Whether you are a Buyer or a Seller, my Experience will help determine Value. Sellers set price, but Buyer determines value. We will do a comparative market analysis, and determine an appropriate price together.

Pricing is influenced by:

  • Location
  • Market conditions
  • Attributes: sqft, # of rooms, sizes of rooms, Layout, finishings
  • Condition: clean, maintained

Definitions/Explanations:

Chattels & Fixtures: Appliances, Ceiling fans, TV arms, Built-in shelving, window coverings, Garage openers, Central air conditioners. Is it mounted to the house? Let’s discuss it!

The Deposit Serves 2 purposes. It is generally paid to listing Agent’s Brokerage in trust. It makes up part of the purchase price. 

  • It is a consideration of sale, which is a legal requirement
  • Guarantee of performance to complete conditions & terms of Purchase contract

Note: Seller is entitled to keep deposit if purchaser is at fault for not completing transaction after conditions have been waived. If conditions are not waived, the Deposit is returned to Buyer.

Home Inspections:

Typically a 3 to 4 hour visible examination of mechanical, electrical, plumbing & structural components of the home.

Only the Inspector, the Buyer who is named on the Purchase contract & their agent will be at the Home inspection. Unless otherwise agreed in writing with the Seller.

Inspector will discuss with Buyer their findings. The Inspector will provide a written report.

Typically cost between $400-600

Lawyer involvement:

Your Lawyer will gather documentation to complete transaction. They will let you know:

  • when mortgage can be discharged
  • what the proceeds from sale are
  • balance owing on closing date
  • statement of adjustments
  • distributes the money to pay costs for sale/mortgage

Closing Costs:

Legal fees (Most Lawyers charge a flat rate) and Disbursements – land title searches, discharging existing mortgage, certificate of search from land titles office, photocopying & courier charges

Property Tax Adjustment – seller/buyer pays property taxes for the portion of the year that they own the property

Condominium Fees – seller/buyer pays Condo fees for the portion of the year that they own the Condo

Mortgage Balance and Penalties – Actual balance remaining on existing mortgage must be paid at time of sale by lawyer. Depending on type of mortgage, a penalty may have to be paid to lender if cancellation is made before term is up

Interm financing (aka Bridge financing) – may be required to bridge the gap when you take possession of your new home prior to the closing of your current home. Your Lender can provide you with accurate cost

Deducting Your Move:

(Moving expenses must be deducted in the year of the move)

Generally you can claim if you meet this criteria –

Moved within Canada for business or employment

Distance between new residence and work is at least 40km less that the distance from your old residence

Expenses were not paid on your behalf by employer

You include your income any reimbursement or allowance receiving in respect of moving expenses

Moving Expenses Include:

  • Reasonable travel cost – meals, temp lodging not exceeding 15 days
  • Cost of selling/purchasing new residence
  • Transportation, storage movers
  • Legal fees incurred

*Always ask your accountant

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Shilo Storey is Your
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for Calgary & Airdrie.