Interview several agents - this in and of itself won’t help you if you don’t research what to ask or what you want. Different properties will have different marketing and service requirements. Generally the more money you want or the more difficult the property is to sell the more marketing and service you require. Ask the agents you interview:
-How exactly will they advertise your home? What will they do in addition to placing your home on the MLS® system? When a buyer clicks for more info on http://www.realtor.ca/ do they go to the agents home page or a web site specifically for your home?
-Ask for references and touch base with the people given as references.
-Ask to see samples of current listings and the marketing materials.
-Check out their listings on line. How are the pictures? Are they putting in lots of content or just doing the minimum
-Can you find their website easily? Think like a buyer, how would they find your home? Try it yourself.
-Ask for a list of services that will be provided and ask them to incorporate them into the written service agreement. If your agent doesn’t provide the services you are looking for then at least you’ll know, and you can decide whether or not you want to use them.
-Ask friends and family for referrals, and ask why they liked the agent.
-Ask for the listings to sales ratio... just because an agent has a lot of listings doesn't mean they all sell.
-Ask who you will be dealing with during the listing - will the agent answer questions and negotiate on your behalf or will someone else step in?
-What kind of reporting do they provide? Ask to see an example of an update they sent to a client.
-Make a list of your expectations, and ask if the agent will provide all the services you expect.
-Ask if they offer a service guarantee. What if you are unhappy - will they cancel the agreement and if so, do they charge a fee for cancellations?
As with any agreement you want to enter it with your eyes wide open, instead of just assuming things will turn out the way you expect.
Monday, October 25, 2010
Thursday, October 14, 2010
New Listing - 8 Locust Avenue, Wolfville
Convenience, space & character are words that best describe this home. Nestled on a quiet street, but just steps to downtown, sits this 5 bdrm, 2.5 sty home. Features include: stainless steel fridge & stove, all new windows (less than 5 years old), and best of all, NO CARPETS! The flooring is mostly original hardwood, that has been restored to its original beauty. Can`t beat the view of the Minas Basin from the third floor, come check it out for yourself!
Priced at $245,000
MLS® # 55275010
Priced at $245,000
MLS® # 55275010
Tuesday, October 5, 2010
Real Estate Glossary
For your convenience, the post below is a real estate glossary, that will turn all of you into real estate terms pros!
- A -
Abstract: A written history of the title to a parcel of real estate as recorded in a land registry office.
Acceptance: A legal term referring to the acceptance of an offer. A buyer offers to buy and the seller accepts the offer.
Agency: The relationship between an individual and agent which arises out of a contract (written or oral) in which the agent is employed and authorized by the individual to represent him or her in business transactions with a third party.
Ad Valorem :"According to value." A method of imposing a tax on the ownership of real property.
Agreement for Sale: An agreement for the purchase of real estate property in which the purchase price is paid in installments and the title is not conveyed to the purchaser until the purchase price is paid in full.
Agreement for Purchase and Sale: A contract by which one party agrees to sell and another agrees to purchase.
Amortization: The number of years it takes to repay the entire amount of a mortgage.
Appraisal: An estimate of a property's market value, used by lenders in determining the amount of the mortgage.
Appreciation: The increase in a property's value over time.
Assessed Value: A valuation placed on the property as a basis for municipal taxation.
Assumption of a mortgage: The taking of title to property by an individual where he or she assumes liability for an existing mortgage against the property and they become personally liable for the payment of such mortgage debt.
- B -
Balance due on completion: The amount of money the purchaser will be required to pay to the seller to complete the purchase , after all adjustments have been made. Blended mortgage payments Equal or regular mortgage payments, consisting of both a principal and an interest component.
Balloon Payment: Where the final installment payment on a note is greater than the preceding installment payments and it pays the note in full, such final installment is termed a balloon payment.
Broker: A real estate professional licensed by Ontario to facilitate the sale, lease or exchange of a property.
Buy-down: When the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender (or the purchaser) in one lump sum or monthly installments.
- C -
Caveat Emptor: A Latin expression meaning "Let the buyer beware". Because the onus of examining the goods or property being purchased is on the buyer, the buyer is therefore at risk.
Chattel: Personal property which is tangible and moveable.
Closing: The real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met and the deed to the property is transferred from the seller to the buyer.
