As a buyer, do I have to pay for the services of a Realtor?
- In almost all cases, the seller compensates the buyer’s representative, so you will not be responsible for paying as a buyer. There can be circumstances where the buyer compensates their Realtor fully or partially, however, this is rare. Ask your Realtor about this.
I may wish to purchase a new property, can my Realtor help me?
- Yes! Your Realtor can represent you in the purchase of a new property. These transactions can be slightly different from purchasing a resale property, so it is highly recommended to use a Realtor to help navigate the process and negotiate on your behalf.
The home I am interested in is listed by another brokerage, can my Realtor help me? - For sure! Your Realtor can show you any properties listed on MLS.
Can my Realtor help if I am interested in a For-Sale by Owner property?
- Yes, almost all self represented sellers will work with your Realtor. It is recommended a Realtor be used when buying a For-Sale by Owner property to protect everyone in the transaction.
Who should I talk to first - My lender or a Realtor?
- There is no particular order that is required. It is strongly advised to have an understanding of your financing requirements prior to viewing homes, but you can speak with either a lender or your Realtor first. Depending on the situation, your Realtor may be able to provide you with some trusted lender recommendations.
How important is a home inspectionand/or condominium document review?
- These are both vital. Purchasing a home is a big deal and making sure your property is in good repair is crucial and can save you from costly repairs down the road. When buying a condo, it is very important to review the condo documents so that you have an understanding of the financial health of the complex.
On that note, what are condo documents?
- These are the legal, financial, insurance, and other important documents that relate to a condominium. It is advised to make a purchase conditional on the review of these documents (just like a home inspection) to ensure you're minimizing your risk of purchasing a condominium that is not well operated.
How many homes should I look at before making an offer?
- As many as you need! Usually after 5-10 viewings, buyers are able to ascertain exactly what they are looking for in a home. Most buyers are then prepared to move forward with an offer after 10-15 viewings. Note, this is an average - some buyers purchase right away and others take their time. There is no “right” number of viewings.
What questions should I ask my Realtor (as a buyer)?
Are you comfortable with X properties (condo, townhouse, duplex, etc)? Which areas of Calgary do you specialize in? Do you have names of resources should I require a referral (home inspectors, lawyers, handyman, etc)? How do you differ from other buyer’s agents? How available are you to show me homes? Do you have any further education? Do you have any training in negotiations?
What happens if a property is “conditionally sold”?
- This means the seller has accepted an offer and the parties are working through their conditions. The sale is not final until all waivers are submitted at which point the property is “sold”. Some sellers may look for back up offers should their current buyers not waive their conditions, so it can be worthwhile to explore this further with your Realtor.
What happens if there are competing offers?
- Every circumstance is different in these cases, so be sure to ask your Realtor.
When I submit an offer, what happens next?
- The seller can either accept, reject, or counter your offer. From there you will have a chance to do the same. The negotiation process can go back and forth several times.
What is the average amount off the list price that I should expect to pay?
- This average will not tell the whole story, so it’s best to ask your Realtor. For example, if a home is listed for $350,000 but is worth $400,000 then it should sell quickly and perhaps for over the asking price. If it is worth $400,000 but is listed at $450,000 then it will likely take quite a while to sell and should be purchased quite a bit below the asking price.
Do I need a lawyer?
- Lawyers can be used anytime during a transaction, but they are almost always used for closing procedures. You may select any Alberta lawyer who practices in real estate. No problem if you don’t know one, your Realtor should be able to recommend a few to choose from.
Who pays for the home inspection?
- The buyer. This is best too as you want to be the one that selects who conducts your home inspection.