Vi Brown - The Real Estate Process: Pros Discuss Buying & Selling Your Home

THEREALESTATEPROCESS

Pros Discuss
Buying & Selling Your Home

AUTHOR & EDITOR
Vi Brown, B.A.

CO-AUTHORS
Kelly Orr, LL.B.
Robert Hughes
Jose Lalonde

The Real Estate Process: Pros Discuss Buying & Selling Your Home

Copyright 2010 by Vi Brown, B.A.
ISBN-13 978-1-926585-78-9
First Edition

Library and Archives Canada Cataloguing in Publication

Brown, Vi
The real estate process [electronic resource] : pros discuss buying & selling
your home / author & editor, Vi Brown ; co-authors, Kelly Orr, Robert Hughes,
Jose Lalonde. -- 1st ed.
Electronic monograph in PDF format.
ISBN 978-1-926585-78-9
Also available in print format.
1. House buying. 2. House selling. 3. Real estate business. I. Title.
HD1379.B77 2010a 643'.12 C2010-901904-0

Extreme care has been taken to ensure that all information presented in this book is accurate and up to date at the time of publishing. Neither the authors nor the publisher can be held responsible for any errors or omissions. Additionally, neither is any liability assumed for damages resulting from the use of the information contained herein.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the express written permission of the publisher. Printed in the United States of America and the United Kingdom.

Publisher: CCB Publishing
British Columbia, Canada
www.ccbpublishing.com

Dedication

This book is dedicated to all those
who are thinking of buying or selling a home
but don't know exactly where to begin!

Contents

When I finally decided to write about the real estate process, I felt that restricting it simply to my own input was not sufficient. The consumer deals with many professionals throughout the process and I wanted to incorporate their views and experience.

After much thought and planning, I made my first call to Kelly Orr at Browne Associates. I had met Kelly some years ago when I suggested to my client that we need to consult a lawyer regarding a very lengthy and complicated contract of purchase and sale. I was so highly impressed with the time and the manner with which she explained the legalities that her name immediately came to mind as a participant for this project. Kelly co-authored two chapters - the legal process involved in buying a home and also selling a home.

Next I contacted Robert Hughes, owner of Fleetwood Building Inspections, a man with an excellent reputation among my real estate colleagues. He has an easy manner about him and works well with his clients. He is organized, thorough and knows his stuff -- the right man for the job. Robert co-authored the home inspection chapter.

I wanted to incorporate a more recent discipline in real estate that is becoming increasingly more popular because of its effectiveness -home staging. Enter Jose Lalonde whose business is entitled Jose Lalonde Real Estate Staging. Without question she is creative and passionate about her work but she is also practical. She is the coauthor of the home staging chapter.

It has been an absolute delight to work with all three of my co-authors. They are the consummate professionals. Their participation provides the consumer with added insight into the real estate process.

I would also like to extend my thanks to Alicia Fowler. At various times, she has worked as my assistant and has a general understanding of the real estate process but Alicia also has the ears of a consumer.

I have asked her to read various segments of my manuscript -sometimes more than once or even more than twice! She has provided me with invaluable feedback. I am very grateful for her help.

Trademarks

Throughout this book, I use the terms REALTOR, MLS and Multiple Listing Service. Every time these trademarks are used, they must be accompanied by the following statements.

The trademarks REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license

The trademarks MLS, Multiple Listing Service and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license

Since it is not practical to insert these statements throughout the book because of their frequent usage, the above statements are implied.

Because REALTORS are members of the Canadian Real Estate Association, this allows us to have access to the Multiple Listing Service, or MLS, the most complete and powerful listing service available. The MLS Systems are financially supported by their memberships.

It does not follow that all real estate agents are REALTORS. If they do not belong to a real estate board that is a member of CREA, they are simply real estate agents and not REALTORS. As such, they do not have access to the MLS Services.

REALTOR - Definition

Throughout Canada, there are almost 100,000 REALTORS/brokerages working within over 100 real estate boards and associations.

REALTORS subscribe to CREAs Standards of Business Practice and The Code of Ethics. As such, you, the consumer, have the right to expect the highest professional standard of conduct and the best of service. It also requires that you are competently represented and that our dealings display the highest level of integrity and fairness.

This includes continued mandatory education to ensure competence and effectiveness.

The Code doesnt gather dust in some archive but is alive and well! Any complaints from the consumer are taken very seriously and are immediately addressed by the respective local real estate boards. Depending on the severity and complexity of the complaint, it may be elevated to a higher level of authority.

Guidelines to Consider

I and my co-authors are based in Victoria, British Columbia, Canada. As such, we are governed and must follow the specific guidelines of our respective provincial/federal associations.

Even though some of the contents of this book, such as terminology and forms used, are specific to a jurisdiction, there are ample general concepts discussed that can be most helpful across jurisdictions.

The intent of this book is not to provide you with all the answers with respect to buying and selling real estate. It is to provide you with an understanding of the general principles involved in the real estate process. In turn, this will enable you to proceed with greater confidence and empower you to ask the appropriate questions of professionals in your particular province or jurisdiction.

Is This Real Estate Book Necessary?

Thats a fair question. And the answer is a resounding YES !

As REALTORS, we are always engaged in explaining some aspect of the real estate process to consumers who are thinking of buying or selling. This can take place in our office when they are ready to buy or sell or simply in a social setting because they know thats what we do.

There is nothing in the market place that addresses the real estate process itself. There are pieces of information everywhere. Almost every REALTOR and financial institution can provide you with some information. There are even books addressing various elements of buying and selling homes but from the investment point of view and not the real estate process itself.