Calgary Real Estate FAQ

Calgary Moving Information

MOST OFTEN ASKED QUESTIONS ABOUT MOVING

QUESTION:
Who pays the company that sells the property?

ANSWER:
When you buy a home, the real estate company you are working with gets paid a percentage of the commission that the listing company gets. In other words the home SELLER pays ALL the commission.

QUESTION:
When making an offer to purchase, should I start low and then work up from there?

ANSWER:
I have found that if a buyer makes a realistic first offer, it puts the seller in a better frame of mind and they  may look at your offer in a more positive light. Remember, in any negotiation both parties must feel that they have won something.

QUESTION:
If I make an offer to purchase subject to getting finance, then change my mind about the purchase, can I claim I did not get financing and get out of the deal?

ANSWER:
NO;  so when you make an offer to purchase, be sure it is on the home you really want.

QUESTION:
Does my deposit cheque actually get deposited and cleared or is it just held until closing?

ANSWER:
It gets deposited in the listing real estate company’s trust account. The money is held in trust until closing and then becomes part of the purchase funds. But the money does leave your account.

QUESTION:
If I am working with a real estate salesperson but go into an open house on own, am I committed to buy  that home through that salesperson at the open house?

ANSWER:
No;  however, you should tell the real estate salesperson at the open house that you are working with another REALTOR®. You should also put your REALTOR® name on the sign-in sheet, as well as your own.

QUESTION:
If I am working with a real estate salesperson from one company, can he/she show me properties listed by other companies?

ANSWER:
Certainly. Most properties are listed on the Multiple Listing Service (MLS®) Each member-company has the right to show and sell the other’s listings.

QUESTION:
As a buyer, can I ask my real estate salesperson to supply me with information such as what similar properties are selling for or how long a home has been the market?

ANSWER:
Yes indeed. You should ask for and get all the information you need to help you decide whether you should buy the home and how much you should pay for it.

QUESTION:
Do I have to pay GST on my home purchase?

ANSWER:
Not on existing resale housing, except if there is substantial renovation (major and comprehensive structural changes). GST is applicable to newly constructed homes, but a builder’s rebate will lower the actual tax to be paid.

About Glenn Good

It has always been my philosophy that I am here for the long term and hope to continue working in the Calgary Real Estate market well into the future. My goal is to have satisfied clients, as they will continue with our relationship and recommend me to their family and friends.

• Content and information on this site should not be solely relied upon without further verification and is subject to change without notice.