(1) What is a Home Inspection? Answer - A Home Inspection is an inspection of the home conducted by a certified Home Inspector. The Home Inspector completes a thorough examination of the home from the roof down to the foundation and the exterior of the house. They check to see if there are any major or minor problems. The inspector will point out any visible structural or system deficiencies.
(2) When should an Inspection be ordered? Answer - The most frequent request for a home inspection is when a buyer has put an offer on a house conditional to a Certified Home Inspection usually paid for by the buyer.
(3) What type of Inspection Report could you expect to receive? Answer - Verbal: A verbal report or express report given to you within hours of the inspection. Written: A complete, easy to read itemized report (approx. 15-20 pages). This report is usually completed and given to the buyer approximately 1-2 business days after the inspection.
(4) What is the cost of a Home Inspection? Answer - The Cost of a home inspection would be anywhere from 0.00 to 0.00 depending on the size of the home and is usually payable at the time of inspection.
(5) What is MLS? Answer - MLS is THE MULTIPLE LISTING SERVICE - Your property will be placed into our Multiple Listing Service (MLS). MLS will expose the information on your property to all active/qualified Realtors in the Knox County area. Your property information is available to these Realtors via computer 24 hours a day.
(6) What is a Lock Box? Answer - A LOCK BOX SYSTEM – We have probably already have shown you how the Realtors will obtain keys from the lock box. If not, please remind us to show you. Each Realtor has an individual code, which is transferred to the Lock Box through an access card carried by each Realtor. The Lock Box registers the personal information that is registered to an access card each time it is used. This security feature is important as well as allowing convenient, controlled access to your property.
(7) What does Title Insurance Cost? Answer - The cost of Title Insurance for residential single family properties valued under 0,000 is 0 if a new mortgage is being placed. This is a one-time premium that covers the owner and the lender for as long as the mortgage is registered against the property. There is no GST charged on the coverage. Title Insurance for rural properties may cost more.
(8) Why does the mortgagee require a Real Property Report (survey)? Answer - Most mortgage lenders require a current and valid Real Property Report (survey) and proof of zoning by-law compliance from the local municipality, i.e. city, town, Municipal district, etc. The mortgagee (lender) does this to insure initially that the buildings are entirely within the property boundaries and there is no risk that the security for the mortgage will be damaged by the forced removal of the improvements. Most Lenders will now accept a Real Property Report and evidence of municipal compliance or a policy of Title Insurance.
(9) What is Agency? Answer - A REALTOR must disclose to you in writing, who exactly they represent in any real estate deal. A REALTOR may represent you as a buyer or a seller; he or she may also represent both buyer and seller in the same transaction. Your listing or selling REALTOR is, in law, your agent. An agent owes his or her client the duties of utmost care, integrity, confidentiality and loyalty. Make sure you discuss agency with your REALTOR.
(10) What is the Difference between Sale Price & Assessment? Answer - Here is one of the most commonly asked questions at Assessment Notice time: We recently purchased a property for 0,000. Why is it assessed at 5,000.This could be due to a couple of reason:
First, the motivation of the buyers and sellers can affect sale price. Therefore, when very similar properties are sold during the same time frame, a range of sale prices can result. The market value assessment reflects sales in the middle of this range of prices. As a result, the assessment could be higher or lower than a specific selling price.
Second, market values may have changed between valuation day and the date you made your purchase. For example, in some price regions in Red Deer, market value have increased since January 1. If this has happened in your area and you have only recently purchased your property, it is possible that your assessment, while representative of your type of home 3 or 4 months ago, will be lower than your purchase price.
The purpose of the assessment roll is not to reflect a single sale price, but to assess all properties at market value on the same valuation date, so that taxation is fairly and uniformly shared.
