6102 46th Street, Olds, AB
403-556-3006
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Review the original property survey

* Is the neighbor's fence where it should be?
* Is the home too close to the property line?
* Is there room for the addition you are planning?
* Are zoning regulations violated?

Discuss these details with your Real Estate Agent. Have visible survey posts inserted into the ground so you can see if there is room for that new workshop or pool.

1. Municipal By-Law Restrictions

Educate yourself! Consult with your Real Estate Agent and local municipal authorities to learn of any abnormalities and restrictions that apply to the property. Do you intend on converting the basement into an in-law suite? Can you run your commercial business from home? Is there a senior's residence next door that prohibits noise after 9:00 p.m.? Can you park your recreational vehicle in that three-car driveway?

2. Structural Defects

Consider an independent home inspection. Careful examination by a professional will remove all doubt! Is that tiny crack in the foundation a repair nightmare or merely settlement? Are the walls infested with termites? Does your budget have room for thousands of dollars in reconstruction costs? For a few hundred dollars you can obtain an extensive inspection report that will point you to any structural defects in the building. Ascertain the cost of repairs prior to entering into a binding contract. Write your purchase contract subject to a satisfactory home inspection so you can renegotiate if the repairs are beyond your current budget. Or opt for another home more suitable to your needs.

3. Unexpected Costs

It is not unusual to reach settlement stage only to find that hidden expenses have occurred. Such items as real estate taxes and homeowner association dues may be pro-rated, while hazard insurance and taxes must be paid in advance. Avoid stressful discoveries by asking for these figures in advance. NOTE: Should your settlement date alter, so do some of the pre-paid expenses.

4. Hidden Lender Costs

Avoid hidden and questionable costs at application time - tax service fees, courier fees, underwriting fees, loan disbursement charges, or mark-up on court documentation fees - by asking your lender to list exactly what fees are included on the federal settlement forms and what additional fees may be charged at closing. (NOTE: Some fee can be negotiated down or waived if you question them.)

5. Vendor Errors

It is not uncommon to find that repairs have not been made, or other contractual obligations may delay settlement. Plan a walk-through of the property, contract in hand, and check off each item. It is advisable to arrange an escrow fund and set a dollar amount for items that the vendor defaults on.

6. Closing Your Transaction

Occasionally the closing date will be jeopardized just days prior to settlement. Arrange a 60-day locked-in interest rate at application time.

Homeownership is the largest single investment you will most likely make during your life. It's in your best interest to be educated. Pay close attention to every detail and you will win at the real estate game. Your Real Estate Agent's responsibility is to make sure you succeed by avoiding the top sixteen errors purchasers most commonly fall prey to. After all, your Real Estate Agent's reputation depends on referrals generated from 100% client satisfaction!