Real Estate Questions

When I ask a question, I always appreciate a short answer. Here are some common real estate questions with definitive answers. If you would like to know more on the topics discussed in these questions, please visit any of the related links. And if you ever have a question, please contact me and let me know. I’ll do my best to answer it!

I set up this page for anyone who might want to scroll through common real estate questions

• What is the most important aspect of real estate? – Location

• Is there a standard commission charged by real estate agents?

Is a property inspection required when buying a home?

What is the most common home insurance claim?

What is the most common condition a buyer uses on a purchase contract?

• Does A Seller Have To Clean Their House Before I Move In?

• How Often Do Homes Sell Over List Price In Edmonton?

• How Accurate is the City of Edmonton Property Assessment?

Do I Have To Cancel My Property Taxes When I Sell?

• How Much of a Condo Fee is Profit?

• What is Better: Frontage or Depth?

• Do Condo Fees Include Taxes?

• What is the Minimum Downpayment to Buy a House in Edmonton?

How Do Interest Rates Affect Mortgages?

• What is the Average House Price in Edmonton?

• What is the Average Condo Price in Edmonton?

• What is the most common buyer condition? – Financing
 • What is the least expensive upgrade I can make to my home? – Paint
 • My condo is charging owners a special assessment. Must I pay it? – Yes
• What is the most common cause of the damage to homes? – Water
• Do I have to pay GST on the purchase of a resale home? No
• Do I have to pay GST on the purchase of a new home? GST is charged on new homes, but is generally included in the price.
• Do I have to pay GST on the purchase of land? Yes. Usually this is the case.
• If I have a mortgage on my home, do I need to have insurance? Yes.
• Should I just use a tax assessment to price my home when I sell? No. I don’t think this is adequate research.
• Are mid-efficiency furnaces still available in Alberta? – No. You can no longer purchase a mid-efficiency furnace in Alberta.
• Do I need to put a deposit down when offering on a home? – Yes.

• Is there a minimum deposit I need when I offer on a home? No. There is no minimum. But it should be reasonable.

• Does my home inspection need to be done by a professional? – No

• How do I find out exactly how much my home is worth? You’d have to sell your home. (Interested in selling your Edmonton Area home? Give me a call.

• If I put a conditional offer on a house, is my deposit refundable? Yes. As long as you still have conditions.

• If I put an unconditional offer on a house, is my deposit refundable? No.

• Are laminate and hardwood flooring the same thing? Most definitely not.

• Do condo fees increase on a regular schedule? – No.

• Is title insurance mandatory? – No. It is optional.

• What’s more important when selling, being clean or tidy? Both!

• Can a mortgage be placed on a titled parking stall? – Yes.

• If the roof of my condo leaks into my unit, am I responsible for the damage? Not likely.

• If the roof of my house leaks, will my home insurance policy likely cover it? Not likely. Leakage and seepage are not usually included in home insurance policies.