Why You Should Work With An Industry Professional

Using a licensed industry professional protects you as a consumer. It’s that simple. Not only do licensed industry professionals have the education and experience to competently assist you in a transaction, but RECA also holds them accountable to ensure they meet the high standards of professionalism and behaviour set out in the legislation.

Hiring someone who isn’t licensed leaves consumers without important protections.

How RECA Helps Consumers

Consumer Protection Fund

The Consumer Protection Fund protects consumers who use a licensed professional. The Fund compensates consumers who have suffered a financial loss due to fraud, breach of trust, or failure to account for money held in trust. This applies to consumers with their own licensed professional and to licensed professionals working for the opposite side in a transaction.

Criminal Record Checks

All licensed professionals undergo a Criminal Record Check prior to receiving a licence from the Real Estate Council of Alberta (RECA).


Licensed professionals must follow the standards set out in the Real Estate Act and Real Estate Act Rules. Failure to meet these standards can lead to sanctions or disciplinary proceedings by RECA.


Licensed professionals must complete rigorous pre-licensing education before applying for a licence from RECA. They also need to complete regular re-licensing education in order to renew their licence.

Real Estate 101: Everything You Need To Know

Buying, selling, and leasing property takes time, knowledge, extensive contracts, legal documents, and a considerable amount of money.

This is why licensed professionals can help. Real estate agents, mortgage brokers, property managers, and real estate appraisers have the knowledge, experience, and accountability to help and protect consumers through their transaction.

The Real Estate Council of Alberta (RECA) licenses and regulates these professionals in Alberta. Anyone offering the services of these professions must hold a licence with RECA.

How the Real Estate and Mortgage Brokerage Industries Operate

The Real Estate Act of Alberta requires individuals that represent consumers in a real estate transaction or assist consumers with obtaining a mortgage through a mortgage brokerage to hold a licence with the Real Estate Council of Alberta (RECA).

What’s A Brokerage?

Brokering is arranging or negotiating a deal on behalf of someone else. The brokerage is the company licensed by RECA to broker for you. They are the fundamental entity the public enters into a contract with to represent their interests and to broker a deal for them.

CONSUMER TIP: Even though you may see flashy advertising for a specific individual, it is that individual’s brokerage that you are actually hiring, with that individual representing that brokerage.

It can be confusing, so let’s simplify things.

Brokerage vs. Franchise

Every day you probably see advertisements from a particular real estate or mortgage franchise, such Re/Max, Royal LePage, Invis, or Dominion Lending Centres. These are not brokerages. Brokerages are individual companies holding individual licences with RECA. If you look closely at these advertisements, they will all have different names.

Re/Max 123 Realty has no affiliation with Re/Max ABC Realty, even though they share nearly identical branding and have Re/Max in their name. Your city may have several Re/Max-branded brokerages, but they are individual companies who pay Re/Max a franchise fee and are franchises within the Re/Max brand. This can often confuse the public. RECA licenses brokerages in Alberta, and does not regulate the parent franchise company.

Who Works In These Industries

Brokerages are companies licensed with RECA to trade in real estate or deal in mortgages on behalf of consumers. These companies can be sole proprietorships, partnerships, or corporations.

Brokers are individuals, licensed by RECA, who manage a brokerage. No matter how big a brokerage gets, there is always only one broker per brokerage. They are responsible for all brokerage activity, even if they don’t own the brokerage. In small brokerages, the broker often directly works with consumers in addition to management duties. In larger brokerages, brokers tend to focus on the management role.

CONSUMER TIP: Broker is a specific class of licence. Many mortgage professionals may call themselves a “mortgage broker,” but this does not necessarily mean they are the licensed broker for their brokerage; it simply means they “broker” mortgages.

Associates are individuals who hold a licence from RECA to trade in real estate or deal in mortgages. They have completed the pre-licensing education and registered with a brokerage, These are typically the people you will work with through your real estate transaction or mortgage deal. They do not have the management responsibilities that brokers have.

Associate brokers are associates who completed the necessary education to become brokers, but do not operate a brokerage. In larger brokerages, brokers sometimes delegate some of their management duties to associate brokers. Associate broker is a licensing class that is only available to real estate professionals.

Who Am I Really Dealing With?

