How do buyers agents get paid, what does your services cost me?
I am often asked this question from first time home buyers, and the easy answer is FREE! The seller offers a commission incentive to buyers agents in return for the successful closing. As a buyer there are no additional expenses in having an experienced and knowledgeable Calgary Realtor assist you in finding and negotiating your new to you home. Even though the seller essentially pays the commission a buyers agent only has fiduciary duties to the buyers and do not represent the sellers interest unless otherwise indicated.
What if I see a home advertised somewhere else and I am interested in it?
I am able to show and sell you any home in Alberta where I hold my real estate license. If you see a for sale by owner, or an ad in the paper for a home you are interested in with another real estate company, please forward the details to me so I can inquire about the home on your behalf.
What about a deposit? How much do I need? When do I need it? What happens to the deposit?
The deposit is part of your down payment and is held by the listing office in their trust account during the condition period. If conditions are not met and the offer to purchase does not go into a firm status, a non-removal of conditions form is to be filled out and then the deposit is returned to the buyer. As per the offer the deposit is due within 3 business days of offer acceptance at which point the deposit needs to be deposited into the trust account.
The deposit amount will range dependent on the purchase price and possession date. Sometimes you are able to give the deposit in two separate payments which can be discussed at the time of the offer writing. It would be wise to have about $10,000 of cash ready for your deposit as a minimum. This shows the sellers that you are a serious buyer and serious about buying their home.
Your deposit can be a regular personal cheque, unless it is a quick possession and then a draft will be required.
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