Buying a home is an exciting time, but it can also be stressful and even confusing. With all of the legal documentation, bank information and administrative procedures to coordinate when buying a property, you’re likely to come across a word or two that will leave you scratching your head.

Before you sign on the dotted line, review these five important terms that every buyer should know and understand.

Note: Purchase and sale agreement terminology and practices may vary by region.

Closing date: The closing date, also referred to as the completion date, is the day that the buyer officially becomes the new owner of a property, and all necessary legal and financial parts of the transaction are completed. Typically a couple of days before the closing date, the buyer will sign their mortgage loan and property title documents, and provide the appropriate amount of funds for the remaining down payment and closing costs. The closing date is often, although not always, the same as the possession date, which is the day that the new owner receives the keys to the home.

Deposit: When a buyer submits an offer, they include a deposit worth a percentage of the total purchase price of the property. In most markets, buyers choose to submit a deposit worth approximately 5%, though this can vary depending on market conditions. A deposit demonstrates that the offer is made in good faith by the buyer. The deposit is provided to the seller’s real estate brokerage upon acceptance of the offer and is held in trust until the closing date. The deposit is applied towards the total purchase price.

Irrevocable date and time: When submitting an offer to purchase, there is a limited amount of time for which that offer is available. This is known as the irrevocable date and time. By this specific day and time, both the buying and selling parties are required to sign off on the offer, otherwise, it becomes null and void. An irrevocable date can vary depending on the urgency of the transaction and how much time seems appropriate in each situation for the parties to review the offer’s contents. Usually, it can vary from a couple of hours all the way to 48 to 72 hours from the time that the agreement is submitted.

Chattels and fixtures: When buying a home, how do you know if the curtain rods, stove or garage door opener is included in the sale? The chattels and fixtures section of the purchase and sale agreement will tell you.

Chattels are any items that are considered removable from the property, such as kitchen appliances, curtains and the washer and dryer. A fixture, on the other hand, is permanently attached to the property, such as a built-in microwave, cabinets, a security system or a built-in dishwasher.

When the buying party drafts an offer, it’s important that they clearly state what items they wish to have included in the sale, otherwise, it’s presumed that the previous owner will take any and all chattels with them. Sellers should also request that their broker specify what items are not included in their home’s listing description. Some objects, such as built-ins, outdoor plants and special light fixtures, can fall into a gray area. Disputes between buyers and sellers over what stays and what goes can be time consuming and stressful, so be sure to get your chattels and fixtures in writing.

Clauses and conditions: Each purchase and sale agreement includes a list of assurances that the seller or buyer signs off on, which are known as clauses. Clauses, while important, are not considered to be deal breakers if unfulfilled in the transaction. For example, an offer may include a clause that the seller agrees to leave the property in clean condition upon vacating, or acknowledge that the appliances are in good working order. Conditions, on the other hand, are optional clauses that must be completed within a specific time frame in order for the home to be officially sold. For instance, a home can be sold conditionally upon the professional inspection of the property within five business days of the date of the offer’s acceptance.

It is best to review any terminology of your purchase agreement that you do not understand with your sales representative.

See the full article on Royal LePage Blog here: Royal LePage Blog | Canadian real estate news | Real estate terminology 101 - Royal LePage Blog | Canadian real estate news

Moving into a new home should be an exciting time, but without proper planning and organization, the whole experience can quickly turn into an overwhelming ordeal.

To help ease the anxieties of moving day, here’s a handy to-do list to keep you organized and on-track:

1. Plan ahead

This may seem obvious, but many people find themselves rushing to hire movers and pack their belongings in the final frantic days leading up to their big move. To avoid the stress this can cause, and to ensure moving day flows smoothly, be sure to start packing at least one month in advance. Focus on one room or closet at a time, and use this as an opportunity to purge items you no longer need. Moving into a new place means starting fresh – donate, rehome or recycle those belongings that won’t serve a purpose in your new home. Remember, the first and last days of the month are popular moving days, so don’t put off booking your professional movers in advance.

2. Optimize your packing process

For safe travels and storage, pack your belongings in durable moving boxes, ideally new or ones that have little wear-and-tear. There’s also the option to rent reusable moving crates that can be returned once your move is complete. You can even hire professional packers to do it for you! To avoid sensitive items getting wet or damaged, use plastic, sealable bags and bins to protect clothing, books and important documents. And, be sure to bubble wrap glassware and fragile items to keep them from shattering in transit.

