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Home Buyers’ FAQs
Whether you are buying a home for the first or fifth time, the process
can be complicated and even confusing. Don’t hesitate to ask
your REALTOR to clarify any issue or question, however simple or
complex. You may also find a quick answer in our list of frequently
asked questions below.
Buying
a House? Here are some things to think about... from the
City of Edmonton
For additional printed copies, please contact Trent Soholt or Lisa Brunelle at
496-6160.
Also check out the City
of Edmonton's brochure listing page.
Frequently Asked Questions
- Who holds the deposit when I make an offer to purchase?
It is negotiable between you and the seller. Usually the seller's
brokerage holds the deposit “in trust” for both you
and the seller.
- What is the minimum deposit?
This is negotiable. Discuss with your REALTOR the implications
of various options regarding the size of deposit that will best
assist you in your negotiations with the seller.
- What's the difference between chattels and fixtures?
Chattels are unattached goods that go with the seller; fixtures
are attached goods that stay with the property. Any chattels that
you want included must be written into the purchase contract and
agreed to by the seller.
- Who does the appraiser work for?
The appraiser works for whomever contracts for his services. If
you are taking out a mortgage and the lender orders an appraisal,
the appraiser works for the lender.
- Who pays the appraiser?
The appraiser is paid by whomever contracts for his services.
If that was the lender, the lender may pass on those charges to
you.
- Do I have to use a lawyer?
It is highly recommended. If you are getting a mortgage, your
lender will probably require that the transaction be handled by
a lawyer.
- Do I have to pay GST when I buy a home?
Not on private previously-owned primary residential property.
All other types, please contact Revenue Canada. Note: there will
be GST on any goods and services that you buy or employ in relation
to your purchase.
- Do I have to have an inspection?
No. The decision to have an inspection is up to you. Discuss the
advantages and disadvantages with your REALTOR prior to making
your decision.
- Can I withdraw my offer before it is accepted?
In most cases, yes. Check with your REALTOR or lawyer regarding
the specifics of your offer.
- Can I withdraw my offer after it is accepted?
In most cases, no. Check with your REALTOR or lawyer regarding
the specifics of your contract.
Please contact us if you
are unable to find the answer here.
If you are stymied by the language of real estate, refer to our list of common real estate terms for clarification.
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