An incident occurred recently involving one of my buyer clients, providing another good reason for buyers and sellers to be represented by REALTORS®. There are lessons here for all buyers and sellers of real estate in Spruce Grove, Stony Plain, Parkland County, the Edmonton region or elsewhere.

My client’s purchase of a home was nearly complete. All the documents had been signed, conditions removed, keys ready to hand over. My client was very happy with the home. It was in top-notch condition, being exceptionally clean and well-maintained, with a beautifully landscaped yard.

My client happened to be driving past the property when he spotted the current owner in the garden apparently digging up shrubs and handing them over to a friend. This is, of course, a no-no in real estate transactions. Once a deal has been done and a contract in place, anything attached to the property has to stay.

When I represent the sellers in a real estate transaction, I usually warn my clients who are selling their home to make sure they remove everything they want to keep that would normally be considered permanent attachments to the home before we even place the listing on the market. Once a home is on the market, potential buyers have every right to assume that what they see is what they will get. That means sellers can’t take away items such as wall-hung shelves, kitchen cabinetry, drapery rods, plumbing or light fixtures, or parts of the landscaping, nor can they swap out appliances with cheaper or older models, unless those things are specifically mentioned in the contract.

So, if you were the buyer in this situation, what would you do?

I urge people involved in something like this to contact their REALTOR® and have him or her confer with the other REALTOR® to resolve, and possibly defuse, the situation. Buying and selling real estate can be an emotional, nerve-wracking experience, and nothing constructive can come out of a direct confrontation between buyer and seller. Instead, the two agents can determine whether there has been a breach of the contract, and then establish the best way to settle the issue. That way, no one should feel hurt or ripped off, no one loses face or good will, and the end result is what we all want: a successful and positive conclusion for all parties.

Questions or comments about what a REALTOR® can do for you? Call or text me at 780-910-9669, email me at barry@barryt.ca, or contact me here.

After looking at many houses in Spruce Grove, Stony Plain, Parkland County or the Edmonton area, you finally find one that meets your needs.  But before you offer to buy the property, you realize you have questions that need to be answered.  Does the house need repairs that you couldn’t see during your visit, such as worn-out shingles or a leaky basement?  Will you be able to put financing in place?  Will you be able to sell your present house before taking possession of the new one? 

Real estate purchase contracts often contain buyers’ conditions; that is, things that the buyers spell out as needing to be satisfied before they go ahead with purchasing the house.  If the sellers agree to the terms, then a deal is made.  The deal will be finalized and the house considered “sold” when all conditions have been removed. 

Here are some of the most common conditions you as a buyer might put on the sale:

• Financing Condition:  If you are able to obtain a mortgage, you will buy the home.
• Property Inspection Condition:  If a qualified home inspector that you as the buyer have chosen to review the home declares the home free from major defects, you will buy the home.  Should your inspector discover something that you are not prepared to live with, you can choose not to waive this condition, meaning the deal is dead.  Or, you may ask your realtor to renegotiate a lower price, money for repairs, or the actual repair itself.
• Sale of Buyer’s Home Condition:  You specify a date by which your home must be sold in order for you to take on ownership of the new home.  If your own home is priced well and has a reasonable chance of selling within the allotted period, say 60 days, sellers will often agree to this condition, especially in a slow market.  (You should be aware, however, that a seller may put a condition on the condition, such as retaining the option to sell to someone else if you are unable to remove this condition within a specified period, such as 48 hours, of a new offer coming in without this condition.)
• Additional Buyer’s Conditions:  This could be anything that the buyer would like the seller to do to make the home more agreeable, from repainting the home, to replacing the roof, to relocating a storage shed, etc. 

A conditional offer can protect you and make it possible to walk away from a deal if problems arise that you did not see during your initial visit to the home.  But you should be aware that a seller always has the right to refuse your conditions.  It is especially risky to impose conditions when the market is competitive.  More than one buyer has lost a good home because a second offer with fewer or no conditions has been placed before the seller!  This could happen to you even if you are offering a higher price. 

To make conditions work for you, they need to be used in the right way and in the right circumstances.  Your REALTOR® can help you decide whether it is in your best interests to write conditions into a deal. 

Comments or questions about this article or real estate in general?  Call or text me at 780-910-9669, email me at barry@barryt.ca, or contact me here.