Wednesday, February 17, 2010

Five Steps to buy your home - Step 1 - Find a Realtor

You’re tired paying rent or you want to move to a larger home for your growing family. But how do you go about buying a home? Especially when you never before bought a house? where do you start? You can start with me and my 5 steps to buy a new home.

Step 1 – Find a Realtor

Realtors like me, help you find a place that meets your needs. They can point you to financing options; help locate properties; help recognize pitfalls; help you negotiate the purchase; assist in completing the purchase transaction and finally they help you take possession of your new home (short of moving the furniture).

To make sure that your Realtor does a good job for you the Alberta Government legislates how real estate transactions are to be conducted and what the role of a realtor is. Actually it is not me who represents you; the brokerage I work for does. I represent the brokerage. Kind of convoluted and you can read about it in more detail in the AREA Brochure I gave you. According to the law, your Realtor owes you the following duties:

1. Undivided loyalty

2. Confidentiality

3. Full disclosure

4. Obedience

5. Reasonable care and skill

6. Full accounting

The confidentiality remains after our working relation ends.

Other than ending our relation, there is one exception that may change it and that is if you decide to buy a property already listed with my brokerage The details are described in your AREA brochure and of course, you can always ask me to explain these matters to you.

Realtors are professionals and as such they are paid for their services. Payment is done through commission; the commission rates are determined by the seller’s brokerage and are included in the purchase price. My brokerage charges 7.0% commission for the first $100,000 and 3% over the remainder of the purchase price. This commission is split between the listing brokerage and the buyer’s brokerage. The split may be uneven. When you feel ready to house hunt we will go over these issues when filling out the ‘Buyer Brokerage Agreement’ which spells out how we are going to work together.

Finally, if you do see a property for sale, even when not listed on the MLS, do call me to help you. Do not feel that you disturb me in an important moment of naval gazing. This is my job - to help you find your new home. Call me: 403-880-3275. We are ready for the next step.

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