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Real estate transactions: Hurdles for which to look out

Selling a home in Alberta is not just a matter of enlisting the services of a realtor and waiting for him or her to get a buyer. There are intricacies related to real estate transactions that could make or break the success of the deal. Advisors suggest that sellers ask two or three top real estate agents to look at the property and provide comparative market analysis. At the same time, the homeowner can learn the trends in the area related to the going rate of agent commissions and more.

Gaining professional advice might be a good idea, especially when there are documents to sign. This will apply from the onset when the chosen real estate agent wants the seller to sign a listing agreement. Although the realtor might present the agreement with details already filled out, the homeowner can make changes before signing the contract.

The seller can adjust the agent's commission percentage and the period for which the listing will be valid. Also, the standard contract might state that the seller will be responsible for the closing costs and other administrative fees, but that can be modified to be negotiable with the buyer. Following this agreement, there will likely be several occasions when the skilled advice of an experienced real estate lawyer might be helpful.

While most realtors in Alberta are respectful business people who pride themselves of closing only honest real estate transactions, it might be wise to have a seasoned lawyer's support throughout the process. A legal representative can ensure that the rights of the seller are protected and that the appropriate procedures take place. These can include home inspection by a qualified person and making sure any necessary repairs or changes are complete before closing the deal.

Source: The Washington Post, "What you need to know before signing a contract with a Realtor", Ilyce Glink, Samuel J., Accessed on March 10, 2017

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