TruHome Found: Sold In Regent Century Park Condos

Mon, 23 Apr by TruHome

We were so excited to have had the opportunity to help these buyers relocate back to Edmonton. Not only did we find them a fantastic condo, we also ensured they got a very good value on their home purchase. Regent Century Park and One Century Park is a beautiful condo community in the south west region of Edmonton with unbelievable access to the Edmonton LRT system, making it a great place to live and commute. Congrats David & Haewon – we are so happy for you both!

Looking for a condo in the southwest of Edmonton check out the options in this great condo complex:

View all condos for sale in Regent Century Park

View all condos for sale in One Century Park

Real Property Report vs. Title Insurance

Thu, 19 Apr by TruHome

When you get deep into the process of buying a property, you will start to deal with some topics that you may not have been familiar with previously. For instance, the subject of Real Property Reports and Title Insurance will likely come up. What are these? Is one better than the other? Are they necessary when you are purchasing (or selling) a home? Let’s take a closer look to provide you with some clarity on the matter.

The Basics

First up, we’ll talk about Real Property Reports. These are legal documents that provide critical information about the property in question. Specifically, they will outline the precise boundaries of the property, along with the location of any buildings (known as improvements). Rather than just assuming that you know where a given property begins and ends, the Real Property Report will take any guesswork out of the equation. You will be able to look at this document and confirm that the property is exactly what you believed it to be.

Title insurance is a little different. As the name ‘insurance would indicate, there is some protection that comes along with this policy. If you have title insurance, you are protected in the case that some of the improvements on a property do not actually comply with zoning laws. You may just assume that a property you purchase will be in compliance with the local laws, but that might not be the case. When you carry title insurance, you may have financial protection if you have to make changes to your property in order to become compliant with the laws.

It might help to walk through an example to better illustrate this concept. Let’s imagine you purchase a property with two different structures (improvements) on the land. One of the structures is the main home, while the other is a shed/storage building. There is nothing wrong with the home from a zoning perspective, but you find out later that you are not allowed to have an additional building in the location of the shed. That means the shed must come down, and completing such a project is not cheap. Without title insurance, you would be stuck to foot the bill all on your own. If you do have title insurance in place, your policy should cover the cost of bringing your property up to code.

Not the Same Thing

It should be clear by this point in the article that Real Property Reports and title insurance are not the same thing. They do deal with the same general subject – making sure the property that you purchase is compliant with local zoning requirements – but they perform their functions differently. The Real Property Report is just that – a report. It doesn’t provide you with any coverage, but it does provide you with valuable information. With title insurance, the story is the opposite. You really aren’t learning anything about your property, but you are getting coverage in case something comes up down the line.

Time is a Factor

One of the things to consider when thinking about Real Property Reports and title insurance is the fact that getting an RPR takes time. You might not be able to get one quickly, so the entire process of purchasing a home could be delayed as a result. And, if you as the buyer request an RPR, you could be at a disadvantage compared to other potential buyers. If the homeowner has other offers, and one of those offers doesn’t ask for an RPR, you may lose out on the home altogether. In theory, a seller should have a valid RPR available as it considered a normal closing document, however, this is not always the case.

The beauty of title insurance is the speed. You or the seller will have to pay for this policy, however once purchased, you should be able to close your deal promptly, without any delays. In addition to providing coverage for issues that would come up during the creation of a Real Property Report, title insurance also provides coverage that goes beyond the scope of an RPR. So, even with an RPR in hand, there is still an argument to be made for purchasing title insurance.

Not an Either-Or Situation

You don’t have to pick between one or the other in this discussion. There is plenty of room for Real Property Reports and title insurance to exist side-by-side. In fact, that is often the best solution in the end. The Real Property Report serves a valuable purpose, and it can give home buyers important peace of mind as they make an offer and prepare to close a deal. However, title insurance has its own peace of mind to offer, and it lasts for the entire duration that the buyer owns the property in question.

As is always the case in real estate, every situation is unique. If you are getting ready to make an offer on an Edmonton home, you will want to think about the details of your situation before deciding how to proceed on this part of the deal. For example, if you are buying a property that has a recent RPR in place, and there are no obvious trouble spots to worry about with regard to zoning, you may feel comfortable going without title insurance. Or, if there is no RPR and you don’t want to delay the sale by asking for one, you might opt for title insurance to hopefully cover your bases. It is impossible to provide advice that would apply to all situations, since each real estate transaction is different. If you have questions, your agent and lawyer are great resources for information.

When you enter the home buying process, it is important to have as much information on your side as possible. Real Property Reports and title insurance might not be the most important part of making a deal, but they do matter. If you have any remaining questions, speak with your agent about the pros and cons of having an updated  RPR, as well as the pros and cons of carrying title insurance. In the end, make the decision that gives you a good feeling about the purchase as a whole.

 

TruHome is a local Edmonton real estate team: hyper engaged in the city of yeg and here to help you with all your buying and selling needs. Let’s chat!

What is a Real Property Report and Why Do I Need It When Selling?

