ROSS PAVL ELITE R E A L
E S T A T E
G R O U P
Local Expertise. Global Presence.
B U Y E R
G U I D E
Hello!
“
DANIELLE ROURKE R E A L
E S T A T E
A G E N T
Thank you for choosing to put your trust in me for the process of buying and/or selling your home.
Every member of my
team is committed to ensuring that ALL of your real estate needs are not just met, but exceeded!
I’ve created this book
for your convenience and we hope that it will be a valuable resource.
While the entire process is outlined for you here,
please know that I will be staying in constant contact with you throughout the process.
Your experience will be unique
and I will adjust our service according to your wants and needs. My focus is on your complete satisfaction.
Danielle Rourke 403.999.0147
DANIELLE@ROSSPAVL.COM
ROSSPAVL.COM
DANIELLE ROURKE GET TO KNOW YOUR REAL ESTATE AGENT My name is Danielle Rourke and I am honoured to be working with you! Buying a home is one of the biggest decisions you will make and I’m going to be here with you every step of the way to make sure that you are comfortable, taken care of, and that your home buying experience is as easy and fun as it can be! I'm born and raised in the Calgary area and specialize in the Calgary and surrounding area real estate market. I’ve been a licensed Realtor since the Spring of 2017. I have worked with Ross Pavl for over 6 years in a variety of roles including marketing, social media, writing, magazine editing, publishing and more. I’ve had experience with buyers and sellers, LOREM IPSUM residential homes and and price ranges. My D O L Odiverse R S I T A M E markets T resume is unique and I’m excited to use the experience, creativity and tools I’ve gained to help you! No two deals are alike, no two properties are alike. Every Buyer and Seller are different, have different wants, needs and financial goals. I’m looking forward to get to know you and what yours are!
danielle@rosspavl.com | 403.999.0147
WHAT I'LL NEED FROM YOU Y o u r
TO
GET
c o m m i t m e n t
YOU
THE
BEST
t o
m e .
RESULTS
POSSIBLE!
Be honest and truthful of home desires and needs.
Obtain lender pre-approval at the beginning of the real estate process.
Communicate issues, questions and concerns to Realtor in a timely fashion. Inform builders, for sale by owners, and other Real Estate Agents at open houses that you are working represented by a Realtor. Allow your Realtor to contact builders and for sale by owners on your behalf. Provide any needed documents or information to your Realtor in a timely manner.
D A N I E L L E
R O U R K E
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C L I E N T
W E L C O M E
P A C K E T
Tell me about YOU! Name: Current Address: Phone: Do you:
Email: OWN
RENT
If rent, when is the lease up?
Do you have to sell before buying?
YES
NO
Tell me about your loan: Lender/Bank: Loan Officer Name: Type of Loan: Time Frame to Buy: 30 Days or Less
30-60 Days
60 Days-1 year
1 Year +
How do you like to communicate?
Phone Calls
D A N I E L L E
Text Messages
R O U R K E
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C L I E N T
W E L C O M E
Messenger
P A C K E T
READY TO GET GOING?
I
want
to
know
looking
D A N I E L L E
R O U R K E
|
C L I E N T
what
you're
for!
W E L C O M E
P A C K E T
WHY DO YOU WANT TO OWN A HOME? My dream is to own a home
To have a place to raise a family
Because I'm getting married
To be in a specific school district
Tired of paying rent
To have an investment property
Need more space
Other, please specify
TELL ME ABOUT THE HOME YOU WANT! 1. What part of town (or country) do you want to live in?
2. What price range would you consider? No less than $______ but no more than $______
3. Are schools a factor and, if so, what do you need to take into consideration (e.g., want specific school system, want kids to be able to walk to school, etc.)?