Closing Costs: Expenses in addition to the purchase price for buying and selling a property.
Commission: Monies paid to an agent upon the sale or lease of property, usually as a percentage of the amount involved.
Common elements: The portions of a condominium development owned in common (shared) by the unit owners.
Contract: A contract is a legally binding agreement between two or more cable persons. The agreement says that in return for a lawful and genuinely intended act a certain value will be placed. The contract must be in writing.
Conventional mortgage: A first mortgage issued for up to 75% of the property's appraised value or purchase price, whichever is lower.
Counteroffer: One party's written response to the other party's offer during the negotiation of a real estate purchase between buyer and seller.
Covenant: An agreement contained in a deed and creating an obligation. It may be positive, stipulating the performance of some act, or it may be negative and restrictive, forbidding other acts.
Creditor: A person to whom a debt is owed by another person usually called a debtor.
- D -
Date of Completion: The date specified in the agreement of purchase and sale, when the purchaser is to deliver the balance of money due and the seller delivers a duly executed deed and vacant possession of the property.
Debt service ratio: The percentage of a borrower's gross income that can be used for housing costs, including mortgage payment and taxes (and condominium fees, where applicable).
Deed: A legal document in writing, duly executed and deliver, that conveys (transfers) ownership of a property to the buyer.
Deposit: The payment of money or other valuable consideration as pledge for fulfillment of the contract.
- E -
Easement: A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property.
Encroachment: An intrusion onto an adjoining property. A neighbor's fence, storage shed or overhanging roof line that partially (or even fully) intrudes onto your property are examples of encroachments.
Equity: The difference between the price for which a property can be sold and the mortgage(s) on the property. Equity is the owner's "stake" in a property.
Exclusive Listing: A document giving the sole right to offer a described piece of property for sale, according to the terms of the agency agreement.
- F -
Foreclosure: Court actions taken by a mortgagee, when default occurs on a mortgage, causing forfeiture of the property.
- I -
Intestate: A person who dies without a will or leaves one which is defective in form.
- L -
Land Transfer Tax: Payment to the provincial government for transferring property from the seller to the buyer.
Lease: A contract between landlord and tenant for the occupation or use of the landlord's property by the tenant for a specified time and for a specified consideration.
Lien: Any legal claim against a property, filed to ensure payment of a debt.
Listing: An oral or written agreement between a property owner and a broker authorizing the broker to offer the owner's real property for sale or lease.
- M -
Mortgage: The conveyance of property to a creditor as security for payment of a debt; i.e., the lender or creditor.
Mortgagee: The one to whom property is conveyed as security for the payment of a debt; i.e., the lender or creditor.
Mortgagor: The one who makes the mortgage, i.e., the borrower or debtor.
Multiple Listing: An arrangement between brokers, usually real estate board members, whereby each broker presents his listings to the other members, who may negotiate the transaction.
Multiple Listing Service: A system for relaying information to realtors about properties for sale.
- O -
Open mortgage: A mortgage that can be prepaid or renegotiated at any time and in any amount, without penalty.
- P -
Power of Attorney: Delegated written authority to a person allowing that person to act on the behalf of another person.
Principal: The employer of an agent or broker who gives the agent or broker the authority to do some act for him or her. In real estate, usually the owner of a property.
- R -
Real Estate: Real Estate includes real property, leasehold and business whether with or without premises, fixtures, stock-in-trade, goods or chattels in connection with the operations of the business (Real Estate Business and Brokers Act).
Real Estate Broker: A person who represents a principal or owner in a real estate trade.
Realtor: A registered word which may only be used by an active member of a real estate board affiliated with the Canadian Real Estate Association.
- S -
Salesperson: An employee of a broker authorized to trade in real estate (as defined within the Ontario Real Estate Business Brokers Act). Also can be referred to as a Sales Representative.
- T -
Title: The legal evidence of ownership in a property.
Title search: A detailed examination of the ownership documents to ensure there are no liens or other encumbrances on the property and no questions regarding the seller's ownership claim.
- V -
Variable-rate mortgage: A mortgage for which payments are fixed, but whose interest rate changes in relationship to fluctuating market interest rates. If market rates go up, a larger portion of the payment goes to interest. If rates go down, a larger portion of the payment is applied to the principal.
Vendor-take-back mortgage: When sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property.
