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When buying or selling a home, one of the most important documents you will have is the Agreement of Purchase and Sale, also commonly referred to as the “Offer”. This legally binding contract will outline in detail everything from the purchase price, closing arrangements and conditions to titles and chattels. It is always best to have a lawyer go through the details of every document or contract you have to sign when buying or selling a home, but it doesn’t hurt to be acquire some knowledge of the process prior to seeing your lawyer. We will share with you some of the more important and relevant sections of the agreement, and from here you will be more equipped when the time comes for you to sign one.

The Agreement of Purchase and Sale is a standard contract governed by AREA the Alberta Real Estate Association. The purchase or sale for a home is usually the largest transaction that you will make in your lifetime.  As such, the Agreement should be fully understood by both the buyer and seller and requires that both parties fully understand what it contains and what it means to them.

The agreement is only a few pages when you remove the signature page and schedules that contain additional provisions. It contains many self-explanatory “fill in the blank” provisions, but care must be taken to ensure that they are accurately completed, including the names of the parties, the purchase price, the property description, the deposit and the closing date.   The date of the agreement is typically for reference purposes only.

Here we list some of the more important sections of the agreement.

1. The Property – this section provides the legal address and description of the property being sold/purchased. It also details any items or “chattels” that are to be included or excluded from the agreement.
2. The Transaction section is important because it details the financials’ what the initial deposit is, an assumption of mortgage, financing and any other details that are.
3. The Deposit section details where any monies and deposits will be held in trust, legal details pertaining to the financial transaction and all other financial conditions included on the agreement.
4. The Conditions section details all conditions that are part of the offer. A condition could be based on approved financing, passing a home inspection or and other condition the buyer chooses to implement.

Once the Offer is made by one party and accepted by the other, it becomes a binding agreement of purchase and sale (subject to any conditions set out therein). In order to get the Agreement right, the buyers and sellers will have to heavily rely on the expertise of their realtors and lawyers, but should make every effort to read and understand the Agreement provisions before rushing off to sign.

It is fair to say that some real estate transactions are more complicated than others. Therefore ensuring you have a licensed realtor and legal professional on your team is imperative for a smooth and easy transaction.

Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.

About Bryon Howard

Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.

The home buying process can be very exciting…choosing the neighbourhood you want to live in, scouring through listings and checking out weekend open houses to find the home of your dreams. I enjoy helping my clients through this process – it’s one of the many reasons I became a Realtor. My job is to give my clients the tools to buy with confidence, which is why I work with specialists and ensure that I am keenly up to date during the many ebbs and flows that is the real estate industry. If you are thinking of buying your first home, or ready to get back into the market after several years of home ownership, a licensed Realtor is essential to help you understand all your options.

Once my client has made the decision to purchase a new home, I help them to weigh their options. These options can be anything from location to budget restrictions – but whatever they are I use my years of experience to help guide them in the right direction. Providing them with a good understanding of what their desired locations means for their budget and lifestyle, as well as ensuring that they are making a good long term investment that will help secure their future golden years.

I also work alongside accredited mortgage brokers who are experienced and knowledgeable. Having them as part of my team allows my clients to secure their financing in the early stages of the process. This relationship bodes well especially when a client is self-employed or has a non-traditional source of income. A mortgage professional can help to easily navigate home buyers through the labyrinth by assisting in getting the required documentation and advising on what type of mortgage and payment plan suits their financial needs.

Whether you are a typical buyer looking for your next place to call home or an investor who would like some assistance in buying additional properties, my team and I have the qualifications you need to make the process a seamless one.

Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.

About Bryon Howard

Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.

As a Realtor, my clients are always asking me which home improvements tend to attract buyers and bring the best return on investment when it comes time to sell. In Calgary, homeowners cannot go wrong in replacing dated, worn-out windows with attractive, energy-efficient replacement windows. The return on investment will be realized immediately in the form of reduced heating and air conditioning bills and will continue down the road in the form of appreciation. Replacement windows are also one of the few upgrades that will please nearly all buyers.

Many home improvements are more about livability than adding value to your asset. By all means, if you are planning on staying for a while and have the means to do so, go ahead and make any and all improvements that make you happy. If, however, you are planning on listing your home for sale in the not too distant future, think twice before making certain improvements that are not likely to add value to the property and may even impede sales. Very high-end kitchen remodels, over-the-top renovations and highly personal décor affixed to the home will not bring much of a return on investment and may put off buyers who do not share your decorating aesthetic.