4. What kind of houses would you be willing to see? ___One story ___split level
___2 story
___open floor plan
___townhouse
___condo
___New construction
___Ranch
5. What style house appeals to you most? ___contemporary ____farmhouse ____modern
___traditional ____colonial
____no preference
6. How much renovation would you be willing to do? ___A lot
D A N I E L L E
R O U R K E
___A little
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C L I E N T
___None!
W E L C O M E
P A C K E T
THE LOT MUST HAVE
WOULD LIKE TO HAVE
Large yard (1 acre or more)
____________
____________
Small yard (less than 1 acre)
____________
____________
Fenced yard
____________
____________
2 Car Carport
____________
____________
2 Car Garage
____________
____________
3 Car Garage
____________
____________
4+ Car Garage
____________
____________
Extra parking
____________
____________
Patio/deck
____________
____________
Pool / Pond on site
____________
____________
Pool / Pond in HOA
____________
____________
Outdoor Kitchen
____________
Other buildings (barn, shed, etc.) ____________
Special view of what?
D A N I E L L E
____________
R O U R K E
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C L I E N T
W E L C O M E
____________
____________
____________
P A C K E T
THE INTERIOR How many bedrooms must you have? ____ would you like to have? ____
How many bathrooms do you want? ____
How big would you like your house to be (square feet)? No less than ____
But no more than ____
What features do you want to have in your house?
MUST HAVE
WOULD LIKE TO HAVE
Carpet
____________
____________
Tile / Granite
____________
____________
Hardwood floors
____________
____________
Standalone Kitchen island
____________
____________
Separate dining room
____________
____________
Formal living room
____________
____________
Family / Bonus room
____________
____________
Study / Office
____________
____________
Separate laundry room
____________
____________
Fireplace
____________
____________
Crown molding
____________
____________
D A N I E L L E
R O U R K E
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C L I E N T
W E L C O M E
P A C K E T
MY COMMITMENT TO YOU
1
2
GETTING YOU IN THE DOOR We will narrow down the homes that fit your unique wants and needs get you in the door! Looking at dozens of homes every week, I I can help you identify potential problems within a home.
HANDLING CHALLENGING CONVERSATIONS When repairs or changes in price need to made, I will be your guide and handle requesting any repairs or changes in price to the sellers.
STAYING ON TOP OF THE PAPERWORK
3
Buying a home involves many types of documentation. I have the experience and knowledge to navigate real estate contracts. Ensuring that nothing is overlooked, and that you truly understand what a paper means before ever signing on the dotted line.
ON YOUR SIDE
4
A buyer’s agent will represent your best interests. With a pulse on the local market and a sound understanding of how various amenities effect the value of a home, we will make sure we submit a competitive offer on the right house for you.
NEIGHBORHOOD EXPERT
5
Working daily in neighborhoods with inspectors, contractors, and negotiating with sellers, I have the market knowledge you need to get the best results from your purchase. Understanding the local real estate market can go a long way when it comes time to make an offer on a house.
6
PROBLEM SOLVER I will work hard to protect all of your interests and take on any issues that may arise throughout the entire process. Hopefully making buying a home a fun and stress-free process.
DANIELLE ROURKE | BUYING A NEW HOME
GET TO KNOW YOUR REAL ESTATE BROKERAGE eXp Realty is a collective of top Canadian real estate agents, striving to provide you with the absolute best home buying and selling experience coast-to-coast. eXp agents understand that buying or selling a home is one of the biggest transactions you’ll make in your life. We are here to use our localneighbourhood experience and knowledge to make your buying and selling experience as efficient as possible, give you great advice, represent you, and get you the best deal possible.
Ross PAVL & Associates Marketing Calgary real estate and luxury homes takes lots of knowledge and hard work and can't be done alone. He’s put together a professional team – photographer, writer, website developer, interior designer, printer and others – to ensure the highest quality crafting of his marketing tools. All clients benefit from the Platinum Program - part of the Design, Marketing and Sales System. L O R E M and I P S Uproduct M This includes: market research design; theme, name, graphic DOLOR SIT AMET identity and promotional signage; renderings, 3-D virtual tours, Internet coverage; brochures and direct mail; in-house sales administration program; and global marketing. He’s also in the process of having luxury home brochures circulated on private and charter planes. Ross' properties receive maximum exposure by taking advantage of today’s technology and using Social Media to keep in touch with his clients and stay up-to-date on the market. Effective marketing is the key to getting a home sold in today’s competitive market.
