There are a lot of little details that go into buying or selling Okotoks real estate. After the buyer and seller agree on a price, the buyer needs to get the loan. To do this, an appraisal will need to be done. Before there is a change of ownership, a complete inspection should be done, too. It is also important that a title search is performed. All of this needs to be coordinated to be completed in time for closing. A real estate agent does the coordinating and follows through with any problems.
The Appraisal
The lending institution will give a loan based on the value of the home. If the home is appraised at a higher amount than the asking price, the buyer may be able to get a loan for more than the cost of the house and use the extra for moving or renovations. When the appraisal comes in lower than the asking price, a real estate agent may be able to talk the owner into accepting a lower price or offering to hold a second mortgage on the difference.
The Home Inspection
The home inspection includes everything in the house.
- The structure
- The electric
- The plumbing
- Appliances
- HVAC systems
- Fixtures
- Foundation
They will also check for mold, termites and any other problem the house may have. If there is a problem, a real estate agent will work with the buyer and seller to determine who will be paying for the repairs. The agent will also make sure that the work gets done before closing or that the documents detail the work to be done, a date when it will be completed and who is responsible for the bill. If the seller is paying for the repair, the amount can be deducted from the money given at closing.
The Title Search
A title search is done to make sure that the seller has the right to sell the property and receive the money for it. Sometimes, there is a lien on the property. This means that when the property is sold, the lien gets paid from the sale before the owner receives any money. If it is a tax lien, and it is not paid from the sale, the lien stays with the property. The state could foreclose on the property and take it from the new owner.
Sometimes, there is a discrepancy with the property lines. When the title search is done, a survey will be performed too. This shows the exact boundaries of the property. Any problems need to be sorted out before closing. A real estate agent will work to make sure that the property being sold in exactly what is recorded by the county. Any right-of-ways will be noted so everyone knows who owns what.
A real estate agent works to make sure that everything is taken care of before closing. If there are still problems with the real estate Okotoks or the deed, closing can be postponed until things are fixed, or the problems will be noted. The resolutions to the problems will also be noted. A real estate agent will continue to follow the situation even after closing. Having an agent to go through the entire real estate deal ensures the deal is what both the buyer and seller have agreed to. If you are interested in the benefits of working with a committed and experienced Okotoks real estate agent, please contact me.