- Z -
Zoning regulations: Strict guidelines, set and enforced by municipal governments, regulating how a property may or may not be used.
- A -
Abstract: A written history of the title to a parcel of real estate as recorded in a land registry office.
Acceptance: A legal term referring to the acceptance of an offer. A buyer offers to buy and the seller accepts the offer.
Agency: The relationship between an individual and agent which arises out of a contract (written or oral) in which the agent is employed and authorized by the individual to represent him or her in business transactions with a third party.
Ad Valorem :"According to value." A method of imposing a tax on the ownership of real property.
Agreement for Sale: An agreement for the purchase of real estate property in which the purchase price is paid in installments and the title is not conveyed to the purchaser until the purchase price is paid in full.
Agreement for Purchase and Sale: A contract by which one party agrees to sell and another agrees to purchase.
Amortization: The number of years it takes to repay the entire amount of a mortgage.
Appraisal: An estimate of a property's market value, used by lenders in determining the amount of the mortgage.
Appreciation: The increase in a property's value over time.
Assessed Value: A valuation placed on the property as a basis for municipal taxation.
Assumption of a mortgage: The taking of title to property by an individual where he or she assumes liability for an existing mortgage against the property and they become personally liable for the payment of such mortgage debt.
- B -
Balance due on completion: The amount of money the purchaser will be required to pay to the seller to complete the purchase , after all adjustments have been made. Blended mortgage payments Equal or regular mortgage payments, consisting of both a principal and an interest component.
Balloon Payment: Where the final installment payment on a note is greater than the preceding installment payments and it pays the note in full, such final installment is termed a balloon payment.
Broker: A real estate professional licensed by Ontario to facilitate the sale, lease or exchange of a property.
Buy-down: When the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender (or the purchaser) in one lump sum or monthly installments.
- C -
Caveat Emptor: A Latin expression meaning "Let the buyer beware". Because the onus of examining the goods or property being purchased is on the buyer, the buyer is therefore at risk.
Chattel: Personal property which is tangible and moveable.
Closing: The real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met and the deed to the property is transferred from the seller to the buyer.
Closing Costs: Expenses in addition to the purchase price for buying and selling a property.
Commission: Monies paid to an agent upon the sale or lease of property, usually as a percentage of the amount involved.
Common elements: The portions of a condominium development owned in common (shared) by the unit owners.
Contract: A contract is a legally binding agreement between two or more cable persons. The agreement says that in return for a lawful and genuinely intended act a certain value will be placed. The contract must be in writing.
Conventional mortgage: A first mortgage issued for up to 75% of the property's appraised value or purchase price, whichever is lower.
Counteroffer: One party's written response to the other party's offer during the negotiation of a real estate purchase between buyer and seller.
Covenant: An agreement contained in a deed and creating an obligation. It may be positive, stipulating the performance of some act, or it may be negative and restrictive, forbidding other acts.
Creditor: A person to whom a debt is owed by another person usually called a debtor.
- D -
Date of Completion: The date specified in the agreement of purchase and sale, when the purchaser is to deliver the balance of money due and the seller delivers a duly executed deed and vacant possession of the property.
Debt service ratio: The percentage of a borrower's gross income that can be used for housing costs, including mortgage payment and taxes (and condominium fees, where applicable).
Deed: A legal document in writing, duly executed and deliver, that conveys (transfers) ownership of a property to the buyer.
Deposit: The payment of money or other valuable consideration as pledge for fulfillment of the contract.
- E -
Easement: A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property.
Encroachment: An intrusion onto an adjoining property. A neighbor's fence, storage shed or overhanging roof line that partially (or even fully) intrudes onto your property are examples of encroachments.
Equity: The difference between the price for which a property can be sold and the mortgage(s) on the property. Equity is the owner's "stake" in a property.
Exclusive Listing: A document giving the sole right to offer a described piece of property for sale, according to the terms of the agency agreement.
- F -
Foreclosure: Court actions taken by a mortgagee, when default occurs on a mortgage, causing forfeiture of the property.
- I -
Intestate: A person who dies without a will or leaves one which is defective in form.
- L -
Land Transfer Tax: Payment to the provincial government for transferring property from the seller to the buyer.