Replacement windows are such a sensible investment because they tend to bring a return whether the homeowner stays for five years or thirty. Draft-free rooms reduce energy bills considerably and make the home more comfortable and livable for its occupants. It is a simple and cost-effective improvement that any homeowner with cold spots and leaking windowsills can appreciate. The selection of materials and styles available to buyers is endless. Owners of older homes interested in preserving the appearance of their home should have no trouble finding suitable replacements that will make the home energy-efficient while preserving the architectural integrity at the same time.

If you are living in a drafty home with leaking windows and rotting window sills, you should definitely consider installing replacement windows to enhance the beauty, energy-efficiency and overall value of your home. In some areas, tax credits and utility company rebates are available to homeowners looking to update their windows and doors. Lenders may also sponsor special loan programs to finance the initial cost.

Stay warm in the winter, cool in the summer and confident year round knowing you have made an excellent investment in your home when you install replacement windows.

Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.

About Bryon Howard

Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.

Despite the economic downturn triggered by the precipitous fall in crude oil prices, Calgary’s population continues to grow and outpace projections made just a few years ago. According to the City’s 2015 Census, the 1.2 million people currently residing in Calgary represent a 3% increase from the prior year. 2015 witnessed the third largest influx of new residents in Calgary’s history. Despite economic concerns that are affecting all but a few areas of the country, Calgary remains Canada’s fastest growing city.

The unemployment rate in Calgary right now is hovering around 7% – similar to most of the country. The newcomers still flocking to the City are putting their faith in the belief that Calgary’s diversified economy will enable it to weather the storm and handle the seemingly random spins of economic cycles. The manufacturing, finance, construction and transportation sectors remain viable sources of employment for Calgary’s growing population.

While the promise of good jobs may have been a driving force during the city’s exponential growth over the past twenty years, there were other factors at work that caused the newcomers to stay and make Calgary their permanent home. The City consistently ranks high in MoneySense magazine’s annual list of “best places to live” in Canada. The MoneySense editors understand what Calgary residents already know – the weather, spectacular scenery, emphasis on active lifestyle and strong sense of community combine to make Calgary a very livable city. In fact, The Economist has declared Calgary to be in the top five “most livable cities” in the world and awarded the City perfect or near perfect scores in the categories of “stability”, “education”, “healthcare” and “infrastructure”. Residents, visitors and pundits the world over agree that Calgary is a very good place to live.

When it comes to urban planning, cities throughout North America and the world look to Calgary as a model in the ongoing fight to balance growth and development with environmental concerns. Many residents choose to bicycle to work and even more enjoy the City’s vast network of hiking trails and paths on a daily basis.

Even in the face of economic uncertainty fueled by energy industry woes, Calgary’s diversified employment opportunities and high wages keep workers coming. Our healthy, active lifestyle, incredible natural beauty and intact pioneer spirit compel them to stay.

Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.

About Bryon Howard

Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.

With tremendous pride and gratitude, The Howard Team would like to thank Houzz for honoring us with their “Best of Houzz” award for 2016 in the category of customer service. Like all users of Houzz, we enjoy getting home decorating and remodeling ideas from the website and are thrilled to be chosen “Best of Houzz.”  The Houzz award means so much to us because this particular honor reflects the sentiments of the members of the Houzz online community – 35 million strong and growing at last count!  It is a great feeling to be recognized for our team’s customer service achievements since we strive to keep our clients and their needs as our central focus every day

The “Best of Houzz” prizes are awarded annually in the categories of Design, Customer Service and Photography.  Houzz is the “go to” site for homeowners looking for home improvement ideas, inspiration and up-to-date reviews on remodeling professionals and Realtors in their area.  According to Liza Hausman, Vice President of Industry Marketing for Houzz, “Anyone building, remodeling or decorating looks to Houzz for the most talented, competent and service-oriented professionals.  We’re delighted to join our community of homeowners and design enthusiasts in recognizing our “Best of Houzz” professionals around the world.”