When you sign a contract with a real estate or mortgage professional, you are actually hiring their brokerage. The individual you meet or speak to will sign the agreement on behalf of the brokerage, but ultimately, you are hiring the brokerage and not that individual. This is true even of designated agency brokerages. Your agency relationship is with the brokerage.

CONSUMER TIP: Be wary of advertisements saying you hire “the whole team for the price of a single agent.” This can be misleading. Every time you enter into an agreement with a licensed professional who works at a standard common law brokerage, you are hiring the brokerage, not that individual or their “team.”

What Will They Do For Me?

When you hire a licensed professional and are their client, they represent your interests in a transaction. They owe you undivided loyalty, confidentiality, and obedience. They will help you every step of the way with advice, document preparation, and through negotiations, and will carry out your lawful instructions, even if those instructions go against their advice to you.

Among other things, a real estate professional will:

  • draft agreements and offers to purchase
  • show properties to buyers
  • hold open houses
  • give advice
  • act honestly
  • maintain confidentiality
Among other things, a mortgage brokerage professional will:

  • take mortgage applications on behalf of the brokerage
  • discuss financing options
  • quote interest rates
  • give advice
  • act honestly
  • maintain confidentiality

RECA vs. Industry Trade Associations

RECA protects the interests of Alberta consumers by setting standards of behaviour and enforcing those standards. RECA administers provincial real estate legislation on behalf of the government. All real estate and mortgage brokerage professionals in Alberta must hold a licence with RECA and follow RECA’s standards.

Industry trade associations protect the interests of their membership. These trade associations include local real estate boards and provincial real estate associations. Membership in these associations is voluntary, and has nothing to do with RECA’s standards. These associations may have their own standards that their members must follow. The term REALTOR® is a trademark owned by the Canadian Real Estate Association, which is the national trade association for real estate professionals. Only CREA members can use this designation. All CREA members are REALTORS®, but not all licensed Alberta real estate professionals are REALTORS®.

Are Your Agent & Brokerage Licensed?

The public can check their industry professional’s licence status using the Find a Professional tool on RECA’s website.

What It Means To Be A Real Estate Customer

A customer is a person seeking information or assistance in a real estate transaction from a real estate professional, but does not want that professional to represent them. If you’re the customer of a real estate professional, they don’t have the same obligations or responsibilities to you that they would if you were a client.

Why would I want to be a customer?

  • you simply want to view a property through a brokerage or attend an open house, but you aren’t looking for advice
  • you haven’t decided if you are serious about selling or buying property and you aren’t ready to commit to a client relationship
  • you are still talking to different real estate professionals and are not ready to form a client relationship with anyone
  • you think you have the experience or sophistication in real estate matters to represent yourself
  • a conflict of interest arises while you’re working as the client of a real estate
  • professional and your real estate professional is no longer able to represent you

As a customer, the real estate professional is obligated to act honestly, ensure any information provided is correct, and exercise due care and skill at all times. Your real estate professional is also obligated to hold any monies received from you relating to purchasing a property in trust. A real estate professional can’t provide customers with advice, services that require the exercising of judgement or confidential information.

Customer Acknowledgement Form

If you want to be the customer of a real estate professional, they may ask you to sign a customer acknowledgment form. The customer acknowledgment form clarifies the details of the customer relationship, and it can help avoid disputes or misunderstandings later on.

The customer acknowledgement form requires you to acknowledge:

  • you have chosen not to be represented
  • the real estate professional does not owe you any agency obligations, including fiduciary obligations
  • that the real estate professional will not give you services that require discretion, exercising of judgment or provision of confidential information
There are Two types of listing agreements

Interview agents you connect with who are knowledgeable, professional, and well versed in all aspects of real estate. An agent who is an expert in your neighbourhood is the ideal candidate to assist in your home sale. They will be able to answer questions from potential buyers about the area, and what your home’s location has to offer.

There are Two types of listing agreements

Exclusive and Non-Exclusive Listing Arrangements

An exclusive listing arrangement means that you are granting your agent exclusive access to find a buyer for your home. With this type of agreement, no other agent will bring potential buyers to your home, because only the listing agent is entitled to the commission. You can arrange an agreement with your agent to have your listing posted to the MLS after an agreed period.

A non-exclusive listing arrangement means that your listing will be posted to the MLS system and other real estate agents can bring potential buyers to your home. Non-exclusive listings are the most common type of agreements in the Canadian real estate market.