danielle@rosspavl.com | 403.999.0147
P ROV E N S U CC E SS . SE RV I CE TH AT STANDS O UT! It’s nice to meet you! The Ross Pavl Elite Group is a diverse and experienced team who uses extensive experience and passion to help clients realize their real estate dreams. We understand that the home buying process can be one of the most important decisions of your life. Having a skilled professional to guide you through the process makes a big impact. Sometimes real estate can be overwhelming and stressful. There are many milestones and numerous parties involved with buying and selling. Timing and communication are keys to our success. This is why we will design a personalized action plan for your needs. LET’S DIVE IN! Our team has a unique and comprehensive knowledge of the Calgary market. We understand this city inside and out. Every member of the team is committed to ensuring that ALL of your real estate needs are not just met, but exceeded. When buying your next home we will help you with getting in the door to see the homes that suit your needs, handling challenging conversations, staying on top of the paperwork, representing your best interests, providing expert neighbourhood knowledge, problem solving and so much more. The entire process is outlined for you here, please know that we will be staying in constant contact with you every step of the way. Your experience will be unique and we will adjust our service according to your wants and needs. Our focus is on your complete satisfaction. Buying a home is one of the most significant purchases in a lifetime. It is essential to have an experienced agent in your corner. A buyer agent’s fiduciary responsibility is to represent the buyer and to ensure that their interests are protected. After all, a seller has someone in his or her corner. A listing agent has an allegiance to the seller. Their goal is to get the seller top dollar for their home. There is incredible value in having someone working for YOUR best interests when buying a home. Our seasoned team is ready to deliver trustworthy results and an enjoyable experience. We look forward to working with you!
“
When it comes to finding a luxury home, we at RPE goes beyond the norm by connecting with Realtors, builders, investors and homeowenrs to find the perfect luxury home for you. We understand what it takes to find a luxury property for you and your family and we take the necessary steps to achieve this common goal. When it come to luxury living, there should be little to compromise and a lot to desire. We want to make you feel special. Give us a call today! - Ross Pavl
L ocal Expertise. G lobal Presence.
a b o u t r o ss pav l el i t e
IT ALL STARTS HERE START Bu ye r I n te r v iew
U n de r standing C lie n t N eeds
Client Educ ation
Lo an P re - a pproval
Loan A mount $_______
S how P ro pe r t y
C MA
Agency Relationship
Sell C ur rent P roperty
Denied
O f fer
Counter O f fer Acceptance
THE BUYING PROCESS STARTS HERE This is a guide and timeline to the entire buying process and what you should expect from an experienced, professional, elite real estate group such as ourselves. From start to finish, we ensure you are taken care of thoroughly throughout the entire process.
Satisf y Conditions
•F inanc ing •I nspec tion •Condo Doc
Wave Conditions
Rev iew •O ther
Home Insurance/ Utilities
Sign Paperwork & Lawyers
Walk Through
POSSESSIO N
TESTIMONIALS “I had the pleasure of working with RP ELITE Real Estate Group when we purchased our dream home. They were very professional, responsive and knowledgeable. I would highly recommend RP ELITE Real Estate Group and look forward to working with them in future!” - Felix Akpan “Excellent service and professionalism from beginning to end. We used RP ELITE Real Estate Group as our firm, on both the sale and purchase of our home and would use their team again without hesitation. Ross and his team have set the bar high with their customer-centric service while focusing on our needs; the needs of the customer each and every time.” - Jeff Ruyter “We loved our experience with RP ELITE Real Estate Group. They were always efficient and on time in responding back to our questions. They have maintained a great relationship even after the house was bought. Only a few realtors will maintain a relationship after. I would recommend them to anyone looking to buy or sell their house. Excellent Choice.” - Nadia Nizam “RP ELITE Real Estate Group did a fabulous job marketing and selling our home in Aspen. They demonstrated extensive knowledge of the real estate market in Calgary; took the time to show us comparable homes in our price range prior to us setting our list price; did an amazing job photographing and marketing our home; and handled all transactions promptly and professionally. Our home sold quickly at a higher price than we had hoped for.” - Karen Sveinunggaard
AB OUT
BUYI NG
Buyer Mistakes AVOID THESE MISTAKES WHEN BUYING YOUR HOME
GETTING TOO EMOTIONAL Think it's impossible? It's actually not. Once you decide to buy a home, start thinking of yourself as a businessperson and investor rather than just a future homeowner. In fact, forget that you're the "Buyer" altogether. By looking at the transaction from a purely financial perspective, you'll distance yourself from the emotional aspects of buying the property. While it is important to factor in certain emotional aspects, don't let it cloudy the process. Real estate IS an investment. Don't let emotions distract you from that.
