Buyers

 

PRE-QUALIFYING

This step is crucial to our success in finding you what you want, and can afford. Using a mortgage broker is great in that they are not tied to any one bank, so you are truly having your best interests taken care of. With your home being one of the largest investments in your life, researching your options to find the lowest rate & terms is essentially what a broker does. They scout for the best rates & terms, which is the majority of the legwork you would have to do on your own.

INITIAL MEETING

To represent you properly, I like a coffee meeting to talk to you, find out what you are looking for & make a “business plan” for your house hunting. Our real estate market is rapidly changing, and I take full advantage of social media as a house-hunting tool as well as selling tool. Twitter, LinkedIn, Facebook, blogging, & my website, are a HUGE factors that contribute to the overall success in finding a home right for you. Gone are the days of only using the MLS as the tool of choice for Realtors®. However powerful it is, I use social media & implemented it aggressively to get the job done. Shortly after our meeting, you will be receiving email notifications from me on homes that match what you want, and from there we will plan our move to get out and shop the local market.

AGENCY

Agency relationships are crucial for both buyers & sellers. It is created in 2 ways; implied (created by the actions of parties) & express (created by giving consent (either written OR oral). The Real Estate Act requires me, your Realtor®, to explain the relationships & obligations I have to you throughout the course of our business. Once you decide to hire me, we will formalize the relationship through a written service agreement. The first thing we do together is expressly create this agency relationship by means of the BUYER BROKER AGREEMENT.

This is an agreement that sets forth what you can expect out of me, and what I expect of you. Here, you grant the brokerage the authority to find your property on the terms & conditions in the contract. We will be discussing in detail the agency relationships that are created or may be created throughout the course of doing business together.

AGENCY RELATIONSHIPS GUIDE:

We will be speaking in detail about “agency” and the Agency Relationships Guide will be given to you and you will be asked to sign that you agree to our relationship. It is a requirement that you be properly informed of how agency affects our business relationship and how different scenarios may require us to change our relationship to facilitate the purchase of your home.

Sole Agency: Most relationships begin in sole agency, which is established in the Buyer Broker Agreement. If a situation presents itself where I may be representing both you the buyer, and a seller home you want to place an offer on. This situation is called DUAL AGENCY.

Dual Agency

A situation of dual agency is when the brokerage or its industry member represents both the buyer & the seller in the same trade {CREB}. A conflict of interest arises when trying to properly represent the best interests of two opposing positions (that of seller & buyer). We then enter into what we call transactional brokerage & some key points to understand under this circumstance are:

-that you understand my role as now a facilitator of the purchase/sale. I become a neutral entity and help both parties come to a mutually acceptable binding contractual agreement.

-You need to understand that under transactional brokerage, I am obligated to share non-confidential information you have given me to the other party.

-Under sole agency, I was obligated to disclose everything I know to you. Now, to facilitate the contract under dual agency, if the other party asks me to keep something confidential, I must do so.

-As dual agent, I cannot try to help you get the best deal to the disadvantage of the seller.

-Any advice I give to you, must be disclosed to the seller. Any advice I give the seller, must be disclosed to you, the buyer.


If you show interest in one of my listings or a listing within the same brokerage I work for, here is what needs to happen before your offer can be prepared;

  1. I must present this change in agency to both you AND my seller with whom I have a listing. IF THEY REFUSE DUAL AGENCY, I have to respect their wishes and continue to represent them. If they agree to dual agency we then enter into transactional brokerage, which both parties sign (Transaction Brokerage Agreement) and proceed under dual agency to facilitate the transaction.
  2. Refuse the Transaction Brokerage Agreement & I will then direct you to another brokerage which can then help you write your offer to purchase.

As your Realtor®, my job is to find you a home that matches your criteria & needs and to best represent you & protect you under contract. Your comfort & satisfaction in how you are being represented will be upheld and respected in its entirety.

LET’S GO SHOPPING!!

Obviously this is a great day. You know what you want, what you can afford and now, it’s time to shop. Short-listing and reviewing our initial goals will be encouraged today. We will go until the job is done & until the list is down to a few homes you want to seriously consider.