How to Avoid Getting Stuck With Two Homes
You could run the risk of owning two home, if you sell first, you could end up homeless”

We’ve all heard the old saying about being caught between a rock and a hard place. Well, unfortunately, that’s where most homeowners find themselves when they decide to move from one home to another.

You see, if you buy before selling, you could run the risk of owning two homes. Or, just as bad, if you sell first, you could end up homeless. That’s what is known as the Real Estate Catch 22, and for thousands of homeowners, it’s an extremely stressful position they find themselves in.

This financial and emotional tightrope is one of many homeowners who feel they have to walk alone. However, you should seek out agents offering specialized programs that can eliminate the stress and worry associated with selling and buying another home.

The biggest dilemma when considering purchasing another home is deciding whether to buy first or sell first. Either way is risky because you could end up owning two homes or no home at all. Let’s face it, the real estate market has become a tough environment for buyers and sellers alike. The fact is that it’s more difficult to get homes sold today and therefore real estate agents must look for new and innovative ways to meet the demands of the market.

The Solution

A new and innovative program that some agents offer guarantees the sale of your home and take away all of the worry and stress associated with selling and buying another home.

Here’s How it Works

Your agent will prepare a total market analysis including a computerized printout of all comparable home sales and listings in your area.

With this information, you and your agent can determine a market value for your home.

This establishes your guaranteed price and list price which you will receive upfront (in writing) before your home is marketed.

You are doubly protected because you know that your home will sell for a guaranteed price. However, if you receive an offer from an outside buyer for more than the guaranteed price you get the higher offer.

You can confidently look for your next home and immediately place a firm cash offer (not a conditional one) when you find a home you like because you know the minimum that your home will sell for and when you can expect to receive the money from its sale.

This service eliminates the usual stress and worry (the emotional roller coaster ride) of whether to buy first or sell first so you can avoid the risk of getting stuck with two homes or no home at all.

Remember, not all agents are alike consider only those that can offer you the most innovative marketing plan available to ensure that your needs are met.

Six Mistakes to Avoid When Trading Up
“. . . you have to sell your present home at exactly the right time to avoid either the financial burden of owning two homes or, just as bad, the dilemma of having no place to live during the gap between closings”

Unlike the experience of buying a first home, when you’re looking to move-up, and already own a home, certain factors can complicate the situation. You need to consider these issues before you list your home for sale.

Not only is there the issue of financing to consider, but you also have to sell your present home at exactly the right time to avoid either the financial burden of owning two homes or, just as bad, the dilemma of having no place to live during the gap between closings.

Six Strategies

In this report, we outline the six most common mistakes homeowners make when moving to a larger home. Knowledge of these six mistakes, and the strategies to overcome them, will help you make informed choices before you put your existing home on the market.

  1. Rose-colored glasses

Most of us dream of improving our lifestyle and moving to a larger home. The problem is that there’s sometimes a discrepancy between our hearts and our bank accounts. You drive by a home that you fall in love with only to find that it’s already sold or that it’s more than what you are willing to pay. Most homeowners get caught in this hit or miss strategy of house hunting when there’s a much easier way of going about the process. For example, find out if your agent offers a Buyer Profile System or House-hunting Service, which takes the guesswork away and helps to put you in the home of your dreams. This type of program will cross-match your criteria with ALL available homes on the market and supply you with printed information on an ongoing basis. A program like this helps homeowners take off their rose-colored glasses and, affordably, move into the home of their dreams.

  1. Failing to make necessary improvements

If you want to get the best price for the home you’re selling, there will certainly be things you can do to enhance it in a prospective buyer’s eyes. These fix-ups don’t necessarily have to be expensive. But even if you do have to make a minor investment, it will often come back to you tenfold in the price you can get when you sell. These improvements must be made before you put your home on the market. If cash is tight, investigate an equity loan that you can repay on closing.

  1. Not selling first

You should plan to sell before you buy. This way you will not find yourself at a disadvantage at the negotiating table, feeling pressured to accept an offer that is below-market value because you have to meet a purchase deadline. If you’ve already sold your home, you can buy your next one with no strings attached. If you do get a tempting offer on your home but haven’t made significant headway on finding your next home, you might want to put in a contingency clause in the sale contract which gives you a reasonable time to find a home to buy. If the market is slow and you find your home is not selling as quickly as you anticipated, another option could be renting your home and putting it up on the market later – particularly if you are selling a smaller, starter home. You’ll have to investigate the tax rules if you choose this latter option. Better still, find a way to eliminate this situation by getting your agent to guarantee the sale of your present home (see point number 5 below).

