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        <title>Edmonton Real Estate Blog</title>
        <link>https://www.edmontonhomes.ca/blog/2018-06/</link>
        <description>Welcome to the Edmonton Real Estate Blog - We will keep you up to date on the Edmonton Real Estate market with the most current news and market trends.</description>
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    <guid>https://www.edmontonhomes.ca/blog/common-real-estate-clauses-you-should-know.html</guid>
    <link>https://www.edmontonhomes.ca/blog/common-real-estate-clauses-you-should-know.html</link>
        <author>info@edmontonhomes.ca (Edmonton Homes.ca)</author>
        <title>Common Real Estate Clauses You Should Know</title>
    <description> <![CDATA[ 





Real estate clauses will vary slightly for each sale, but there are certain ones that will pop up again and again. While many are obvious standards to protect buyers from purchasing a proverbial money pit, the specifics of each clause are not always universally understood by all buyers. See how the common stipulations work, so the negotiation process can go smoothly from start to finish.


Offer to Purchase


The Offer to Purchase is where buyers make their demands known to sellers. It's not a standard document in that each offer is structured to fit the particular home sale. If the buyer is purchasing a home during the height of a seller's market, they may offer to pay for the property in cash without any conditions. However, most buyers will put at least a few conditions on their sale before submitting the offer.


Inspections


Inspections are not always a given for home sales, but they're one of the more common real estate clauses. Even if a seller has gotten an inspection on the home in the recent past, most buyers prefer to hire their own inspector so they can be assured they're getting the honest truth. Inspections make it possible to identify structural weaknesses, electrical hazards, and other types of damage that may have been originally hidden from plain view.


Finances


When home sales fall through during a messy escrow, it's normally because the pre-approval from the bank didn't result in a real-time approval at the time of sale. Like inspections, this is one of the most common clauses in an offer because it ensures the buyer only loses time and not money when they get the official word from the bank. Sellers can make a buyer's life a legal nightmare if the buyer fails to account for this scenario.


Titles


For some home sellers, titles are anything but straightforward. They may understandably try their best to hide any potential property disputes that are lurking in the shadows. If the bank has a lien on the home or the neighbor believes a full acre of the property is theirs, buyers need to know this before taking possession of the property. That's why home buyers make their sale contingent upon a third party researching the potential issues before getting the keys.


Schedules


Timelines for escrow will be different, depending on the clauses the buyer is asking for. But buyers can account for circumstances beyond their control by requesting schedule clauses. So if the only inspector in the area goes out of town for several weeks, a buyer doesn't have to be penalized for their departure. From banks to title companies, delays can come from practically any angle.


Additional Requests


Buyers are allowed to ask whatever they like from the seller—it's up to the seller to either accept or reject. So an offer may request that the seller leave their satellite dish or that they tear down the old shed in the back. Buyers in St. Albert can ask that the seller update the lighting fixtures or fix the cracked tile in the bathroom. In a buyer's market, buyers can even request that the home sale be contingent upon the sale of their old house. While a less common contingency, it can be a handy perk.


Regardless of how you structure an offer, it's necessary to think through the potential ramifications of including or excluding common real estate clauses. Not all of the above suggestions are advisable for every home buyer, but understanding them will mean fewer surprises down the road.


 ]]> </description>
    <pubDate>Thu, 21 Jun 2018 06:44:00 -0600</pubDate>
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    <guid>https://www.edmontonhomes.ca/blog/5-facts-about-home-warranties-homeowners-should-know.html</guid>
    <link>https://www.edmontonhomes.ca/blog/5-facts-about-home-warranties-homeowners-should-know.html</link>
        <author>info@edmontonhomes.ca (Edmonton Homes.ca)</author>
        <title>5 Facts About Home Warranties Homeowners Should Know</title>
    <description> <![CDATA[ 





Oftentimes the first time homeowners review the intricate complexities of their house warranty coverage is when they discover a major problem, despite having the policy since they purchased the home. Unfortunately, because this happens more often than most people understand, it is imperative for homeowners to review their coverage fully. Are home warranties worth it? Warranties not only vary by the company issuing them but also by the province they're issued in. To avoid unnecessary confusion, find out more about how they work so there are fewer unpleasant surprises down the line.


Not Every Part of the Property Is Covered


Not every part of your property may be covered, as certain housing warranty companies will only cover the building envelope (the physical components that separate the outside of the home from the interior). So if a pipe happens to burst on the outskirts of the home, this event may not be covered. If the pipe burst was due to faulty construction, a homeowner typically can't go to their home insurance carrier for help. This may mean they're entirely out of luck for any type of financial consideration.


The Process Is Lengthy


Dealing with a warranty can be a time-consuming process, as getting repairs covered isn't just a matter of consulting with a single party. Even if it seems clear that the pipe broke due to faulty construction and it's covered under the warranty, a homeowner will first need to call the warranty company to fully explain the situation. Once the warranty company has the claim, they'll hire a third party to verify why the event occurred. This party will need to agree with the homeowner for the warranty company to cover the claim. As homeowners might imagine, this whole process can take some time.


Funding Limits Vary by Province


Homeowners should learn more about how their province rules work before accepting a warranty. How does a home warranty work by province? Those in Manitoba will usually get $50,000 to fix potential issues, but buyers in Ontario will get up to $300,000. These limits are usually imposed by local authorities, so it helps to understand the specifics in case homeowners want to purchase additional outside protection. A homeowners warranty is not technically required in certain parts of Canada, but local laws will impose penalties on the builders who do not offer them.


Rules Vary by Province Too


Warranties may cover more than just shoddy workmanship, depending on the location of the home. For example, Alberta residents may enjoy financial protection if the construction crew has to drastically delay their original schedule. In addition, the time limits vary for the warranty as well. Those in Ontario typically receive up to two years of protection against worker mistakes but up to 10 years of total coverage on the general structure.


Homeowners Have Options


Remember that you have options when asking yourself &quot;should I get a home warranty?&quot; The best way to get the right protection is to ask questions and do research on the builders. Hopefully, a Leduc homeowner hasn't chosen someone with a reputation for cutting corners but if for any reason they did, they purchase additional coverage through a third party. This move gives owners general peace of mind and financial help when they need it the most. Resale homes will include the original warranties for the home, but the time limits will not extend for any reason for the new buyers unless specific arrangements are made.


Home warranties can be complicated depending on the builders, warranty company, and the province of the home buyer. Some of the more common problems can be avoided by knowing the reputation of the builder and the rules of the warranty. Talking to a real estate agent or home warranty professional can be an excellent way to mitigate confusion and ensure that homeowners are getting the additional protection beyond their standard home insurance.


 ]]> </description>
    <pubDate>Thu, 07 Jun 2018 08:50:00 -0600</pubDate>
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