Thu, 05 Apr by TruHome

If you are getting ready to sell your home, you have a lot of work to do. First, you will need to get the property ready to put on the market. That might mean cleaning the home inside and out, addressing any maintenance points that need to be handled, and finding an agent to help with the sale. Also, you will want to make sure you have all of the necessary documentation in place, so you can give prospective buyers all the information they desire. One such piece of documentation you will need to acquire is known as a Real Property Report.

The idea behind a Real Property Report – or RPR – is quite simple. It is a legal document which covers the details of a specific piece of property. Not only does it highlight the dimensions of the property, the location of any improvements (structures), and all other relevant info, but it also verifies the property meets zoning laws. With a current RPR in hand, you can quickly prove to sellers that your property meets with code and is ready to be sold.

Being Prepared

When you are selling a home, you are in competition with all of the other homes that are currently on the market. Specifically, you are competing with the homes that are of a similar size, in a similar neighborhood, and listed for a similar price. You can think of this phase of life as opening a short-lived small business. You are temporarily in the business of selling your home, and you are trying to win over a customer. There are a certain number of available buyers on the market at any given time, and you need to attract as much attention as possible in order to get a great deal.

Just like any business, you want to have a leg up on the competition in any way that you can. For instance, you might decide to spend some time and money working on the landscaping around your home, in order to boost ‘curb appeal’. This is a good idea, as you will be able to make a strong first impression with updated landscaping. If a buyer is choosing between your home and a very similar property nearby, it just may be the landscaping that swings them in your direction.

In much the same way, you can think about having a Real Property Report ready from the onset as a potential edge on the other homes in the area. When buyers start to get serious about your home, they will come looking for more details about the property. If you have a current RPR ready and available for them to review, your credibility will instantly get a boost. You will present yourself as a serious seller, and the buyer will know that they don’t have to wait around for a report to be produced. It is already complete, and one big hurdle is out of the way. Either way, as per the Alberta real estate contracts, you will be required to have prepared for closing, however, by purchasing one in advance, you will avoid any unknown problems at the onset.

Cover Your Bases

It is easy to see how having a Real Property Report in place can help a seller when it comes to closing a deal. Buyers will love that this piece of the puzzle is in place, as it will give them significant peace of mind. The peace of mind doesn’t stop there, however, as the RPR can also help the seller sleep better once the deal is done.

The matter at hand here is one of liability. During the home selling process, you are going to make certain representations to the party who is making the purchase. If those representations are found later to be false – or, at least, the buyer believes them to be false – it is possible that legal action will follow. By getting an RPR, the seller can remove much of the risk of winding up on the wrong end of a lawsuit. It will not just be one party against another in court, as the seller will have the support of the RPR to stand behind what was claimed during the sale. If a buyer plans to purchase title insurance in the absence of an RPR, it may be assumed that the insurance will offer protection to the seller by covering costs that come up later. That is not necessarily the case. If the buyer is unhappy about what they feel was a misrepresentation regarding the property, legal action is possible regardless of title insurance.

An Easy Decision

Simply put, the reasons to hold off on a Real Property Report are not nearly as significant as the reasons to get one. Sure, you will have to spend a little bit of money to have this report generated. And yes, it can take a while. But think about what is at stake here before you decide to go ahead without the RPR. You are selling what is likely your most valuable possession, and you probably stand to receive more money than you have ever received before in your life.  With such a large transaction looming, it only makes sense to do everything you can to make this go smoothly. In the long run, getting a Real Property Report is not a big deal, and it can make your life so much easier as you attempt to sell your home.

As soon as you make the decision to sell your home, even if you aren’t doing it right away, get started on bringing everything together. Start thinking about a plan for preparing the property and start the wheels in motion on having a Real Property Report produced. It is also wise to work with an agent early in the process, just to make sure you aren’t forgetting any important steps. Since you will probably be looking for a new home at the same time you are selling your old one, there is a lot going on at this point in your life. Bringing in an experienced professional to help you navigate the market can take significant stress off of your shoulders.

 

Looking for advice and help on securing a Real Property Report or selling your Edmonton home? Let’s chat! Our local Edmonton Real Estate team is always happy to sit down and discuss your unique situation and figure out the right strategy to sell your home.

Just Listed: Seba Beach Lakefront

Sun, 01 Apr by TruHome

In partnership with Edmonton Lake Property, we are excited to announce this new listing in the highly sought after community of Seba Beach. Located lakefront to Wabamun lake, this property offers so much to be desired. Featuring panoramic views from virtually every room in the house, this lot offers about 60 to 80 feet of beach in front of home depending on water level. .On the main floor, you’ll find the master bedroom, a large kitchen perfect for baking or entertaining and a sun-filled living room and dining room. Upstairs, there are 3 bedrooms and a family room and one floor up you’ll find a “top secret” loft perfect for playtime for the kids or for an office. Outside, you have a 3 car garage complete with upstairs living quarters including a kitchen, living room and 2 bedrooms as well as a loft. The water is inviting and will soon be ready to jump into. The lot is one of the largest at 184 depth x 55 feet wide. Lake properties don’t last long here. Call to view or learn more about living the lake lifestyle: 587-400-SOLD.


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