Lease: A contract between landlord and tenant for the occupation or use of the landlord's property by the tenant for a specified time and for a specified consideration.
Lien: Any legal claim against a property, filed to ensure payment of a debt.
Listing: An oral or written agreement between a property owner and a broker authorizing the broker to offer the owner's real property for sale or lease.
- M -
Mortgage: The conveyance of property to a creditor as security for payment of a debt; i.e., the lender or creditor.
Mortgagee: The one to whom property is conveyed as security for the payment of a debt; i.e., the lender or creditor.
Mortgagor: The one who makes the mortgage, i.e., the borrower or debtor.
Multiple Listing: An arrangement between brokers, usually real estate board members, whereby each broker presents his listings to the other members, who may negotiate the transaction.
Multiple Listing Service: A system for relaying information to realtors about properties for sale.
- O -
Open mortgage: A mortgage that can be prepaid or renegotiated at any time and in any amount, without penalty.
- P -
Power of Attorney: Delegated written authority to a person allowing that person to act on the behalf of another person.
Principal: The employer of an agent or broker who gives the agent or broker the authority to do some act for him or her. In real estate, usually the owner of a property.
- R -
Real Estate: Real Estate includes real property, leasehold and business whether with or without premises, fixtures, stock-in-trade, goods or chattels in connection with the operations of the business (Real Estate Business and Brokers Act).
Real Estate Broker: A person who represents a principal or owner in a real estate trade.
Realtor: A registered word which may only be used by an active member of a real estate board affiliated with the Canadian Real Estate Association.
- S -
Salesperson: An employee of a broker authorized to trade in real estate (as defined within the Ontario Real Estate Business Brokers Act). Also can be referred to as a Sales Representative.
- T -
Title: The legal evidence of ownership in a property.
Title search: A detailed examination of the ownership documents to ensure there are no liens or other encumbrances on the property and no questions regarding the seller's ownership claim.
- V -
Variable-rate mortgage: A mortgage for which payments are fixed, but whose interest rate changes in relationship to fluctuating market interest rates. If market rates go up, a larger portion of the payment goes to interest. If rates go down, a larger portion of the payment is applied to the principal.
Vendor-take-back mortgage: When sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property.
- Z -
Zoning regulations: Strict guidelines, set and enforced by municipal governments, regulating how a property may or may not be used.
Monday, October 4, 2010
New Listing - 1109 Starrs Point Road, Port Williams
Here it is! The starter home you`ve been searching for! Located in the heart of Port Williams, this 3 bdrm home has a low maintenance yard that is a treat for gardeners. Both front & back yards offer new garden boxes. Many upgrades in recent years include new oil furnace (3 yrs) some new windows and new side deck. Upstairs you will find a master suite which offers ample built-in storage space. The ensuite half-bath has ceramic flooring while the master offers luxurious bamboo hardwood.
Priced at $149,900
MLS® # 55037022
Friday, October 1, 2010
Space Heater Safety Tips
During the fall and winter months, space heaters are an effective way to provide temporary or supplemental warmth in a home or garage. Space heaters, however, by their very design and portability present shock, fire and burn hazards when used incorrectly and special precautions must be taken whenever they are used.
The following tips for the safe use of space heaters issued by the Canadian Standards Association (CSA) are applicable to all homeowners:
Selection: When purchasing a new heater, ensure that it has been tested and certified to the applicable standards by an accredited certification organization.
Instructions: Always follow the manufacturer's installation and operating instructions and all warnings before using a space heater. If you do not have or understand the instructions, contact the manufacturer directly.
Temporary use: Electric portable fan space heaters are designed to provide temporary warmth only. They should never be permanently installed or mounted and should not be operated continuously over extended periods of time. Portable heaters should never be suspended from ceilings or rafters or in any other manner.
Never hard-wiring: Never removing the plug and direct wire a portable heater to a power supply or modify or tamper with the construction of the unit.
Ventilation: In order to avoid overheating, electric fan space heaters must have proper ventilation across the elements. Never position the heater in an area that will limit the airflow to or from the fan.
Connection: Before turning the heater on, make sure the power supply cord's plug cap is fully inserted into the outlet. To avoid overheating and a potential fire hazard, do not use an extension cord with the heater.