  1. Failing to get a pre-approved mortgage

Pre-approval is a very simple process that many homeowners fail to take advantage of. While it doesn’t cost or obligate you to anything, pre-approval gives you a significant advantage when you put an offer on the home you want to purchase because you know exactly how much house you can afford, and you already have the green light from your lending institution. With a pre-approved mortgage, your offer will be viewed far more favorably by a seller – sometimes even if it’s a little lower than another offer that’s contingent on financing. Don’t fail to take this important step.

  1. Getting caught in the Real Estate Catch 22

Your biggest dilemma when buying and selling is deciding which to do first. Point number 3 above advises you to sell first. However, there are ways to eliminate this dilemma. Some agents offer a Guaranteed Sale Trade-Up Program that takes the problem away from you entirely by guaranteeing the sale of your present home before you take possession of your next one. If you find a home you wish to purchase and have not sold your current home yet, they will buy your home from you themselves so you can make your move free of stress and worry.

  1. Failing to coordinate closings

With two major transactions to coordinate together with all the people involved such as mortgage experts, appraisers, lawyers, loan officers, title company representatives, home inspectors, or pest inspectors the chances of mix-ups and miscommunication go up dramatically. To avoid a logistical nightmare ensure you work closely with your agent

The Right Price Affects Your Bottom Line

Also called mortgage brokers or mortgage associates, these are the people who help you find a mortgage lender and secure a mortgage for your property. After they receive their licence from RECA, they must register their licence with a mortgage brokerage.

CONSUMER TIP: Mortgage “specialists” who work directly for banks or lenders are not necessarily licensed mortgage brokerage professionals. In many cases they are simply bank employees or contractors who help facilitate you obtaining a mortgage with that bank.

They do not represent your interests and cannot find you a mortgage from a different lender. Use Find a Professional to learn if the person you are working with holds a licence.

Types Of Mortgage Professional Relationships

It’s important that borrowers understand the relationship they have with their mortgage broker. Did you know that when you’re talking with a mortgage broker about applying for and getting a mortgage, that broker’s business model may be to represent the lender, not you?

A Mortgage Broker May:
Represent the borrower (you)

When a mortgage brokerage represents you, as a borrower, you are a client. They must act in your best interests at all times, and will owe you general, fiduciary, and regulatory obligations. These include undivided loyalty, confidentiality, full disclosure, obedience, reasonable care and skill, and full accounting. They will recommend financing options to you, advocate on your behalf, and provide you with confidential advice.

Represent the lender

When a mortgage brokerage represents the lender, they act in the lender’s best interests at all times, not yours as the borrower. They can still work with you; however, they will treat you as a customer, not a client.

When you are the customer of a mortgage brokerage, that brokerage must:

  • treat you honestly and act with reasonable care and skill
  • gather information on the property you want to finance and on your financial situation
  • explain the lender’s options to you
  • complete the necessary documents and submit them to the lender
  • tell you about the transaction’s progress and pass along any communications from the lender to you

The mortgage brokerage cannot give you advice or act in any way that would be a detriment to their lender client. The lender has their undivided loyalty.

Act as an intermediary

A mortgage brokerage may act as an intermediary between you, as a borrower, and potential lenders. In this case, the mortgage brokerage is not representing you or the lender. Neither of you are clients; both are customers.

The brokerage will facilitate the mortgage deal by gathering information, explaining the options, completing the necessary documents, and keeping both sides apprised of the deal’s progress. They will not act to the benefit or detriment of you or the lender(s). Alberta mortgage brokerages often work as intermediaries when working with residential borrowers.

Each relationship option comes with different roles and obligations. In all cases, though, mortgage brokers have a responsibility to clearly explain their role to all of the parties with which they are working.

How To Sell Your Home Fast For The Top Dollar

Owning a home is more than the purchase price. Understand the hidden costs that come with homeownership.

Buying a home is a big investment – likely the largest one you will ever make. The cost to buy a home should be carefully considered to avoid the risk of financial difficulty in the future. Since this decision has a large impact on your wallet, we want to take some time to explore the many costs associated with buying a home. Doing your homework and knowing the average cost of these services in your neighbourhood will help you choose a home within a realistic price range.