Bonus: Here are expert tips for packing your kitchen!

3. Label and organize your boxes

Label each moving box with the room it belongs in (ie. kitchen, bathroom, bedroom #1). Take it a step further by numbering each box and creating a tracking document to specify which boxes should go in each room. This not only makes it easier for your movers to know where to place your items, but it also helps you to keep track of all your boxes.

4. Make those small repairs before moving in

If time allows, paint the walls, deep clean the appliances, and complete any minor repairs before moving into your new place. Unsurprisingly, it is a lot better to have a fully-functioning home before you start to unpack and assemble furniture. If this is not an option for you, consider placing all your items in the garage or basement at first, or simply in the centre of a room, to allow you a few days to clean thoroughly and complete any small jobs necessary before settling into your new space.

5. Update your services and accounts

It can take time for some utilities to get up and running. Set a reminder to take your name off your current utility bills and set up accounts for services at your new place in advance of moving in. Remember to also change the mailing address on your subscriptions, delivery services, and most importantly government and banking documents.

6. Make a plan for your first night

Moving day can be a long and tiring process, so you’ll want to plan ahead for that first night. You may not have the time or energy to set up your bedroom right away, or perhaps you are having a new mattress delivered in the coming week. Book a hotel or arrange to stay with family or friends until you are ready to sleep comfortably in your new home.

Everything is coming together for the new home of the La Broquerie Fire Department. 

“We’re in the homestretch,” says Reeve Ivan Normandeau, providing an update on construction of the new fire hall. 

“There’s only a bit of outside work and a bit of interior work, but not much,” he says. “We just passed a resolution to pave the whole parking lot come springtime.” 

Councillor Laurent Tétrault made the motion to award the contract to Maple Leaf Construction for $98,440 plus applicable taxes. It was seconded by Fernard Piché and then approved by council. 

Normandeau says their fire fighters do great work in the municipality and it is important to provide them with adequate space. 

 "I'm not sure of an exact date, but I'm thinking it will be early in the new year to have a grand opening there," he adds.

The current fire hall, which is just west of the Village of La Broquerie, will be used for the public works department. The new fire hall is located on the east side of the village. 

Real Full Article Here: https://steinbachonline.com/articles/new-la-broquerie-fire-hall-is-nearing-completion

A market analyst says the Steinbach housing market is shifting.

Peter Squire with Multiple Listing Service says it was clearly a seller's market in 2021 and is now more of a balanced market and in some cases even a buyer's market. Squire says like other areas of the province, things are slowing down in Steinbach.

Squire reminds us that 2021 was a record-shattering year for Steinbach. Through the first nine months this year, there were 400 single-family home sales from 580 listings. The number of sales is down 16 per cent from the same period a year ago when there were 474 sales from 578 listings. 

Squire says 2020 and 2021 were incredible years. 

"Those historic low interest rates really did kickstart an accelerated market that didn't really stop until we got into 2022," notes Squire. 

He says 2022 had a very poor start, largely due to the rough winter we experienced in southern Manitoba. This delayed the spring market. Squire says late May, June and even July were really good months before things started to slow down in August. 

"Definitely, September showed a real marked drop off compared to last year," he points out. "And I think we're going to see the same thing in the fourth quarter."

In September, there were 45 sales, compared to 53 a year ago. Squire says the most expensive sale registered with MLS last month in the Steinbach market was for $633,000.

With the first three quarters of 2022 having almost exactly the same number of listings as 2021, Squire says the difference lies in the number of listings being converted into sales. Last year, 82 per cent of listings became sales, whereas this year that percentage has dropped to 66 per cent. He notes last year those listings were selling very quickly.

"Now, listings are sitting on the market longer and in some cases, they are being taken off the market or withdrawn or price adjustments," he explains.

Though the conversion rate might be dropping, the average selling price certainly is not. Through nine months this year, the average single-family home in Steinbach sold for more than $367,000. That is up $40,000 from $327,000 through nine months last year.

Full article here: https://steinbachonline.com/articles/house-sales-slow-down-in-steinbach-analyst-says-market-is-changing

Bartley Kives · CBC News · Posted: Feb 09, 2022 9:52 AM CT | Last Updated: February 9