my home with the Realtor who simply suggests the highest
price?
No. Make sure you have a solid understanding of comparative sales and listings
in your area. Pricing of a property is up to the discretion of the Realtor and
homeowner. Make sure you have all the facts before you list! The suggested asking
price should be consistent with the market and price should not be the only criteria.
Do
I pay a commission when I buy and sell a property?
A commission is payable when you sell a property, but not when you buy. The seller
of the property is responsible to pay all commissions and those commissions are
accounted for in the selling price of the home.
Susanne Harvey |
phone: 403.862.4911 | susanne@theperfectpad.com
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