WRITING YOUR OFFER

All our hard work is now down to that one home. As nail-biting as some find in writing an offer keep in mind that the seller’s have their home on the market to sell it…and my job is to represent you under contract to the best of my ability. Here’s the process:

a) Using recent market comparables of homes recently sold, I will help you understand the community & its real estate statistics so you can come up with determining the offer price.

b) Terms: these are the nitty-gritty legal clauses that make up the offer to purchase. These terms are the legal entities that will have to be abided by so that there is no breach of contract on either end. These are crucial to your offer being solid & legally binding in order to best protect you between now and closing day.

c) Conditions: these are clauses that must be fulfilled in order for the transaction to even complete, and have time limits that need to be followed or the contract is in breach. Conditions will need to be waived on a specified date. If your offer is accepted with conditions attached, we will meet again to waive the conditions. Conditions are pertinent in making sure you know what you are getting yourself into. Most common conditions are home inspection, or financing approval.

d) Deposit: in Alberta, all offers must be accompanied with a cheque or certified cheque, usually made payable to the brokerage of your Realtor®. Deposit money is the legal way of proving you are serious, and are acting in good faith in your interest in the home you want. This deposit is fully refundable if the conditions on the purchase are not removed. However, after the conditions are waived, the deposit becomes the sellers security that this transaction is solid and you will buy the home (and now is non-refundable)

e) Presentation of the Offer & Negotiations: Many variables come into play now, and not always regarding price. Terms, conditions, days on the market, the community statistics & any other offer’s that are competing with ours; these will guide our approach to the seller. It is here that the very reason you chose me to represent you as your Realtor® comes into play. I take great pride in my work, my negotiation strategies and my love for real estate. You need now take comfort, and place trust in the fact that we all want one outcome. It’s just a matter of meeting somewhere in the middle.

SATISFYING THE CONDITIONS

After the offer is accepted, the conditions placed in the contract need to be satisfied by means of usually inspections, financing & researching information about the home. As your Realtor®, a large part of my job is arranging that all these conditions are set up by means of the appropriate service personnel, inspection arrangements or working with your mortgage broker to obtain solidified financing. All conditions have time limits and I will be meeting with you shortly after all of the conditions have been satisfied to have you sign a waiver of conditions, which I then send to the seller’s agent. At this point, the home is considered officially “SOLD”. Once this waiver is signed, we wait for that much anticipated move-in date. WE’RE ALMOST THERE!!!!!

**Now is the time to call the moving company** Book early!!

CLOSING DAY PREPARATIONS

Depending on the agreed possession date, this step may be less or more stressful due to time constraints. You are probably emotionally exhausted from the actual offer & acceptance process; however, there are still necessary phone calls, preparation and appointments for possession day that need to be addressed. Many people find that even taking an afternoon to concentrate on changing utilities, phone numbers, making your legal appointments, much of this can be put to rest and concentrate on things that you want to do instead: PACK!!

 

GETTING READY TO MOVE!!
Take a deep breath and soon, this will all be over & you will be in your new home!

  • Lawyer: I will help you get the required paperwork to your lawyer. Be prepared to meet with your lawyer about a week before closing day & you will need to have home insurance information, the rest of your down payment, tax adjustment payments, signing of paperwork etc. However scary this may sound, your lawyer will walk you through everything you need to bring, and I will help you along so nothing is forgotten.
  • Down Payment: Remember to talk to your bank or mortgage broker frequently now to ensure that this payment will be accessible for your lawyer meeting.
  • Call your moving company: Confirm everything again. Trust me on this. The last thing you want is to be waiting around for a moving truck and someone on their end forgot to put it in the books!!
  • Home Insurance: Cancel old insurance & begin insurance on the new home for possession date. Your lawyer needs this information so send it right away to them. If this is not done, your mortgage funds will not be transferred.
  • Utilities: Cancel old & set up for the new house. (phone, cable, internet, power, water, gas, taxes) Check the CONCIERGE tab for a complete list.

POSSESSION DAY!!!!

I will meet you at your new home for a comprehensive walk-through. We will go through all the rooms and check off all of the agreed upon home inclusions or changes that were a part of the contract. Typically we look for damage from the moving process and home appliances that aren’t in the working condition that they should be. We also check to see that the appliances are the same models that were initially agreed to your offer. Once we complete the walk-through, I contact the sellers agent and lawyers of any concerns (if so, the sellers will be held responsible to make right the issues we discovered & they will be held accountable to remedy them to avoid legal repercussions). Regardless, cheers! You can now celebrate.

The keys are given to you and the home is YOURS.

**As your Realtor®, I will be making a follow-up meeting to make sure you are settling comfortably and that any concerns that have arisen are being taken care of in a timely and proactive manner. There are always little issues that come up after you move in, and I am here for you to make sure you are proud you hired me to represent you in the purchase of your home**

 

The trademarks REALTORS®, REALTOR® and the REALTOR® logo are controlled by the Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA and are strictly used under license.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) these trademarks identify the quality of services provided by real estate professionals who are members of CREA and are also used under license.