Deposit: Depending on your location and the price of a home, you may need to put a deposit on a home as a security measure to ensure you don’t lose it to another interested buyer. If you are required to pay a deposit, it will become part of your down payment once you have purchased the home.

Down Payment: In Canada, the minimum amount you need to put down on a home is 5%. While this is realistic for most first time home buyers, having a down payment of 20% or more will help buyers avoid paying Mortgage Loan Insurance.

Land Transfer Tax: When you buy a home, you are required to pay a land transfer tax to the province upon closing. This tax is normally based on the amount paid for the land, as well as the remaining amount on any mortgage or debt assumed as part of the arrangement to buy the land. Cost will vary depending on your municipality, the size of the land and other factors. Alberta, Saskatchewan, and parts of Nova Scotia do not have Land Transfer Tax at all, while other provinces use a tiered system.

Appraisal Fee: An appraisal will normally cost between $200 and $300 but can vary depending on your location. This will help prevent you from borrowing more than you need to, and will prevent lenders from giving you too much.

Home Inspection: A home inspection is a necessary step in your home buying process and will normally cost an average of $350 depending on the size, age, and condition of the home. This helps ensure there are no unexpected maintenance or home improvement costs upon purchasing the home.

Property Insurance: While property insurance is likely already something you have factored into your budget, it’s important to do your research and find a reasonable quote that will ensure you are covered should anything unexpected happen.

Mortgage Insurance: There is mortgage life insurance, which is designed to protect the repayment of a mortgage if anything were to happen to you. There is also mortgage loan insurance if your down payment is less than 20% of the total house cost. Premiums for this type of insurance range from 0.5% to 3% and increase if you are self employed.

Lawyer Fees: The fee you will be charged by your lawyer will vary depending on the person representing you and must be paid upon closing. Ask your real estate agent for advice as they likely have a preferred trusted lawyer they can refer you to.

Title Insurance: Title insurance is a one-time-fee that provides protection from losses related to the properties title or ownership. Learn more about what it is in this blog post.

Property Taxes: The cost for property taxes is expressed as a dollar rate for every $1,000 estimated to be the market value of your property.

Maintenance and Energy Costs: Potentially your largest ongoing homeowner expense, these costs include lawn care/ yard work, professional services, additions/upgrades and the cost of keeping the house running year-round. You can use our monthly home budget planner to help map out all of these costs.

Moving Expenses: It’s easy to forget about the small things when moving, but it’s important to remember they can add up quickly! Consider the cost for phone, electricity, and other utility installations and don’t forget about movers, a moving truck and feeding your friends who are helping out!

What Is Fair Market Value

When you are buying or selling your home, naturally, your most important concern is getting the best price. As a seller, you may have lived in your home for years. You have contributed towards the mortgage each month. You have maintained your home. And now, it’s only right that you should reap the rewards of your efforts.

As a buyer, you want to ensure you are paying fair value for a home. Then how, do you get fair market value for your home? In this article we will explain the three factors that influence market value, specific house, present condition and 30 to 90 days.

In this article, we refer to market value, as it applies to single-family homes only. Evaluation methods are different for apartments and commercial properties.

The term, “market value,” is a broad and confusing term. Consumers shop in a store and pay the price indicated on the price tag. A book is worth $18.95 according to the tag. A car is worth $15,000 because the price tag says it is. We rarely question the value or worth placed on these items. We just pay the price.

At the end of the season, if an item did not sell its value changes. The $18.95 book did not attract enough buyers. Therefore, the store puts the book on sale to entice people to buy the unsold books.

Initially, the market value of the book was $18.95. However, when new titles arrive on the shelves, or the subject of the book is no longer popular, the market value could drop to $9.95.

Therefore, market value is the price that an item will sell for, within a reasonable time period. When considering real estate, “reasonable” refers to one to three months.

When it comes to determining fair market value on a home, the following definition is helpful:

“Market value is the price at which a particular house, in its current condition, will sell for within 30 to 90 days.”

Three criteria make up this definition;

  1. Specific house
  2. Present condition
  3. 30 to 90 days

To determine a home’s value, most people use an appraisal or comparative market evaluations.

An appraisal, conducted by a certified appraiser, is a professional opinion of a property’s market value, based on recent sales of comparable properties, location, square footage, construction quality, floor plan, shopping, schools, transportation, etc. On average this type of evaluation costs $300 – $500. Lenders require an appraisal as part of the mortgage application process.