SHOPPING BEFORE GETTING PRE-APPROVED It’s more fun to look at homes than it is to talk about your finances with a lender. So that’s what a lot of firsttime home buyers do: They visit properties before finding out how much they are able to borrow. Then, they are disappointed when they discover they were looking in the wrong price range (either too high or too low) or when they find the right home, but aren’t able to make a serious offer. How to avoid this mistake: Talk to a mortgage professional about getting pre-qualified or even preapproved for a home loan before you start to seriously shop for a place. The pre-qualification or preapproval process involves a review of your income and expenses, and it can make your bid more competitive because you’ll be able to show sellers that you can back up your offer.
EMPTYING YOUR SAVINGS If you buy a previously owned home, it almost inevitably will need an unexpected repair not long after. Maybe you’ll need to replace a water heater or pay a homeowner's insurance deductible after bad weather. How to avoid this mistake: Save enough money to make a down payment, pay for closing costs and moving expenses, and take care of repairs that may come up. Lenders will give you estimates of closing costs, and you can call around to get estimates of moving expenses.
CHOOSING THE WRONG LENDER Shopping for a mortgage is like shopping for a car or any other expensive item: It pays to compare offers. Mortgage interest rates vary from lender to lender, and so do fees such as closing costs and discount points. But according to the Consumer Financial Protection Bureau, almost half of borrowers don't shop for a loan. How to avoid this mistake: Apply with multiple mortgage lenders. A typical borrower could save $430 in interest just in the first year by comparing five lenders. All mortgage applications made within a 45-day window will count as just one credit inquiry.
STEP 1: INITIAL CONSULTATION TO IDENTIFY YOUR WANTS AND NEEDS As REALTORS®, it’s our job to educate our clients. By understanding your wants, needs and timeline, we can suggest your best plan of action. This is an excellent time to answer any questions you have and to make sure you are comfortable working with your agent. You don’t want to skip this step. You can rest assured that we have a team who is ready to help you secure the best home, at the price and terms suitable to your budget. Keep in mind, your wants and needs will most likely change as you view homes. The real estate market is also constantly changing and you must be aware of where you stand. We highly recommend meeting faceto-face to assess your situation, express your goals, and determine an appropriate action plan. When we meet our clients, we also take the time to explain and fill out our Buyers Agreement, Fintrac Form, and Consumer Relationship Guide. STEP 2: GET EDUCATED It is so important to get educated on the real estate process and industry. We are talking about one of the biggest investments of most people’s lives; a little time to empower yourself will go a very long way. There are several resources you can turn to for information. One of the best sources of education is meeting with a Realtor and simply asking questions. Another great source of knowledge is searching on the Internet. Following are a couple of great sites for information: www.cmhc.ca, www.crimemap.calgarypolice.ca, and www.housecreep.com
STEP 3: PRE-QUALIFICATION Understanding how you will be funding the purchase of your home well in advance will strengthen your negotiating position and give you the opportunity to make smart decisions suitable to your lifestyle. Meet with your bank or a mortgage broker and discuss your situation to determine what type of mortgage would work best for you (there is no cost to you to have a mortgage broker work for you). Then find out how much you can get pre-qualified for. Once this amount is determined, figure out where your comfort zone is. You might qualify for more than what you are comfortable spending right now. Decide how much of a monthly mortgage payment you are comfortable with. We have great relationships with financial experts who will be able to assist you in discovering your options, and would be happy to refer you to one of these professionals. NOTE | If your down payment is not readily available, make the necessary arrangements to obtain it. You may need to transfer money, cash in bonds/stocks, or move money in another way. It is important to note that liquidating certain assets can take upwards of 30 days; be sure to consult your bank or mortgage broker about this.