Electric supply: Use of an electrical outlet with a Ground Fault Circuit Interrupter (GFCI) or a ground fault protected circuit is recommended. Only use a properly rated fused circuit or a breaker-protected circuit for powering the unit as indicated by the manufacturer's instructions.
Combustibles: To avoid the risk of fire, do not use heating equipment near combustible surfaces. Heaters should only be installed on a noncombustible surface that extends sufficiently beyond the front of the heater. Never operate a heater near flammable materials or in proximity to any volatile or flammable chemicals or vapors.
Air supply: Never block a heater's air flow. Obstruction of a heater's air intake or exhaust could lead to overheating and a potential fire hazard. Do not insert or allow foreign objects to enter any air vent as this may cause a potential for electric shock, fire or damage to the equipment and never use the heater to dry clothes.
Maintenance and storage: Always ensure heaters have had sufficient time to cool down after use before moving or storing and be sure to store heaters in a dry location. Check regularly if there are rust marks or degradation signs on the heating element and follow the manufacturer's instruction for proper maintenance and replacement. Do not use the heater if it has been exposed to any mechanical damage. Periodically clean the heater of any dust or particle accumulation. If you suspect the heater has been damaged or does not seem to work properly, discontinue use and refer to the manufacturer's instructions.
Extra caution: Use extra caution when operating portable heaters. Do not leave a heater running while unattended or use a heater in a position where it can be easily overturned or fall.
In addtion to hazards associated with improper use, space heaters are one of the most commonly recalled appliances due to manufacturing defects. A list of many of the recalled units can be found at the Consumer Product Safety Commission’s. In Canada, also visit the CSA website for additional information on space heaters.
The following tips for the safe use of space heaters issued by the Canadian Standards Association (CSA) are applicable to all homeowners:
Selection: When purchasing a new heater, ensure that it has been tested and certified to the applicable standards by an accredited certification organization.
Instructions: Always follow the manufacturer's installation and operating instructions and all warnings before using a space heater. If you do not have or understand the instructions, contact the manufacturer directly.
Temporary use: Electric portable fan space heaters are designed to provide temporary warmth only. They should never be permanently installed or mounted and should not be operated continuously over extended periods of time. Portable heaters should never be suspended from ceilings or rafters or in any other manner.
Never hard-wiring: Never removing the plug and direct wire a portable heater to a power supply or modify or tamper with the construction of the unit.
Ventilation: In order to avoid overheating, electric fan space heaters must have proper ventilation across the elements. Never position the heater in an area that will limit the airflow to or from the fan.
Connection: Before turning the heater on, make sure the power supply cord's plug cap is fully inserted into the outlet. To avoid overheating and a potential fire hazard, do not use an extension cord with the heater.
Electric supply: Use of an electrical outlet with a Ground Fault Circuit Interrupter (GFCI) or a ground fault protected circuit is recommended. Only use a properly rated fused circuit or a breaker-protected circuit for powering the unit as indicated by the manufacturer's instructions.
Combustibles: To avoid the risk of fire, do not use heating equipment near combustible surfaces. Heaters should only be installed on a noncombustible surface that extends sufficiently beyond the front of the heater. Never operate a heater near flammable materials or in proximity to any volatile or flammable chemicals or vapors.
Air supply: Never block a heater's air flow. Obstruction of a heater's air intake or exhaust could lead to overheating and a potential fire hazard. Do not insert or allow foreign objects to enter any air vent as this may cause a potential for electric shock, fire or damage to the equipment and never use the heater to dry clothes.
Maintenance and storage: Always ensure heaters have had sufficient time to cool down after use before moving or storing and be sure to store heaters in a dry location. Check regularly if there are rust marks or degradation signs on the heating element and follow the manufacturer's instruction for proper maintenance and replacement. Do not use the heater if it has been exposed to any mechanical damage. Periodically clean the heater of any dust or particle accumulation. If you suspect the heater has been damaged or does not seem to work properly, discontinue use and refer to the manufacturer's instructions.
Extra caution: Use extra caution when operating portable heaters. Do not leave a heater running while unattended or use a heater in a position where it can be easily overturned or fall.
In addtion to hazards associated with improper use, space heaters are one of the most commonly recalled appliances due to manufacturing defects. A list of many of the recalled units can be found at the Consumer Product Safety Commission’s. In Canada, also visit the CSA website for additional information on space heaters.
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