Faulkner Real Estate

 

FAQ

Contact us to ask a question.

Is the commission charged for a listing on the Ottawa Real Estate Board's MLS® system the same with all companies?

No... real estate fees and services are negotiable.  Brokerages can have their own commission policies but the Ottawa Real Estate Board does not impose any commission structures on Brokerages.

 

Is there a minimum listing period for listings on the Ottawa Real Estate Board's MLS® system?

Yes... the Ottawa Real Estate Board requires a  minimum listing period of 60 days for an MLS listing.

 

Can the listing be conditional upon me finding a suitable home?

 A condition upon finding a suitable home would not be an acceptable condition for a listing on the Ottawa Real Estate Board's MLS® system.  The homeowner could consider an Exclusive with the Brokerage.

 

We are preparing to sell our home in a few months.  Would it be worthwhile to have a building inspection completed before offering it for sale?

A pre-listing inspection reduces the possibility of surprises and allows the seller to either remedy problems in advance of going to the market or obtain written quotes for such repairs to be provided to any interested buyers. Having fully informed buyers and sellers prior to entering into price discussions will minimize the possiblities of re-negotiation and encourage unconditional offers.

In the case of an older urban home you might want to consider the benefits in hiring a building inspector with an engineering degree.  Their report will be held in higher regard and doesn't necessarily cost more. 

 

My home is on a beautiful, large lot in a really good location.  I don't want to sell it to a developer.  Is there any way I can control whether or not my property could be subdivided in future?

Yes... homeowners can register a restrictive covenant on title that could prevent their property from being subdivided by a subsequent buyer.

 

If I buy Title Insurance do I still need a survey?

They are two very different things.  A survey confirms the location of lot lines and structures on the property, allowing both buyer and seller to know with greater clarity what is being bought or sold. This may include fences, easements, encroachments, structures and other visual matters not covered by Title Insurance.

 

I fell in love with a 'hot new listing'.  If I offer full price offer without any conditions agreement does the Seller have to sell to the me? 

No... the Seller has no legal obligation to accept any offer even if the offer meets or exceeds the terms set out in a listing agreement.

 

We made an offer on a home and before the seller responded another offer came in.  Does the Seller have to respond to our offer before any others?

No... it would be prudent for the Seller to consider all offers on their property and they have the freedom to respond to each offer as they choose.

 

Can a Sales Representative legally represent both Buyer and Seller clients on the same transaction? 

Yes... a Brokerage may represent both Buyer and Seller clients on the same transaction providing they receive consent from both Buyer and Seller to do so.  This situation is known as Multiple Representation and the Brokerage may not suggest the price the Buyer should offer or the price the Seller should accept.  At Faulkner Real Estate we discourage Multiple Representation.

 

Should the public be concerned about Multiple Representation?

Yes... when a Brokerage finds themselves in a Multiple Representation situation the service to both the Buyer and Seller clients is compromised.  Our business model at Faulkner Real Estate Ltd. minimizes the possibility of Multiple Representation.

 

Can I arrange to view homes through each listing Sales Representative and then contact my Sales Representative if I’m interested in making an offer?

A Sales Representative may not interfere with an existing agency relationship whether that relationship has been established by written agreement or conduct.  The listing Sales Representative should seek consent from the buyer's Sales Representative before engaging in a showing.

 

I have a tenant in my property with another 2 years on their lease.  If a Buyer wants to move in sooner can the tenants be given notice to vacate?

No... the tenants can not be given notice to vacate prior to the expiry of the lease for this reason.

 

Do appraisals or MPAC assessments give a pretty good indication what a home is worth?

Not necessarily...Faulkner Real Estate Ltd. researched urban homes sold since the 2012 MPAC assessment and noted that as many homes sold significantly under their assessed value as there were homes selling for significantly more than their assessed values.  In the case of an appraisal it should be noted that these reports are based on past comparable sales and do not consider current market conditions.  The appraisal process is weakened in urban areas where finding comparable homes is challenging.  Our experience suggests that appraisals should not be relied upon to indicate the value a home may achieve on the open competitive market at any given time.

 

When is the best time to sell and how do I go about getting the most money I can for my home?

Offer your home for sale when the inventory of competing homes is low and buyer demand high. 

At Faulkner Real Estate Ltd. we encourage Sellers to have all the marketing in place and effective prior to allowing access to their property.  Potential Buyers should be aware of the property and have an opportunity to view before the Seller responds to an offer.  In representing the interests of the Seller we would encourage full cooperation with all prospective Buyers and Sales Representatives. 

 

I've heard of a bidding war.  How does that work?

When there is more than one offer simultaneously on a property each prospective buyer will be notified that they are competing and be informed how many offers the Seller is considering.  The contents of each offer are confidential and may not be shared even if the Brokerage is assisting both Buyer and Seller. 

 

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.