L ocal Expertise. G lobal Presence.
the buying process
STEP 4: STARTING THE SEARCH This is when most of the excitement really starts to happen! We will already know your requirements from our initial consultation. We will then set up a property search to notify you (typically via email) when a new property enters the market that matches your criteria. Once you have identified some potential properties, it’s time to hit the pavement. How will you find my new home? We use “the Funnel Process” to help find you the right home, for the right price. What this means is we look at all the possible sources for a new home that fits your needs; the MLS, new builds, and for sale by owner. We take all of those properties and slowly start to weed out the ones that just won’t work for you. This way we’ll go from 1000’s of properties to 100’s and then dozens as we begin to eliminate the ones that aren’t a fit. Once you choose your favourites we will create a simple market analysis showing you sold properties to help you get a feel for value. Our goal is to make sure you don’t pay too much but you still get the home of your dreams. Showings We will organize home showings for you at a time that is most convenient for all, and provide information on the homes that you may have interest in. Although we are not home inspectors or contractors, we will do our best to point out any potential benefits and problems that we see. We do not set any limits on the number of homes we will show you, and we will work with you until you find the right one! Open Houses / New Homes We highly recommend that if you are interested in looking at new construction that you go with your Realtor to visit showhomes. However, if you are out and about and decide to view some open houses or show homes without your Realtor, that’s okay. Out of professional courtesy, upon entering the open house or show home, let the Realtor/salesperson know that you are already working with a Realtor. This way you will be able to enjoy looking at the open house without being pressed with a lot of questions. As well, if it’s a property you like, you won’t have released information to the listing that might work against you in a negotiation. When viewing show homes, you should register yourself and state who your Realtor is. This will ensure that you get representation when working with a new home builder. Let me be clear, the listing agent/salesperson works for the builder, not for you, and their goal is to look after their client’s best interest. It’s in your best interest to have representation from your Realtor and not the listing Realtor. If you decide to work with the listing Realtor, as a buyer a common question is, ‘who are they representing; you or the seller?’ This is why it’s important to use your chosen Realtor so that you are assured of the best representation on your purchase. This area is quite extensive, so if seriously looking at new homes, discuss with your Realtor why it is important that they are able to represent you, and for you not to work exclusively with the builder or show home salesperson. The show home representative may tell you differently, so talk to your Realtor first and then you can decide from there. Step 4 continued on next page >>>
L ocal Expertise. G lobal Presence.
the buying process
TIMELINE & MILESTONES Here's
what
you
can
expect
&
when.
Welcome Meeting
Meet for your buyer consultation, set expectations, connect with a local lender and
Home
personalize a plan.
Search
This is where we start searching for your new home! Might be quick, or Make
it might take some time.
an
Offer
We will sit down review the home, write the contract and submit. Inspections &
Appraisal
This is a big hurdle. This milestone can make or Closing
break the transaction.
We made it! We will meet
Don’t panic though! In
at the closing table to
the words of Marie
sign the final documents
Forleo, “Everything is
and exchange the keys!
Figureoutable!”
Congratulations!!!
D A N I E L L E
R O U R K E
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C L I E N T
W E L C O M E
P A C K E T
STEP 4: FOR SALE BY OWNER If you are having a difficult time finding a home through our MLS system, you might be tempted to search on “for sale by owner” sites. This is perfectly fine, however it is still important to use a Realtor. Ask your Realtor to schedule viewing appointments and to join you for viewings. Even if the listing says “no Realtor,” a real estate agent can usually work something out with the seller to pay commission for his/her services and for bringing a buyer who would prefer to have representation. Most for sale by owners do not have an issue paying the buyers agent commissions; they are usually just trying to save on the listing side of commissions, and most for sale by owners will cooperate with an agent representing buyers. STEP 5: YOU HAVE FOUND THE PERFECT HOME! WHAT NEXT? (Comparative Market Analysis) Once you have found a home that you are considering purchasing, we will prepare a current market analysis to show you what the market value of the home is. This compares your selected home to similar homes in the neighbourhood that have recently sold. This information will help you know what a fair market price is so that you do not overpay for your home. STEP 6: THE OFFER Once you find the right home and decide to purchase it, you’ll want to move quickly. With our help, we will write your offer on your terms. With our professional guidance, your offer is correct and all of the conditions and terms you require are included. If you need it, you will get the time to consult with banks, appraisers, building inspectors, and family - without pressure. Offers are normally written with conditions to meet your needs. Common conditions include, but are not limited to: • • •
Financing Condition Home Inspection Condition Condo Document Condition
With these conditions written in for your protection, you can move quickly and confidently, knowing that your best interests are being looked out for.