In a real estate market as active as Calgary’s with thousands of Realtors competing for clients, it is not enough to simply offer a good product and assemble a talented team of agents.  In order to succeed in this market, you have to employ the customer service skills that our clients rightfully demand.  In addition to having a genuine fondness and respect for people, you need to have patience and attentiveness and exhibit the attention to detail that real estate transactions require.  You need to be an expert listener while also knowing how to “read” clients who may have trouble articulating their goals.  Every client brings their own unique personality, wants, needs and circumstances to the table and it is a Realtor’s job to sort through these sometimes competing interests to help a client achieve their real estate goals.

The real estate industry is ultimately more about people than bricks and mortar.  Our clients are the lifeblood of our business and our greatest resource.  We thank the Houzz community for recognizing the Howard Team’s commitment to top-notch customer service and to the clients that we serve.

Are  you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.

About Bryon Howard

Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.

What do you think of an investment that comes with the promise of long-term appreciation plus an immediate return?

It sounds like it may be worth looking into – right?

With interest rates at an all-time low and stocks and bonds seesawing between volatility and the doldrums, real estate investment has emerged once again as a reliable vehicle for those seeking to build wealth. It is the rental market in specific that is enjoying a renaissance of sorts. For a number of reasons, urban dwellers are drifting away from homeownership and toward the rental market.

For the first time in several decades, investors in Calgary real estate with a focus on the rental segment are realizing an immediate income stream while building equity at the same time. This is due largely to the low cost of borrowing money combined with high rental rates, low vacancy rates, and societal changes that are pulling people back toward city centers. The result is that thousands of renters are now living in single-family homes or owner-occupied single-family homes with brand new secondary suites.

On top of the economic and social conditions that favor the growth of the rental market, the City of Calgary has recently enacted building code changes that make it easier to create a secondary suite or legalize an existing suite. Many homeowners are using income from secondary suites to pay down their mortgage, supplement monthly income, and help elderly relatives and young adults in need of a private, but affordable space.

In doing so, they are also building equity and adding to the value of their property at the same time. Others are purchasing a second investment property and using the revenue from the investment property to pay down the mortgage on their residence.

To illustrate how this works, let us take the real-life example of a brand new Highland Park property valued at $750,000 with a $562,500 mortgage balance to see how the presence of a walkout rental suite together with the main house rental generates immediate value for the property owner.

Building Summary:

Completed Value of Home $750,000

Deposit $187,500

Mortgage Balance $562,500

Rental Summary:

Main House Rental (3 bedrooms 2.5 bath with garage) $2400/mo     

Walkout Rental (2 bedrooms, 1 bath with garage) $1600/mo.   

Combine this $8788 annual income stream with a mortgage principal pay down equal to $16,000 and a modest assumption of 1.5% annual appreciation and this property owner can boast of an investment yielding a 19% annual return – a healthy number by any standard!

If you are interested in becoming a real estate investor or if you are already an investor looking to enhance the value of your existing assets, work with an experienced Calgary Realtor. Returns like this sometimes only around only once in a lifetime. Do not wait too long.

Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.

About Bryon Howard

Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.

Canada’s low mortgage rates have been in the news for so long that they have essentially become the norm.  The 18 percent plus rates of the 1980’s are ancient history.  It seems that we have become so accustomed to cheap money, that we have forgotten that it might be temporary and just maybe, it may also become a thing of the past.  Although the Bank of Canada hasn’t given us any indication of a rate increase in the immediate future, it’s still important to use our (borrowed) money wisely and plan for the future.  After all, most of us are locked into 25-year mortgages, and we know just how much change can occur over two and half decades.

Be aware of how much a change in interest rates will affect your housing costs.  To put things in perspective, a $350,000 mortgage would cost the average buyer $1570 per money at a borrowing rate of 2.5%.  If rates went up just 1%, the same mortgage would cost $1750 per month.  That’s a $180 difference.  What’s even more significant is that same 1% increase would add an additional $54,600 to your cost of borrowing over the lifespan of your mortgage.

Take advantage without over extending yourself.  It’s hard to predict what will happen to interest rates over the next few years.  Even some of Canada’s most educated economists were surprised when the overnight rate went down instead of up.  That being said, it’s a wise idea to be prepared for a rate increase.  If your mortgage renews at a higher rate at the end of your current term, what will it mean for your household budget?  Do you expect your income to be the same, or are you planning on starting a family?  Talk to your mortgage professional about your long term plans so they can choose a financing option that meets your needs.

