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Selling your home involves more than putting a sign on the front yard even in the “best” of markets. Improperly written contracts – even when a standard real estate contract is used, avoidable problems with surveys, city compliances, disclosures of known problems, lack of permitting and much more have resulted in at the very least either the buyer or the seller not getting what was promised and many times this involves delays in possessions, litigation and 10s of thousands of dollars in damages.
Consequently, effective as of November 2nd, 2010 RBC in response to the higher risks involved in and problems arising from sellers trying to sell their home on their own and not through a REALTOR® the Royal Bank of Canada, is implementing the following restrictions for private sales;
A full appraisal required, even if you put down 20% or more, as well, no “drive by” appraisals accepted.
When financing is being done by RBC on both sides of the transaction the buyer on the sale and the seller on their next home, each home must get a full appraisal by different approved appraisers with detailed notes outlining that both deals are connected.
The house only is valued, this means the purchase price cannot exceed the value of the home itself even if things like appliances are included in the purchase price.
The offer must be written using a standard real estate purchase contract, an offer prepared on ordinary stationary is no longer permissible.
Each home must be drawn up on its own purchase contract.
A lawyer or notary must complete each transaction, the lawyer cannot represent both the seller and the buyer and the mortgage must be completed by a lawyer or notary approved by RBC.
The sale cannot be condition to or rely on the other property they must be presented as separate from one another.
If you have any further questions or concerns in regards this matter or anything to do with Real Estate, please contact Kevin Grenier Realty Executives Polaris 780-893-0269 or visit www.kevingrenier.com
The following is the monthly press release from the Realtor’s Association of Edmonton in its entirety. If you have any questions on this or would like further detailed statistics, information or analysis, contact me at www.kevingrenier.com
Month-over-month price drop brings properties to 2009 housing price levels
Although the all-residential average price dropped 3% in October, average prices are almost exactly what they were a year ago. Single family dwellings were sold on average for $365,691 which is just $1,434 less (-0.39%) than October 2009. Condos sold in October for about $2,000 less (-0.9%) than a year earlier at an average price of $235,893.
“Stability is the key word for the Edmonton housing market,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Prices this fall are matching almost dollar for dollar with prices for the past two years. But I am pleased to report that the inventory dropped 10.6% in October, and as it returns to a more normal level, prices will start to move.”
The average* all residential price in October was $317,422 as compared to $327,235 in September. It was less than one percent lower than the October 2009 price of $320,184. Listing activity continued to slow with just 2,269 residential properties added in October. There were 1,077 residential sales for a sales-to-listing ratio of 44.5%. Total residential inventory was 7,689 properties at the end of October as compared to 8,602 the month prior. The average days-on-market went up to 60 days from 56 last month.
The all-residential median price rose from $306,500 in October 2009 to $308,000 last month. “This rise in the median price stretched the range of the lower end of the market,” said Westergard. “Yet REALTORS® still found 529 properties priced under $300,000 for buyers with smaller budgets or modest housing needs in October. There is still a home suitable for every buyer in this market.” There were 32 sales of residential properties priced at over $750,000 during the same month.
|October 2010 activity||Record for
|% change from
|Total MLS® System sales this month||1,244||-28.70%|
|Value of total MLS® System sales – month||$404 million||-29.90%|
|Value of total MLS® System sales – year||$5.37 billion||-12.80%|
|Residential¹ sales this month||1,077||-29.60%|
|Residential average price||$317,422||-0.86%|
|SFD² average selling price – month||$365,691||-0.39%|
|SFD median³ selling price||$345,000||-1.43%|
|Condo average selling price||$235,893||-0.91%|
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
* Average prices indicate market trends only. They do not reflect actual prices, which may vary.