DEPOSIT | In order to write an offer, you will need a cheque and some available money for a deposit. This is to initially offer a show of good faith in a transaction and is fully refundable if the conditions on the purchase are not removed. After the conditions are satisfied and removed in writing, the deposit becomes the seller’s security that you will complete the purchase (non-refundable).
L ocal Expertise. G lobal Presence.
the buying process
THE OFFER
PROCESS After Making an Offer
•ACCEPT THE OFFER
First Offer Submitted
•DECLINE THE OFFER This happens if the seller thinks your offer isn’t close enough to their expectations to further negotiate.
A counter-offer is when the seller offers you
Counter
different
terms.
If
this
happens,
you
can: •ACCEPT THE COUNTER OFFER •DECLINE THE COUNTER OFFER
You can negotiate back and forth as many
Repeat
times
as
agreement
needed or
until
someone
you
reach
chooses
to
an walk
away.
Accepted
Once all parties agree on all the terms, you are officially under contract! CONGRATS!
DANIELLE ROURKE | BUYING A NEW HOME
OFFER & CONDITIONS STEP 7: NEGOTIATING THE OFFER We pride ourselves on our ability to negotiate favourable deals for our clients. Most people list their homes expecting to negotiate, so room for negotiation is usually available. Knowing how long a property has been on the market and neighbourhood prices, is valuable when negotiating. Our experts assist you through the entire buyer experience, making sure you have all of the information at hand to make the right decisions. We provide you with a current market analysis to ensure you do not pay over market value for your new home. The result: You get the best purchase price for your new home. STEP 8: SATISFYING CONDITIONS It is important to feel comfortable with your purchase, and conditions are a vital part of that home buying experience. Feeling comfortable has to do with several factors. Securing the right financing is one of them. The right financing can save you thousands of dollars over the life of your mortgage. Another factor contributing to your comfort is hiring a professional home inspector. Hiring the right home inspector is a way to gain peace of mind and guard your pocket book. A proper inspection will cover all areas of the house both structurally and mechanically, and give you an objective view of the property. A qualified home inspector will provide you with a written report indicating areas of concern. If you are purchasing a condominium, a condominium document inspection is recommended so that you are fully aware of the condition of the corporation that you are buying into. Conditions are only removed once you are comfortable moving forward. If conditions cannot be satisfied, the contract is terminated and your deposit will be returned within two to four weeks. Your deposit cheque has to clear at the bank before the listing brokerage will issue you your deposit back. When satisfying conditions, we are happy to recommend partners we trust in all areas such as financing, home inspection and document review. STEP 9: FIRM SALE You now have a firm sale and you will need a real estate lawyer to complete the transfer of funds and to transfer your name on title. It is important that you have a lawyer who deals with real estate transactions on a regular basis. In the event that you do not have a lawyer, we have a list of professionals who we would happily recommend. STEP 10: PREPARING FOR POSSESSION Typical possessions are 30-60 days, however they may be quicker; much quicker. Please refer to our “Moving Checklist” for a list of items that need to be completed as soon as possible; this will alleviate a large amount of stress.
POSSESSION & FOLLOW UP STEP 11: POSSESSION DAY Typically, possession happens at 12pm on the agreed upon possession day. The seller’s lawyer will contact your Realtor to notify them when keys can be released to you and to provide you with permission to access the property. From time to time, your Realtor can negotiate (at the offer stage) to have a walk-through of the property completed a few hours before, or the day prior to possession. If you and your Realtor discover any problems during the possession, these are communicated to the lawyer who will then advise on the next best course of action. It is a good practice to not schedule your entire move at 12pm on the possession day because small delays are not uncommon. This day can be very exciting and very stressful, so proper planning of your move well in advance is critical. Congratulations On Your New Home!