A comparative market evaluation (CMA), performed by a Real Estate Professional, is a free, informal estimate of market value, based on sales of comparable properties.

Specific House

Market value is limited to your specific house. The location and neighborhood of your particular home is the starting point for this determination. The exact same house in another city or another neighborhood across town does not matter for your determination.

For example, a house in Edmonton could be worth $375,000, but if the exact same home was located in St. Albert, it may only be valued at $300,000.

Home prices also fluctuate significantly from city to city and from neighborhood to neighborhood. Therefore, when considering the market value of your home, it must be compared to similar homes in the same or adjoining neighborhoods.

Present Condition

The second factor in determining market value is the condition of your home. Is it in “showing” condition? Does it need some improvements? The condition of your home determines the number of buyers who may want to view and purchase the property. This relates to the time your home will remain on the market before it sells. Most homebuyers want a reasonably priced home that is in good condition. They may look less favorably on a home that requires major work.

Some people determine a market value by subtracting the amount of estimated fix-up costs from the selling price. This may not be the best way to evaluate a home. A home in good condition sells for $80,000. A home you may like needs $4,000 in repairs. This may not equate to a market value of $76,000 ($80,000 – $4,000). Why not?

Homes that require work take longer to sell. To attract more buyers, the price may have to be reduced beyond the cost of the repairs. It is all a matter of how much someone is willing to pay for these repairs. Additionally, determining market value for a home that needs some work is not an exact science. Some Real Estate Professionals suggest subtracting approximately two to three times the amount of the fix-up costs.

30 to 90 Days

In most markets, a home will sell within 30 to 90 days. If it does not, the price is probably too high. If the price is too high, even homes that are “perfect” will not sell in this time.

On the opposite end: if a house sells within a short period, perhaps the asking price was too low, it could be a hot market. When there are housing shortages or fear of rising prices, many homes are purchased within a matter of days of the listing.

Guarantee Sold 90 days

Many homeowners are not initially pleased with the guaranteed price of their home because it does not reflect the true value of the property. However, the price is intentionally set below the current market value to ensure we can deliver on the guarantee.

The purpose of the program is to guarantee the home will be sold, no matter what. For those that need to sell, the guarantee acts as your financial safety net most homes sell above the guarantee within 90 days, which means the guarantee is never needed. it is exceedingly rare that the guarantee is required. “conditions may apply” (Sale offed by Real Estate Professionals Inc).

How To Make The Most Of Your Move

When you are buying for the first time, the process is usually straight forward. However, when you are moving to a second or third home, other issues arise, making the process more complicated. You will need to consider financing, and selling your home at the right time. This way, you will not have the added responsibility of paying the mortgage on two homes. you will also want to coordinate closings, so you can plan your move efficiently. Here are some of the effective things you can do to make the most of your move!

Save Time

Buyers spend a lot of time shopping for a home, only to be disappointed because it has either sold or is beyond the budget. This “hit and miss strategy” is time consuming and very frustrating. A better alternative is to use the services provided by a Real Estate Professional. As a client, you will have access to a system referred to as Matrix Auto Notifications. Your Real Estate Professional will provide you with regular updates on all available properties that match your needs. You will stay on budget, save time come closer to finding the home of your dream, faster than trying to shop yourself.

Make Improvements On Your Existing Home

A home that shows well and is in good condition always gets the highest price. A home in less favorable condition is less appealing to a buyer. You will easily benefit by completing minor improvements prior to putting your home on the market. Presenting your home as its best, receiving the best price possible!

Make Improvements On Your Existing Home

The easiest and wisest strategy is to sell your home before you buy a new home. This way, you will not be at a disadvantage at the negotiating table, or feel pressured to accept a below-market value in order to meet a purchase deadline. With your home already sold, there will be no strings attached on your next one. When you do find a new home, and submit an offer you have the option of putting a condition subject to the sale of your home. You can give yourself time to find a new home in plenty of time. In a slow market, perhaps you could rent your home and put it on the market later. However, with this option, check with your lawyer, tax advisor and accountant to ensure all legal, tax and financial aspects are considered.

