In a recent Financial Post interview, economist Diana Petramala of the Toronto-Dominion (TD) Bank stated that the home resale market in Calgary has shown continuous expansion over the past few years. Citing a report with updated figures released by the bank, Petramala observed that the current five-year record low in mortgage rates along with a better economy are some of the reasons for this increased interest and traffic:
Financial Post writer Garry Marr discusses a recent report on the state of local condominium development and availability from the Calgary branch of the Canadian Home Builders’ Association. Sal Guatieri, an economist for the Bank of Montreal, highlighted the recent spike in demand for residential products such as condo units, which has made getting a new property difficult:
On a property title there are the owners, the legal description, and any instruments that apply to the property and the owner. An instrument is basically an item on your title. This can include your mortgage, restrictive covenants, liens, utility right away, etc.
When reviewing your title first check the legal description and the address that is on there to make sure there are no mistakes. One of my clients saw that the type of street was incorrect on the title.
In the contract for listing your property you are fully aware of the obligations of each party – the home owner and the Calgary Realtor. So shouldn’t the buyer on the other end also know what their obligations are and the real estate agents obligations are when buying a home?
Back in the day, home owners got all the attention when a deal was made in selling their home, so we saw a fair amount of transactions that both the seller and buyer were represented by the seller’s real estate agent…. or more like the seller was represented and the buyer wasn’t.