STEP 12: AFTER SALES SERVICE Real estate transactions are significant and rarely a single event in one’s life. Our main goal is for our clients to be so satisfied with the service we provide that they are comfortable recommending us to friends and family. We look forward to hearing from you for market updates, home evaluations, advice on renovation, investment, and any other queries you may have. We look forward to connecting with you in the following ways: • • • • •
Rank My Agent Check in to see how you are enjoying your home Our monthly market report helps you keep track of the value of your investment Invitations to client appreciation events Annual real estate reviews
It is a Privilege to Represent You!
CLOSING COSTS Don’t forget these costs when buying a home – not all are applicable. Buying a home is a milestone, whether it’s your first, third or fourth. In addition to the price of a home, there are some other costs you’ll incur. Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all costs apply to every sale or purchase. However, when you are aware of the following items you won’t be hit with any surprises on closing day. INSPECTION FEES An inspection performed by a professional inspector is a sound investment. For $400 - $800, you’ll receive a written report on areas that are structurally sound and those where repairs are required. CONDOMINIUM DOCUMENT REVIEW FEE When purchasing a Condominium it is important to get a professional to review all the documents associated with the condominium so that you feel comfortable in knowing that there is healthy management and reserve fund. Budget approximately $300 - $500. Make sure you keep all these documents after possession. LEGAL FEES A lawyer should review every real estate transaction. Fees are determined by the complexity of the issues involved. Lawyers deal with financial transfers, title transfers, real property reports and all aspects around the closing. Budget approximately $900 - $1400 APPRAISAL FEE When you apply for a mortgage, your lending institution may ask for an appraisal of the property. Budget approximately $300 - $500. SURVEY/ REAL PROPERTY REPORT (RPR) When you purchase a resale home, you are also required to have a Real Property Report which is a legal document that clearly illustrates the location of significant visible improvements relative to property boundaries. The seller is required to provide this in which case it costs you, as the buyer nothing. Your lawyer should review this with you and provide you with a copy. PROPERTY INSURANCE Insurance on your home covers the replacement value (structure and contents). To protect their investment on their loan, financial institutions require this coverage. Allow for $500 - $2,500 and up. Don’t forget these costs when buying a home. SERVICE CHARGES There may be an installation fee for utility services, including telephone, water, electricity, gas and cable. Hookup fees range from $25.00 - $175.00 depending upon the service.
OTHER FEES MORTGAGE LOAN INSURANCE FEE If your Down Payment is less than 20%, lending institutions require mortgage loan insurance. Budget between 0.6% - 3.85% of the total amount of the mortgage. This will be added to your Monthly/ Bi-Weekly mortgage payment. MOVING COSTS Costs for professional movers range from $65.00 - $150/hour for a van and two movers. Prices may be higher during peak moving times. LOCAL IMPROVEMENTS In some cases, the cost of local improvements made in your area (sewers, sidewalks, alleys) could be added to your tax bill. HOME OWNERS ASSOCIATION FEE (HOA) Some Communities require you pay a yearly fee to live in that community. The money is used for Club houses, community beautification, lake maintenance or parks. Your Realtor should inform you if the community you are buying in has this kind of fee and how much it is. CLOSING COSTS With the purchase price of a resale home, the closing is always “subject to usual adjustments.” This means that any amount that the seller has already prepaid will be adjusted so that the home buyer pays the excess amount back to the seller, and vice versa. These adjustments can include: municipal property and school taxes, monthly condominium maintenance fees, first and last month’s rental for rental properties where renters may be in the home, and utilities such as hydro, water and fuel oil, including GST. INTEREST ADJUSTMENT COSTS Most lenders expect the first mortgage payment one month after closing the purchase. However, if you close mid-month, some lenders expect the first payment at the beginning of the next month, 2 weeks before you would normally expect. Otherwise, they charge a prorated interest to make up the difference. TITLE INSURANCE Title insurance works like a standard insurance policy. It protects against future discoveries about a property, some title-related and some non-title-related. It is a form of indemnity insurance for a mortgaged property that covers the loss of an interest in a property due to discovered legal defects. As an insurance product, title insurance doesn’t “fix” problems. It provides insurance coverage for them. In other words, the title insurer has no obligation to do anything until a problem actually arises. When a problem does arise, the insurer can pay damages or actually fix the problem. Speak with your lawyer to determine if Title Insurance is for you. PROPERTY TAXES - TIPS Property taxes are payable to the City of Calgary and are due on June 30th for the year. A very popular option is to utilize the City of Calgary’s Tax Installment Payment Program (TIPP) Your installment amount is calculated by dividing your most recent annual tax levy by 12, rounded up to the nearest dollar. This amount is paid through automated withdrawals from your bank account the first day of each month. This is simply set up through the City of Calgary.