Some Brokerages offer a Guaranteed Sale Program. With this service, the Real Estate Professional guarantees the sale of your current home before possession of your next one. If you have found the home of your choice and your current home has not sold, the Brokerage will buy the home from you. You are free to make your move without any stress and worry.

Get Mortgage Pre-Approval

Pre-approval is your green light and your maximum power. In a short time, you will know how much you qualify for when moving up to a larger home. When you find your new home you can present an offer immediately. A seller will often view your offer more favourably when financing arrangements are established.

Co-ordinating Closing

With two major transactions there are double the details of mortgage experts, appraisers, lawyers, loan officers, title registrations and home inspectors. A Real Estate Professional can assist you in ensuring all the logistical details of your transaction are handled correctly, and on time.

When Is The Best Time To Sell Your Home?

Whether you are looking to downsize, upgrade, relocate or simply want a lifestyle change, the process of selling your home can be a positive one. It is LeRoy’s goal to help you sell your home without hassle, and as quickly as possible for top dollar.

Perhaps the kids have moved out and you are ready to downsize or you want to start a family and are in need of more room.

Perhaps, you simply want to change your lifestyle whether to embrace a more urban atmosphere or the opposite.

LeRoy strongly recommends that before listing you take the time to assess the reasons regarding why you want to move.

By discovering your motives for selling LeRoy will be able to assist you better when it comes to searching for a new home and figuring out what you ultimately require in the outcome of selling your existing home.

While more houses typically go on the market in the spring, this does not necessarily indicate that this is the only good time to list your home. Ultimately, there are always buyers and sellers so it really boils down to your situation and what works best for you. In the off months when someone is selling their home, potential buyers may have fewer inventories to choose from and therefore the seller’s property may stand out more resulting in an increased demand and higher selling price. Alternatively, in the most popular months there may be more inventory and with that more buyers. If the balance of buyers versus inventory in both off season and peak season is on par, the pricing will remain the same or similar.

When selling your home, economic factors become very important. Are interest rates low or high and how do these interest rates compare to your current mortgage? If rates are higher, your monthly payment amounts may be higher than your existing ones up in the purchase of another home, If rates are lower, it could be a great time to trade up to a more expensive home without enduring a significant increase in your monthly financial obligations.

Market trends may also play a part depending on whether it is a buyers or sellers market. Typically, in a buyers’ market, there are more homes for sale then there are actual buyers. In a buyers market, homes will tend to stay on the market longer and prices may stabilize or decrease. Just because it is a buyers market though, does not mean that your home will not sell, take longer to sell and or be sold at significantly decreased prices. By making sure that your home is priced at a fair value and is show ready, your home should still sell in a decent amount of time and at a great price.

In comparison, a sellers market tends to have more buyers then houses available to be purchased. A sellers market typically translates into quicker sales and higher selling prices. Buyers then have to make decisions at a quicker pace and must be prepared for potential multiple offer scenarios. When the market presents as both a buyers and sellers market it is considered to be balanced. A balanced market occurs when the number of homes on the market is approximately equal to the quantity of buyers looking for new homes.

Regardless of the market, LeRoy is able to provide you with the most knowledge and offer resources in order to make the most of your move. Through comprehensive training and 13 years experience in the real estate market, LeRoy is able to discuss of all of the factors above to help assess your home and market it accordingly.

Calculating Commissions

There is no standard commission for real estate or mortgage brokerage services in Alberta. Commissions to industry professionals are negotiable.

Wise consumers know that the cheapest deal isn’t always the best deal. Before choosing a real estate professional, you’ll likely want to compare the services and fees of a few real estate professionals. These interviews can help you understand the range of commission rates available, and the services provided at the various rates.

Commission is something you can negotiate with your real estate professional. Some industry professionals and brokerages aren’t willing to negotiate their commission while others are. That’s their right. As a buyer or seller, you have the right to work with someone who charges a commission that you’re comfortable with.

RECA requires real estate agents and mortgage brokerage professionals to tell you how they’ll be paid for their services. It’s important you know this, as it could prevent unexpected expenses later and have an effect on how your transaction proceeds.

Remember, all payment agreements you enter into are between you and the brokerage, not between you and an individual industry professional. You pay the brokerage, which then pays the individual industry professional.

Individual industry professionals cannot demand or accept payment directly. If you encounter a situation where an industry professional demands direct payment, refuse the request, and call the industry professional’s broker.

Real estate and mortgage brokering is a service, making GST applicable.