The process of buying or selling a house seems to involve a million details. It is important that you educate yourself on as many parts of this process as you can—this knowledge could mean the difference of thousands of dollars in the long-run. The legal issues involved in the process are often particularly intricate, ranging from matters of common knowledge to subtle details that might escape the untrained eye. Any of these issues, if not handled properly, could develop into larger problems

With so many legal issues to consider, your first step should be to seek out experienced professionals to help educate you and represent your best legal interests. Begin with an experienced real estate agent, who can help guide you through the initial hoops. S/he should also be able to point you in the direction of a reputable local real estate lawyer to assist you in all legal matters involved in the purchase or sale of your house.

While there are countless legal details involved in a real estate transaction, some seem to pose larger problems than others. We’ve outlined two legal clauses that are commonly misunderstood and may cost you money if not worded correctly. Handle these carefully and you will be on track to a successful sale or purchase!

1. Home Inspection Clause

Some real estate transactions have been sabotaged due to the wording of the home inspection clause. This clause originally allowed that the buyer has the right to withdraw their offer if the home inspection yielded any undesirable results. However, this allowance was known to backfire, as Buyers took advantage of it, using some non-issue stated in the inspection as an excuse for having changed their minds. Of course, this was unfair to the Sellers, as they’d poured time and money into what they believed was a sure deal. Not only might they have missed out on other offers in the interim, but their house might also now be unfairly considered a “problem home.” Additionally, they’d now have to shoulder the costs of continuing to market the property. All of this adds up.

In order to remedy this potential problem, the clause should indicate that the seller has the option of repairing any problems the home inspection might point to. With this slight change in the clause, both buyer and seller are protected.

To ensure this clause is fair from one side of the bargain to the other, work closely with a lawyer experienced in these transactions and all the nuances that may affect the outcome for you.

2. Survey Clause It is the right of a home buyer to add a survey clause to the real estate contract on the home they’d like to purchase. If you are on the selling end of the contract, be aware. If you have added an addition or a pool to your property since the last survey was produced, your survey will no longer be considered up-to-date and the Buyer may request that a new one be drawn up—the cost of which you will incur. The price of this process will run anywhere from $700 to $1000.

Your real estate agent has the responsibility to provide you with the most recent survey of your home. It is then the Buyer’s right to decide if it is acceptable. An experienced agent should offer you reliable counsel if you encounter an issue with this clause, but it is advisable to talk to your lawyer if you’re unsure at all of the potential ramifications involved. Remember, the wording of this clause could cost or save you thousands of dollars.

There is no set equation to determine how you’ll reach an offer price. Rather, the process involves a range of research and comparison that will vary with each situation. You’ll need to look at sales of comparable properties, and factor in additional data such as the condition of the property, the current market, and seller circumstances. With this information in hand, you will be able to determine a fair price range and, from there, establish the price you’re willing to offer.

Concentrate on the following areas to help you determine an offer price:

Comparable Sales

• Compare prices of homes that are similar to the property you’re considering in the following areas: number of bedrooms and bathrooms, square footage, lot size, type of construction, and garage space.
• The most comprehensive and in-depth information can be accessed through the Multiple Listing Service (MLS). Your Realtor, who will be working closely with you to set your offer price, can help you navigate this service.

Property Condition

• Observe how the property compares to the rest of the neighbourhood. Is it average, above average, or below average?
• Look at structural condition: walls, ceilings, windows, floors, doors.
• Pay close attention to: bathrooms, bedrooms, condition of plumbing and electricity.
• Also check the fixtures: light switches, doorknobs, drawer handles, etc.
• What is the condition of the front and back yards?

Home Improvements

• Cosmetic changes can be largely ignored, but any major improvements should be taken into account.
• Take special note of: room additions (especially bedrooms and bathrooms).
• Items such as swimming pools may be taken into account, but usually won’t affect your offer. Your Realtor can offer your guidance in these matters.

Market Conditions

• Seller’s Market: A seller’s market is considered a “hot” market. This type of market is created when demand is greater than supply—that is, when the number of Buyers exceeds the number of homes on the market. As a result, these homes usually sell very quickly, and there are often multiple offers. Many homes will sell above the asking price.

• Buyer’s Market: A Buyer’s market is a slower market. This type of market occurs when supply is greater than demand, the number of homes exceeding the number of Buyers. Properties are more likely to stay on the market for a longer period of time. Fewer offers will come in, and with less frequency. Prices may even decline during this period. Buyers will have more selection and flexibility in terms of negotiating toward a lower price. Even if your initial offered price is too low, Sellers will be more likely to come back with a counter-offer.

• Balanced Market: In a balanced market, supply equals demand, the number of homes on the market roughly equal to the number of Buyers. When a market is balanced there aren’t any concrete rules guiding whether a Buyer should make an offer at the higher end of his/her range, or the lower end. Prices will be stable, and homes will sell within a reasonable period of time. Buyers will have a decent number of homes to choose from, so Sellers may encounter some competition for offers on their home, or none at all.

Comparable sales information helps you establish a price range for the home you’re interested in. Adding in the additional factors mentioned above will guide your decision of whether you consider a “fair” price to be near the upper or lower limit—or the middle—of that range. Keep in mind, this price should be the one you’d be happy with once all negotiations are said and done. The price you decide to begin with depends on your particular style of negotiation. Most Buyers begin the negotiation process with a number lower than the “fair” price they’ve come up with.

