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'HOT' REAL ESTATE MARKET

Over the past few years Central Alberta's Real Estate Market has continually strengthened with many homeowners receiving the benefit of a strong economy.  As a result of this strength the "speed' and 'complexity' of the market has also increased.  If you are a first time home buyer or a veteran at buying or selling your home, you will want to have an effective team of professionals including your lawyer, realtors, and mortgage brokers working for you.  Surviving and profiting in a 'HOT' market such as this depends on the following.

See a mortgage broker or your bank.  These brokers have the ability to shop your mortgage around to all the major banks including many smaller mortgage companies.  The end result may be a mortgage rate far lower than originally thought and savings of thousands of dollars.  Brokers can have you pre-approved so you can move quickly and confidently when an opportunity arises.

Use a Realtor.  These professionals will help you establish values to reach a fair price in a fast moving market.  They will provide assistance in locating and valuating properties, negotiating, and contract preparation.  In a market with multiple offers on the same house, an effective realtor will help guide you through the 'bidding' process making sure that you do not have multiple contracts. 

Hire a Real Estate Lawyer, not necessarily a lawyer who does real estate.  An experienced real estate lawyer should use a myriad of tools to provide an effective transfer including Protocol and title insurance.  Lawyers must review the contract and assess any issues that may arise early on, prepare all the transfer documents including mortgages for the lender, and handle all the transfer of funds.  This results in a mass of paperwork in often a short time.  To handle this, an effective Real Estate Lawyer works closely with a team of Real Estate Conveyancers to ensure transactions proceed in a timely manner.  In many cases the Real Estate Conveyancers may be able to answer your questions, and provide service as quickly and efficiently as the lawyer himself.    

Be prepared.  The smoothness of your transaction may be increased by being thoroughly prepared.  If possible, help out your team by providing them with information quickly, and by trusting their professional advice.

Following the above process will help your transaction and real estate experience be as efficient and positive as possible.  If you have any further questions, please don't hesitate to call. 

By Jeff Carlson
June 22, 2005