Take advantage of your pre-payment options.  The best way to protect yourself against a future rate increase is to decrease the size of your mortgage.  Some mortgages allow you to increase your payments each month, or make a lump sum payment up to a certain percentage of the balance.  In most cases, it makes more sense to tackle your higher interest debt first, but if your credit cards are clear, you will never regret knocking a few thousand dollars off your mortgage.  Remember, the quicker you pay it off, the more you will save in interest over the long haul, and that could amount to tens of thousands of dollars in savings.

Are  you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.

About Bryon Howard

Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.

You’ve found the perfect home, made an offer, and signed the deal! The hard work is done, right? Not so fast. There are a few important things to keep in mind before closing to make sure your new home purchase goes exactly as planned.

Get your paperwork ready. If you haven’t done so already, you’ll need to provide all the necessary documentation to your mortgage lender. They will need a copy of the signed purchase and sale agreement, as well as the paperwork that verifies your income. This can include tax returns, T4’s, a recent paystub, and anything else that is relevant to your type of employment.

Don’t make any large purchases or apply for additional credit. Keep in mind, your mortgage approval is based on your financial situation at the time of your application. Even though it seems obvious, some buyers do make the mistake of switching jobs, racking up a loan, or purchasing a car right before closing. Big changes in your financial situation could void your mortgage approval.

Have your down payment and closing costs ready to go. Your lawyer will require a bank draft at the time of closing to cover your legal fees and the remainder of your down payment. Make sure your funds are in an accessible account so that you can retrieve them a day or two before closing. If you are withdrawing from an investment account or an RRSP, move the money as soon as you can to avoid delays.

Organize your move and set up your utilities. Hiring movers? Call around ahead of time to get a few quotes, and make sure the company you choose is available on your moving day. If you are moving into a condo, book the elevator with the building’s superintendent. Next, make sure all the utilities are set up in your name.

Book an appointment with your lawyer. Your lawyer will need you to sign off on a pile of paperwork for the lender, verify your ID, disperse the funds, and hand over the keys to your brand new place. After that, you’re all done! Welcome, home.

 
Are  you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at GreetingsCalgary.com.

 
About Shirley Wright

Like everyone, I have been involved in real estate my entire life! Like you, I grew up in a home! My husband and I purchased our first home in 1998, and since 2001 I have been assisting my husband, Bryon Howard, in our real estate investments and his work as a Top Producing Sales Professional.
I assist sellers and buyers meet their goals, efficiently and have fun doing it.
To serve you better, I network daily with top producing REALTORS in various markets across North America, keeping abreast of the many and varied trends and cycles of real estate.
I look forward to serving you to help you find what you want in our exciting city. Please take some time searching my website www.GreetingsCalgary.com. Many of my clients have advised that the search engine incorporated here is very user friendly.

Buying your first home is an exciting process.  You’ve probably worked hard and made lots of smart decisions to get you closer to your goal of becoming a homeowner.  More so than any other purchase, it’s important to educate yourself in several areas and set realistic expectations.

Understand the current market conditions.  The real estate market is always changing.  Sometimes it favours buyers, sometimes it favours sellers.  It can be affected by a variety of factors including interest rates, available inventory, consumer confidence, and even the weather.  You need to work with a local real estate professional who understands the market in your area.  This will equip you to make the right decisions and negotiate wisely when purchasing your first home.

Sit down with a mortgage professional.  It’s easy to get caught up in the purchase price of a home, but the monthly payments are what will really have an impact on your budget.  A mortgage professional will take the time to help you figure out exactly how much you will need to put aside for your down payment, what kind of interest rate you can expect, and how much your new home will cost you on a monthly basis.

Research how far your money will go and consider the various housing options within your budget.  Although you may have a particular type of house or neighbourhood in mind, you might be pleasantly surprised if you step outside your comfort zone.  Take the time to see properties in person, think about your long term goals, and weigh out the pros and cons of whatever is available in your price range.

Don’t bite off more than you can chew.  If you are looking at homes that need some TLC, bring someone along who can help you understand the scope of the project.  Renovations can be a profitable investment in the right areas, but you need to do some homework ahead of time to make sure it’s worth your time and effort.  With a little research and the help of the right professionals, buying your first home will be an exciting and rewarding experience.

Are  you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.

About Bryon Howard

Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.