There are a number of amazing lofts on the market right now in Downtown Vancouver and the Kitsilano Beach area.

Here are five that are well worth looking at; FOR MORE INFORMATION ON THESE AND OTHER LOFTS CALL JORDAN HURDAL TODAY! 604-786-6131.

1 bedroom
2 bathroom
1123 sq ft
$529,900Seymour Street
* 16' ceilings, hardwood floors, 2 parking stalls, 400sqft deck, pets & rentals allowed.

1 bedroom
2 bathroom
957 sq ft
$545,000 Kitsilano
* 16' ceilings, floor-to-ceiling windows, real birchwood floors, designer colours, gas fireplace, insuite storage, secured parking.

1 bedroom
1 bathroom
717 sq ft
$379,000 Seymour Street
* Floor-to-ceiling windows and lot's of natural light, hardwood floors, den area, stackable washer and dryer in suite.

2 bedroom
2 bathroom
1052 sq ft
$599,900 Kitsilano
* Heritage designated building, top floor, original exposed brick walls, wood beams, vaulted ceilings, skylight, gas fireplace, room for an office, 1 parking, 1 storage, pets okay, no rentals.

2 bedroom
2 bathroom
1149 sq ft
$639,000 Beatty Street
* Heritage conversion, original fir beams and floors, concrete and brick feature walls, parking, storage locker, insuite laundry.

FOR MORE INFORMATION ON THESE LOFTS AND OTHERS CONTACT JORDAN HURDAL TODAY!! 604-786-6131.

July housing sales approach record as summer market begins to boilVancouver, B.C. August 2, 2007 –

The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 3,873 units in July 2007, a thermometer-breaking 41.8 per cent increase when compared to 2,732 sales in July 2006 and an increase of 5.0 per cent when compared to 3,687 sales in July 2005. This figure represents the second highest number of sales during the month of July in the Board’s history. The highest number of sales for that month was recorded in June 2003, when 4,023 sales were reported. “At the beginning of the year, most experts predicted a slower market than what we’ve experienced for the past five years in the Greater Vancouver area,” says REBGV president Brian Naphtali. “To date, REALTORS® are reporting the exact opposite as the housing market continues to exceed market forecasts.”

During this period, new listings for detached, attached and apartment properties increased by 12.7 per cent to 4,924 units compared to the 4,370 units listed in July 2006. The total number of active listings increased by 7.6 per cent to 11,215 units when compared to July 2006’s 10,424 units. “We saw a lot of movement this July in the sales of detached and apartment properties in almost every area of our Board. Some of this movement could be the result of the recent increase in interest rates as consumers who are locked into mortgages at a good rate move up in the market,” explains Naphtali. “With the average amount of days a property stays on the market holding steady at a brisk 38 days, consumers should contact their REALTOR® to find out how this will affect the sale or purchase of a home.”

According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 40.9 per cent to 1,674 sales in June 2007 compared to 1,188 sales in June 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $364,510, up 10.8 per cent from one year ago. Sales of attached properties increased by 39.6 per cent in July 2007 to 716 sales, compared to 513 sales in July 2006. The benchmark price of an attached unit is $448,383, up 10.8 per cent from a year ago. Sales of detached properties increased by 43.8 per cent in July 2007 to 1,483 sales, compared to 1,031 sales in July 2006. The benchmark price of a detached unit is $714,810, up 10.9 per cent from last year.

Bright spots in Greater Vancouver in July 2007 compared to July 2006:DETACHED: Richmond up 80.4%..........................175 units sold, up from 97)
West Van/Howe Sound up 88.6%....... (83 units sold, up from 44)
Vancouver East up 72.0%...............(227 units sold, up from 132)
Sunshine Coast up 70.2%...................(80 units sold, up from 47)
Port Coquitlam up 55.0%...................(62 units sold, up from 40)
Burnaby up 47.2%............................(131 units sold, up from 89)
ATTACHED: Port Moody/Belcarra up 158.8%........ (44 units sold, up from 17)
Port Coquitlam up 125.0%.................(45 units sold, up from 20)
Burnaby up 68.2%........................... (106 units sold, up from 63)
North Vancouver up 39.4%.................(46 units sold, up from 33)
Whistler/Pemberton up 340.0%........... (22 units sold, up from 5)
APARTMENTS: Port Moody/Belcarra up 152.9%.........(43 units sold, up from 17)
New Wesminster up 69.0%................ (98 units sold, up from 58)
Port Coquitlam up 60.6%...................(53 units sold, up from 33)
Burnaby up 43.6%......................... (237 units sold, up from 165)
Richmond up 52.6%...................... (203 units sold, up from 133)
Vancouver West up 27.9%..............(578 units sold, up from 452)

Owning a Vancouver loft is a dream that can be realized if you have the right people working for and with you. Jordan Hurdal and Alexis Palkowski are experts in the downtown Vancouver real estate market when it comes to buy loft. Whether you are buying a loft or have a loft home for sale, VancouverLoftSource.com is where you want to go for the best home selling team. Vancouver loft have always been a hot comodity and this remains true today. So if you need home buying help or you have a loft for sale Vancouver, Alexis and Jordan can help you through the home buying process and walk you through the steps to selling your home. VancouverLoftSource.com is the only place to go when you are buying a loft or you have a loft home for sale!