Four Reasons to Sign a Buyer Representation Agreement

 

Some contracts can be intimidating, but the Buyer Representation Agreement works in the buyer’s favour.  Here are four reasons to sign a Buyer Representation Agreement:

1.     Only one brokerage will be representing the buyer and the real estate sales representative from that brokerage will be committed to the buyer for a specific period of time.

2.     Guarantees the buyer a higher level of customer service from the real estate sales representative.

3.    Ensures the buyer knows what is expected of the real estate sales representative and what the real estate sales representative expects from the buyer so there are no misunderstandings.

4.     All information the buyer shares with the real estate sales representative remains confidential.

If you are serious about buying a home it’s a good idea to sign a Buyer Representation Agreement as soon as you have found a real estate sales representative you want to work with.

 

Buying a Stigmatized Home

 

Some homes in great physical condition are rejected because they are known to be haunted or a murder or a suicide took place there.  Any property listed for sale that has experienced any negative event might face marketing issues.

In Canada, the law for buying a home is generally accepted as "caveat emptor" let the buyer beware.  Of course, making misrepresentations or hiding material defects is a different story.  Apparently, the seller doesn't have to disclose any information about murders, suicides or anything negative that might have occurred in the house.  However, real estate sales representatives are governed by the rules and regulations enforced by the Real Estate Council of Ontario.  In Ontario, real estate sales representatives are required to disclose any "material fact" that could affect the value of the property or the buyer's decision to purchase the property.  Real estate sales representatives should always disclose things that they would want to know if they were purchasing a home.  It's always a good idea for the real estate sales representative to disclose the facts of a listed property. 

Would you buy a stigmatized home?

February Sales Statistics for Burlington

 

Year	Sales	Average Price
2013	214	452,275
2012	259	467,702

As per the table above there was a 17.37 percent decrease in sales in February compared to February 2012.  The average price decreased by 3.3 percent compared to February 2012.

Six Things You Should Know Before Buying a Home

 

1.      Be sure to double check the contract to confirm what fixtures and furniture are included with the sale of the house.

2.      Check the basement for water damage.  Signs of water damage include the presence of efflorescence (white, salty residue found on the concrete in the basement), mold and mildew.

3.      If you're buying a home built before 1980 ask about the possibility of asbestos.

4.      Check out the neighbourhood you're interested in.  Talk to homeowners to see if the area is right for you.

5.      When you find a house you really like it's a good idea to measure the rooms to ensure your furnishings will fit.

6.      Turn on appliances to make sure they are in good condition and work properly.