THINGS TO REMEMBER BEFORE YOU JUMP INTO THE MOVING CHECKLIST, PLAN YOUR NEW HOME. For most of us, this is the fun part. Planning your new home is a great project full of dreams and possibilities. Are you getting a big TV, your dream kitchen or a baby room? Are you planning on painting or doing renovation at the new place to make it your own? This is the first thing you need to plan since it will impact your moving date, the furniture you need to buy or sell, the professionals you want to hire and the logistics to do it all. If possible, try to do all renovation and painting prior to moving in, otherwise you’ll have to live in your boxes for a few days or weeks. Once the planning is done, moving preparation starts. STEP 1 - Early preparation - Thinking ahead of Moving Day: • Do a complete cleaning of your home. • Create a folder on your computer to store all the checklists, spreadsheets, and estimates. • Make an inventory of your belongings! • Take measurements of the dimensions at your new address. • Make a list of things you want to give away or sell. • Make this day fun for the kids. • Take care of your animal(s) on moving day. STEP 2 - Booking your moving team - How to choose the best mover: Book your movers or your truck in advance. When choosing a mover, evaluate their BBB rating, Google reviews, pricing and insurance policy to decide whether or not they are right for you! STEP 3 - Checklist of supplies for packing and more STEP 4 - Packing and preparing the house: • Clean and take pictures of your stuff to sell. • Mark your boxes. • Take photos or videos of every complex electronic connection. • Pack a bag containing some clothes and toiletries so that they’re easily accessible. • Empty your fridge and disconnect it at least 24 hours before you move it. STEP 5 - When moving, don’t forget to: Leave the key with your landlord or bring it with you to the lawyer’s office Take everything with you .(Don’t leave anything behind!). Bring cash to tip the moving company or its drivers. STEP 6 - Moving Day, it’s time! STEP 7 - Set up the new home and explore the neighbourhood: Take the time to set up all appliances, electronics, furniture, advanced technology (wi-fi, cameras, alarm systems, etc.), remote, cable, furnace filters, etc. Be sure to explore the community and find local coffee shops, stores, restaurants, recreational facilities, bus stops, grocery stores, parks, playgrounds and more.
MOVING CHECKLIST It is important that you use this checklist in order to be well-prepared when buying a home. The last thing you would want to happen is to move into a home without the necessities in life such as electricity, gas, water, or work/school related services such as Internet/phone, etc. Be sure everything is in order to keep things running smoothly during the buying process. If you need assistance, we are always here to lend a helping hand. It`s what we do!
UTILITY PROVIDERS • Electricity Providers • Telephone Providers • Cable & Internet Providers • Gas Providers
CLUBS & MISCELLANEOUS • Country Club • Health & Fitness Club • Recreation Club • Book Club
GOVERNMENT INSTITUTIONS • Canada Revenue Agency (CRA) • Post Office • Schools • Provincial Licensing • Library
BUSINESS ACCOUNTS • Banking Institutions • Cell Phone Providers • Department Stores • Financial Companies • Credit Card Companies
INSURANCE COMPANIES • Accidental Insurance • Auto Insurance • Health Insurance • Benefits Provider • Home Insurance • Life Insurance
PROFESSIONAL SERVICES • Broker • Accountant • Doctor • Dentist
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People do not care how much you know until they know how much you care. They will forget what you said. They will forget what you did. But they will never forget how you made them feel.” - teddy roosavelt & Maya Angelou
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Danielle Rourke 403.999.0147
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